ApeCoin migration proposal voting underway! Over half the proportion in favor of adopting non-Ethereum Layer1.
There have been many discussions about whether ApeCoin needs to migrate to another Layer1. Avalanche and Immutable X have both self-nominated on the ApeCoin DAO forum. Last Friday, a governance vote on whether ApeCoin should stay in the Ethereum ecosystem was officially launched, with the opposition vote currently slightly ahead.
Table of Contents
ApeCoin Migration Discussion
We're sorry for turning off the lights on Ethereum for a while. It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale. We'd like to encourage the DAO to start thinking in this direction.
— Yuga Labs (@yugalabs) May 1, 2022
Due to the excessive Gas Fees consumed by the Bored Ape Otherdeeds land auction, causing severe congestion on the Ethereum network, Yuga Labs has urged the ApeCoin DAO to consider the possibility of establishing its own dedicated chain within the ecosystem.
In response to this potential opportunity, two teams have already presented relevant proposals for discussion at the ApeCoin DAO governance forum, namely Avalanche and Immutable X.
In their respective discussions, Avalanche suggests launching the Otherside project on its subnet to significantly improve transaction speed and reduce Gas fees. Collaborating with Immutable X would ensure that the ecosystem remains built on Ethereum, maintaining its security, and achieving network scalability through zero-knowledge proof technology. Both parties would provide support in technical, economic, marketing, and other aspects.
AIP-41 Proposal: Should ApeCoin Stay on Ethereum?
Opinions within the community are divided on whether ApeCoin should stay or migrate. The latest proposal that began last Friday, AIP-41, will determine the future direction of this ecosystem based on the voting results.
The proposer of this proposal, ASEC, believes that migrating to another chain is a costly, high-risk, and complex endeavor, and provides the following reasons for opposing the ecosystem's departure from Ethereum:
- Unexpected downstream effects may occur, such as Yuga Labs no longer supporting or using ApeCoin and its related NFTs.
- Ethereum and L2 are still the largest hubs for NFT projects, builders, liquidity, and users. Moving ApeCoin out of this ecosystem may harm its health and the goals of DAO development.
- Many Layer 2 scaling solutions protected by Ethereum already exist and have significantly improved in terms of cost and speed.
- Sidechains like Polygon or Layer1 solutions like Avalanche rely on their own security rather than Ethereum's consensus.
- There are few successful cases of migrating ERC-20 and its affiliated ecosystem to another blockchain, posing risks of loss during the process.
In the discussion section below this proposal, most users agree with this idea, believing that staying on Ethereum and collaborating with Layer2 would be best for the overall ecosystem.
However, according to the current voting results, the ratio of support to opposition is very close, with opposition slightly ahead by about 5 percentage points. In this scenario, it seems that some users are willing to accept the ecosystem migration. This vote is still ongoing and is expected to end on 6/9.
Voting Results Update as of 6/9
The AIP-41 proposal vote has ended today, with the number of supporting votes surpassing, ultimately passing the proposal with a 53.62% majority in favor of ApeCoin remaining in the Ethereum ecosystem.
A total of 801 participants voted on this proposal, with Brother Ma Ji Li Cheng Huang taking the lead with a share of 1.2 million APE, and his choice was against.
