{"id":12600,"date":"2022-06-04T11:12:47","date_gmt":"2022-06-04T11:12:47","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/apecoin-community-votes-on-keeping-ape-token-in-the-ethereum-ecosystem-altcoins-bitcoin-news\/"},"modified":"2022-06-04T11:12:47","modified_gmt":"2022-06-04T11:12:47","slug":"apecoin-community-votes-on-keeping-ape-token-in-the-ethereum-ecosystem-altcoins-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/apecoin-community-votes-on-keeping-ape-token-in-the-ethereum-ecosystem-altcoins-bitcoin-news\/","title":{"rendered":"Apecoin Community Votes on Keeping APE Token in the Ethereum Ecosystem \u2013 Altcoins Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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The Apecoin community is in the midst of discussing whether or not the crypto asset should remain within the Ethereum ecosystem. While AIP-41 voting started today, the proposal\u2019s voting process will end on June 8, 2022, at 9 p.m. (ET). Meanwhile, the project\u2019s native token APE has lost 57% against the U.S. dollar in the last 30 days.<\/strong><\/p>\n

Apecoin Community Begins Voting on Whether or Not Asset Should Remain Operating on Ethereum<\/h2>\n

This week the Apecoin community is voting on whether or not the native token apecoin (APE)<\/a> should remain on the Ethereum blockchain. The voting process was announced<\/a> by the official Apecoin Twitter account in order to update the community. \u201cThe proposal up for a vote is AIP-41 which proposes ApeCoin to stay within the Ethereum ecosystem,\u201d the tweet explains. \u201cVoting ends next Wednesday, June 8th at 9PM ET, so be sure to vote before then.\u201d The tweet also links the Apecoin Improvement Proposal (AIP) 41,<\/a> which summarizes the debate.<\/p>\n

The summary cites the Bored Ape Yacht Club (BAYC) creators Yuga Labs when the company stated in a tweet<\/a> that APE needed to migrate to another blockchain. \u201cIt seems abundantly clear that apecoin will need to migrate to its own chain in order to properly scale,\u201d the company said on April 30. According to AIP-41, the Apecoin DAO believes \u201cApeCoin should remain within the Ethereum ecosystem, and not migrate elsewhere to an L1 chain or sidechain not secured by Ethereum.\u201d The Apecoin DAO further states:<\/p>\n

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Migrating to a different chain is a costly, risky, and complex endeavor with many moving parts that may, if not thoughtfully considered, result in catastrophic loss, or at worst, abandonment by Yuga Labs and other entities that would otherwise meaningfully to Apecoin.<\/p>\n<\/blockquote>\n

For now, much of the discussion goes both ways, as some people agree with the Apecoin DAO\u2019s opinions and others do not. Some individuals mentioned scaling solutions like Arbitrum One, Zksync, Optimism, and Immutable X. Others can envision APE migrating to another chain like Avalanche. One person commented and said: \u201cMoving away from ethereum is really the worst decision they can make.\u201d In recent times, Ethereum fees have dropped a great deal<\/a>, to under $3 per transfer, but they are starting to rise again this week as the average gas fee is 0.0056 ETH<\/a> or $9.87 per transfer<\/a>.<\/p>\n

The cost to move an ERC20 asset like apecoin (APE) can be more costly than a simple ether transfer. Apecoin\u2019s value has dropped a great deal as the crypto asset is down 77.3% from its April 28 all-time high tapping $26.70 per APE. During the past month, APE is down 57% and seven-day statistics indicate apecoin has dropped 4.9% in value. APE has an overall market capitalization of around $1.77 billion today, and apecoin has seen $252 million in 24-hour global trade volume.<\/p>\n

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AIP-41<\/a>, Altcoins<\/a>, APE<\/a>, APE all-time high<\/a>, APE Markets<\/a>, Apecoin<\/a>, Apecoin DAO<\/a>, Arbitrum One<\/a>, Avalanche<\/a>, ERC20<\/a>, Ethereum<\/a>, Governance proposal<\/a>, Immutable X<\/a>, Network Fees<\/a>, Optimism<\/a>, proposal<\/a>, Scaling<\/a>, Voting<\/a>, Zksync<\/a><\/div>\n<\/div>\n

What do you think about the apecoin (APE) migration discussion? Let us know what you think about this subject in the comments section below. <\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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