The ApeCoin community is currently determining whether to remain on the Ethereum network.

The voting process is wrapping up among the DAO community about keeping their token tied directly to the Ethereum blockchain. Back in May, they launched an initiative to assess the potential benefits and drawbacks of switching to a different chain due to an issue that arose on April 30th. ApeCoin The parent company of BAYC was compelled to address the situation. Although the voting remains open for another three days, it seems the DAO leans toward sticking with Ethereum, particularly influenced by major investors in the community. AI P -41 It all began with the highly anticipated launch announcement, which generated immense excitement. The day scheduled for minting land in Otherside caused an unprecedented spike in activity, overwhelming the Ethereum network and leading to a public relations disaster for BAYC. tweet from Yuga Labs \"We understand that some users experienced failed transactions due to the overwhelming demand placed on Ethereum's infrastructure,\" they tweeted on April 30th. \"For those impacted, we truly appreciate your support as we navigate this journey together – rest assured, we will reimburse your gas fees.\" some outlets have likened to “whales.”

In another tweet on April 30th, Yuga Labs acknowledged the situation, stating, \"We apologize for disrupting Ethereum's service for a time. It has become increasingly clear that ApeCoin needs to transition to its own blockchain to effectively scale. We encourage the DAO to start considering this shift.\" BAYC’s Otherside Metaverse The topic was officially brought up in the ApeCoin DAO forum on May 1st, becoming their sole active proposal. DAO member ASEC introduced \"AIP-41: Keep ApeCoin within Ethereum,\" which has sparked robust discussions. Conversations have mostly centered around exploring Layer 1 and Layer 2 solutions. all-out gas war The document outlining the proposal notes, \"For the time being, we believe ApeCoin should remain within the Ethereum network and not transition to any Layer 1 or sidechain that lacks Ethereum's security.\" The concerns revolve around the complexities and risks involved in migrating to a new chain, which could potentially lead to significant losses or abandonment by Yuga Labs and other key stakeholders.

A user going by Bigga Than Jesus expressed their support for staying with Ethereum right from the start. \"There could have been strategies to prevent the gas war,\" they mentioned in a comment on May 1. \"We could have staggered the minting process and explored various other options.\" Nonetheless, AIP-41 clarifies that \"Many Layer 2 solutions, which are safeguarded by Ethereum, show substantial improvements in transaction fees and processing speeds,\" including options like rollups. Yuga Labs On May 2, participant RKZN noted, \"I think ZkSync is a promising option here. They are an EVM-compatible zk rollup that is launching shortly.\" StarkEx has also reached out to the DAO, highlighting the advantages of their platform. \"Personally, I believe StarkEx could be our ideal solution (by the way, ApeX sounds pretty cool),\" commented user K9, another supporter of remaining within the Ethereum ecosystem. \"In this scenario, StarkWare would serve solely as a service provider.\"

Thirteen days ago, RufusXavier dismissed the idea of collaborating with Polygon, asserting, \"Polygon’s nodes are managed by Binance. It lacks decentralization and doesn’t qualify as a Layer 2. It’s essentially a sidechain that doesn’t have Layer 1 security. No to Polygon.\"

In a statement to Metaverse Post, Fuad Fatullaev, co-founder and CEO of the NFT marketplace, remarked, \"The ongoing voting campaign regarding whether to retain ApeCoin on the Ethereum blockchain appears to benefit those who advocate for maintaining the current system. While Yuga Labs envisions creating a new blockchain to better handle the scalability and transaction costs associated with ApeCoin and the Otherside metaverse project, the consensus within ApeCoin DAO leans towards Ethereum as the more viable option at the moment.\" the Ethereum ecosystem Fatullaev further elaborated, \"If the proposal to stay on Ethereum is accepted, it will demonstrate just how much investors involved in the metaverse value the Ethereum platform.\" In the grand scheme of things, this implies that despite its existing congestion and scalability issues, Ethereum continues to be the most favored network for Web 3.0, a perception that stands to improve with the anticipated Merge of the PoW model and the PoS consensus network launching in August.

“We the ApeCoin DAO Currently, over 71% of DAO members have expressed their support for remaining with Ethereum, while only 28% oppose the idea. According to the proposal, no extra actions will follow AIP, there are no associated costs, and implementation will begin immediately, with any competing proposals held off until three months after the approval of this one. Nonetheless, there are still three days left in the voting period, so keep an eye out for updates.

The Bored Ape 'Otherside' Metaverse is set to launch next week, causing a significant surge in ApeCoin's value. “Arbitrum 4 and Optimism 3 , or zk-Rollups such as StarkNet 5 , zkSync 1 uk uz uz

vi The creators of Bored Ape Yacht Club raised a staggering $450 million to fund their metaverse undertaking.

Please keep in mind that the information available here is not intended to serve as legal, tax, investment, financial, or any other kind of advice. It's crucial to invest only what you can afford to lose and consult with independent financial advisors if you have any reservations. For additional details, we recommend reviewing the issuer's or advertiser's terms and conditions as well as their support pages. MetaversePost is dedicated to providing accurate and objective reporting; however, market conditions can change unexpectedly.

Vittoria Benzine is a writer based in Brooklyn, focusing on contemporary art. She explores topics related to human contexts, counterculture, and chaos magic, and her work has been featured in publications like Maxim, Hyperallergic, and Brooklyn Magazine, among others. vi Dr. Lin Han, CEO of Cryptocurrencylistings.com, has published an open letter reflecting on the platform's 12 years of expansion and the future of cryptocurrency. Search Binance has introduced a new fund accounts exchange solution aimed at reducing barriers for fund managers entering the market.

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