ApeCoin (APE) To Stay on the Ethereum Network Amid Community Row

ApeCoin (APE) To Stay on the Ethereum Network Amid Community Row

The ApeCoin community has finally approved the decision to stay in the Ethereum ecosystem. This comes after a keenly contested week-long democratic process where the community votes for or against it.

ApeCoin’s DAO to Continue Staying Within the Ethereum Network

Following the defiant position of some members of the ApeCoin community, a vote is necessary to determine the outcome. As a result, those in favor of remaining in the ApeCoin Improvement Proposal (AIP) AIP-41 won the vote. 

However, the opposing side prefers ApeCoin to move to its chain in support of Yuga Labs‘ earlier statement.

Furthermore, the voting process shows that more than half of the voters agreed with the proposal. A further 46.38% opposed the move.

Meanwhile, a total of 1.7 million $APE for the voting process were staked to determine the outcome.

Interestingly, 24 hours after the proposed launch, a measly 9% of the community was against the move.

One of the ApeCoin community members with the alias Machi Big Brother reportedly used 2.2 million APE to vote against the proposal. His vote constitutes 30% of the combined votes opposed to the proposal.

Following the vote in favor of AIP-41, it will be three months before another proposal is considered.

The co-creator of the AIP proposal, Matt Galligan, believes it is time for the DAO to work on the amendment of the proposal process. Galligan suggests that those opposed to the proposal can work on a strategy that will suit the movement of ApeCoin to another protocol.

ApeCoin Community Divided on Way Forward

Given that the process of determining whether to stay in the Ethereum ecosystem or not was hotly contested, many members are not happy with the outcome.

Many community members express their concern with the three-month waiting period before submitting the next proposal. Many indicate that it may negatively impact the way others view the ApeCoin ecosystem.

Another member notes that pacing decisions before the community can take action can harm the prospect of the ApeCoin. The member added that this could even stunt the value of the $APE.

Bradly Zastrow, another community member, posted on his Twitter account slamming the AIP, adding that it “does not make sense.” The ApeCoin team should continue to focus on its growth rather than this.

Furthermore, another member showed concern with the ApeCoin DAO, disregarding ideas not yet presented for deliberation.

Meanwhile, according to other members, the decision to stay in the Ethereum ecosystem is due to the platform’s security. Others cited the robust support that could prevent the liquidation of the ApeCoin token.

According to CoinMarketCap, the governance token of the ApeCoin network, APE, is trading at $5.90. The coin has declined by 1.2% in the past 24 hours of the trading session.

The APE is currently the 36th largest digital currency with a market cap of $1.7 billion. It has dropped more than 85.21% of its value since its all-time high of $39.40.

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Ifeanyi Egede

Ifeanyi Egede is an experienced and versatile writer and researcher. He has keen interest in blockchain technology, cryptocurrencies, NFTs, Web3, metaverse, fintech and emerging technologies. He has tons of published works both online and in the print media. He has close to a decade of writing experience. When he is not writing, he spends time with his lovely wife and kids.