ApeCoin Community Denies Transfer To New Chain, Won’t Leave Ethereum
ApeCoin DAO believes there is no need to migrate to a new chain
ApeCoin’s offering was a complete disaster for the Ethereum network, which experienced massive problems with network congestion after a deluge of transactions appeared on the network, causing a more than tenfold spike in transaction costs. Later, developers of MONKEY made a migration proposal.
Community thinks not
As the vote suggests, the community is not in favor of switching to another Ethereum chain. Currently, 99% of all voters want to keep the coin in the ETH chain, without worrying about migrating their money to a chain that would be developed separately and might have unexpected problems with functioning.
Immediately after the offer, Yuga Labs told the community that they believe that ApeCoin should move to its own chain for proper scaling as Ethereum caused a lot of problems for investors and potential buyers who were pushed away due to extremely high fees.
The ApeCoin DAO stated that they do not think that ApeCoin needs a separate chain here and now. APE could function and grow within the Ethereum ecosystem without migrating to another L1 chain.
Problems with migration
The main problem with creating a separate L1 chain is compatibility with other chains and possible technical issues that can arise as the BAYC developer is not yet experienced in creating their own chain and ecosystem around it.
After coin offerings, some users suggested that the problem was not the Ethereum chain, but rather a flawed smart contract design, causing network congestion and a resulting spike in transaction fees on Ethereum.
At the time of writing, APE is trading at $6.15.