ApeCoin DAO Members Choose to Stay on Ethereum Against a Move to L1/L2 Blockchain

ApeCoin will remain on Ethereum after its DAO members voted against shifting to a Layer1 or Layer 2 blockchain.
Image source: ApeCoin

Quick take:

  • ApeCoin DAO members have voted to remain on Ethereum.
  • The vote passed by a marginal rate of 53.62% choosing to stay, while 46.38% wanted to move to a Layer1 or Layer2 blockchain.
  • Last month, Avalanche and Flow blockchain emerged as possible destinations for ApeCoin.

ApeCoin DAO (decentralised autonomous organisation) members have voted to remain on the Ethereum blockchain. The vote ended on Thursday, June 9, 2022, with a small margin of 53.62% choosing to remain on Ethereum, while 46.38% wanted to move to a Layer1 or Layer 2 blockchain.

The idea about moving to a different blockchain came about in March this year during a random discussion on Twitter when the community suggested the option should be considered. 

Last month, NFTgators reported that Avalanche and Flow blockchain was among those considered as potential new homes for ApeCoin.

However, after the conclusion of the ApeCoin DAO vote, it looks like the matter has been put to bed. ApeCoin announced the conclusion of the cote on Twitter saying that it had ended.

According to the announcement, only 7.1 million ApeCoin $APE was used in the vote. That’s less than 3% of the total circulating supply of 292 million. However, the data also showed that some members yielded more evidence than others, with one DAO member known as ‘Machi Big Brother‘ on Twitter using 1.2 million $APE in a bid to move the project to a new blockchain.

The vote now ensures that no proposal can be put forward to move the ApeCoin project to a new blockchain until at least after three months.

The campaign for moving the project intensified following Yuga Labs’ Otherdeeds NFT sale, which crashed the Ethereum network resulting in more than $100 million spent on gas fees.

ApeCoin has grown to become one of the largest cryptocurrencies in the market, with a market cap of $1.672 billion. It ranks second, behind Decentraland in the metaverse tokens category and fourth behind Flow, Tezos and Decentraland again in the NFTs and Collectibles tokens.

The $APE token price rocketed in late April to hit an all-time high of about $27, making it the most valuable token in both the metaverse and NFT segments.

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