- ApeCoin DAO members voted to keep the coin on Ethereum
- Yuga Labs asked the DAO to consider moving chains following the Otherdeed debacle
- One DAO members used 1.2 million APE to vote for a move away
ApeCoin will remain on the Ethereum blockchain following a narrow vote that was nearly swayed by a whale who spent over one million APE coins voting to take it off. The proposal to move ApeCoin off Ethereum was put forward by the DAO on May 2 following the disastrous Otherside launch which crashed the network, but a vote to push through a move to a non-Ethereum chain. The vote finished with only 46.38% supporting a move away, despite one holder, machibigbrother.eth, being so keen for ApeCoin to move that he used $6.84 million worth of APE coins to try and push the vote through.
Yuga Labs Pressed for Change After Otherdeeds Fiasco
The issue of moving ApeCoin of Ethereum was raised after the sale of parcels of land in Yuga Labs’ Otherside metaverse launched on May 1. The sale of Otherdeeds caused so much congestion on the Ethereum network that some buyers were spending tens of thousands of dollars in gas fees to secure them, which led to Yuga Lubs tweeting that it was “abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale”, adding that “We’d like to encourage the DAO to start thinking in this direction.”
The ApeCoin DAO did indeed start thinking in that direction, resulting in proposal AIP-41 being put forward the very next day. However, the proposal canvassed for the alternative – to stay on Ethereum – citing the many dangers associated with a chain migration:
Migrating to a different chain is a costly, risky, and complex endeavor with many moving parts that may, if not thoughtfully considered, result in catastrophic loss, or at worst, abandonment by Yuga Labs and other entities that would otherwise meaningfully to ApeCoin.
ApeCoin DAO Members Vote to Stay
Debate was naturally fierce on the subject, but thoughts turned into votes during the past week, with DAO members putting their APE coins where their mouths were. This resulted in the following activity, with even the 1.2 million APE going in the ‘against’ bracket unable to tip the vote:
The result means that ApeCoin will stay on Ethereum for the time being, news that, unsurprisingly, didn’t go down well with some:
The DAO is poorly managed at this point. The team at the helm is clueless.
— 0xStarmowa (@0xStarmowa) June 8, 2022
The result means that no ApeCoin Improvement Proposal on the migration of ApeCoin from Ethereum can now be proposed for three months, after which time we can almost certainly expect another one.