Divided ApeCoin community narrowly approves proposal to stay on Ethereum

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After a week-long voting period, ApeCoin DAO’s proposal to remain in the Ethereum dubbed ecosystem AIP-41 was approved by a nice margin.

Just over half of all voters supported the proposal, while 46.38% voted against the proposal. A total of 7.1 million ApeCoin (APE) was used in the voting process.

AIP-41 Voting Results. Source: Instantaneous.

One day after the launch of the proposalonly 9% of the votes were against.

A member, Machi big brother (machibigbrother.eth), voted against the proposal using 1.2 million ApeCoin, which is about 30% of the total votes against the proposal.

Following the approval of AIP-41, no ApeCoin Improvement Proposals (AIP) on the migration of ApeCoin from Ethereum can be offered for three months.

“Now is the time for the DAO to get to work on an amendment to the proposal process that is better suited to the complexity of moving ApeCoin to another chain,” said AIP co-author Matt Galligan. . Decrypt.

ApeCoin community divided

Given the highly contested decision, not everyone in the ApeCoin community is happy with the outcome.

Many are concerned about the three-month gap until the next proposal, as it could dampen demand and curiosity surrounding the ecosystem.

This is a cryptocurrency, and suspending any decisions for a full 3 months PLUS time to actually vote and act is anything but simple.tweeted a member of the community. “This has the ability to completely destroy the value of the APE.

This AIP does not make sense. We should spend time on growth/adoption” tweeted Bradly Zastrow, community member. “Do not pass proposals where we agree to do nothing.”

“I must admit that I am rather concerned that we, The ApeCoin DAO, have collectively voted to preemptively ignore ideas that have not yet been presented” tweeted another member of the community.

But other users supported the decision to stay within Ethereum, including any layer 2 scaling solution associated with the number two crypto network.

“As you said messer! Voted to stay on Eth » tweeted a user who supported the proposal. “Why move away from liquidity and possibly security?” tweeted another member of the community.

ApeCoin Price Action

APE, the governance token that underpins the ApeCoin ecosystem, is currently trading at $5.90, down 1.2% in the last 24 hours, according to CoinMarketCap.

The 36th largest cryptocurrency with a market capitalization of $1.7 billion has lost over 85.21% from its all-time high of $39.40 recorded in March 2022.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.

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