ApeCoin DAO, a governance system serving the democratic rights of ApeCoin holders — a digital asset tied to the Bored Ape Yacht Membership ecosystem — published an official proposal on Could 2 to debate whether or not the asset ought to stay on Ethereum, transition to a layer-2 various, or maybe discover the potential of chain migration. 

The ApeCoin enchancment proposal (AIP) titled “AIP-41: Hold ApeCoin throughout the Ethereum ecosystem,” was authored by BAYC 2491, generally known as ASEC, and drew inspiration from quite a lot of incidents, together with the turbulent Otherdeed mint, and subsequent Yuga Labs response. 

The calamitous fallout of Yuga Labs’ Otherdeeds metaverse land sale intensely scrutinized the monetary limitations of Ethereum’s fuel charge mechanics, and prompted the main members of the ApeCoin neighborhood to vocalize their considerations round ApeCoin’s mounted provide contract, and scalability potential. 

The overwhelming deflation of the fuel wars, and lack of economic inclusion or integrity, was then additional compounded by Yuga Labs’ poorly-calculated tweet insisting that “it appears abundantly clear that ApeCoin might want to migrate to its personal chain in an effort to correctly scale”, and that “we would wish to encourage the DAO to start out pondering on this path.” 

Regardless of the imploring suggestion from Yuga Labs, AIP-41 passionately advocated towards the migration from Ethereum, stating that “such a call is at present too complicated and expensive to make”, and probably might harm their deep-rooted presence on the community with the most important quantity and cultural adoption of NFTs. 

“We the ApeCoin DAO imagine that, at the very least in the meanwhile, ApeCoin ought to stay throughout the Ethereum ecosystem, and never migrate elsewhere to an L1 chain or sidechain not secured by Ethereum.” 

The whole votes of the proposal equated to three.8 million for and three.3 million towards – a 53.59% cut up. This end result shouldn’t be solely definitive, and might be additional deliberated with the submission of latest proposals inside a three-month grace interval.