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HomeLatest Crypto NewsThe Apecoin community votes on whether or not the APE token should...

The Apecoin community votes on whether or not the APE token should remain in the Ethereum ecosystem – Relinko

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Apecoin community is voting this week on whether or not to keep the native token apecoin (APE) on the Ethereum network. To keep the community informed, the official Apecoin Twitter account announced the voting process. “The proposal up for a vote is AIP-41, which suggests that ApeCoin remain within the Ethereum environment,” according to the tweet. “Voting will close at 9 p.m. ET on Wednesday, June 8th, so make sure to vote before then.” The tweet also includes a link to Apecoin Improvement Proposal (AIP) 41, a document that describes the dispute.

Yuga Labs, the creators of the Bored Ape Yacht Club (BAYC), announced in a tweet that APE needs to relocate to another blockchain, according to the summary. On April 30, the business stated, “It is clearly evident that apecoin will need to migrate to its own chain in order to fully scale.” “ApeCoin should remain within the Ethereum ecosystem, and not migrate elsewhere to an L1 chain or sidechain not secured by Ethereum,” the Apecoin DAO thinks in AIP-41.

The Apecoin DAO goes on to say:

Migrating to a new chain is a costly, hazardous, and complex undertaking with many moving components that, if not carefully addressed, might result in catastrophic loss or, at worst, the desertion of Yuga Labs and other businesses that would otherwise be important to Apecoin.

For the time being, much of the debate is polarised, with some people agreeing with the Apecoin DAO’s viewpoints and others disagreeing. Scaling solutions such as Arbitrum One, Zksync, Optimism, and Immutable X were mentioned by a few people. Others see APE moving to another chain, such as Avalanche. “Moving away from ethereum is really the worst decision they can make,” one commenter stated. Ethereum prices have declined significantly in recent months, to around $3 each transfer, but they are beginning to rise again this week, with the average gas fee being 0.0056 ETH ($9.87 per transfer).

Moving an ERC20 asset like apecoin (APE) can be more expensive than transferring ether. Apecoin’s value has plummeted, with the crypto asset now trading at $6.13 per APE, down 77.3 percent from its all-time high of $26.70 on April 28. APE has lost 57 percent of its value in the last month, while seven-day figures show that apecoin has lost 4.9 percent of its worth. Today, APE has a market valuation of roughly $1.79 billion, with $254 million in global trade volume in the last 24 hours.

(Image credit: Canva)

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