A proposal by the ApeCoin (APE) decentralized autonomous organization (DAO) to stay on the Ethereum (ETH) blockchain is winning majority support from token holders, despite the efforts of some crypto whales to migrate the coin to its own chain.
See related article: Otherdeeds NFT sale puts Ethereum scalability in glaring spotlight
Fast facts
- The proposal put out by an ApeCoin community member on June 3 encourages token holders to stick with Ethereum despite issues surrounding gas fees, stating that migration to another chain is costly, risky and complex.
- Voting was held after Yuga Labs, the owners of the popular non-fungible token (NFT) collection Bored Ape Yacht Club, suggested moving ApeCoin to its own chain to scale properly.
- The vote, weighted by token ownership, shows over 65% of ballots from community members in favor of remaining on the Ethereum blockchain at publishing time.
- While initial voting on Saturday evening showed only 9% of ballots opposed the migration, three ApeCoin whales were able to close the gap after each submitting votes of over 150,000 APE in support of the move.
- Voting ends Thursday, and if passed, the proposal would prevent any future recommendations from Yuga Labs regarding the migration of ApeCoin for at least three months.
See related article: Otherdeeds NFT sale puts Ethereum scalability in glaring spotlight