The accepted AIP-41 proposal means that Ape Coin remains on Ethereum at least until September
ApeDAO, the governing body of the APE token ecosystem, has accepted proposal AIP-41 outlining the need for the currency to remain on Ethereum. The proposal was prompted after Yuga Labs teased that APE might be moving to a different chain.
Delve into the hottest NFT Collections by Yuga Labs with the NFT Explorer!
Summary:
- ApeDao accepted proposal AIP-41 pushed forward by @ASEC
- The proposal outlined that remaining on Ethereum makes more sense. Especially as all other Yuga Labs and Bored Ape products are on that blockchain
- Yuga Labs teased that this might be the next move as Ethereum clogged during the Otherside land sale
- APE will remain on Ethereum at least until September 2022, when conflicting proposals can be pushed for a vote
Yuga Labs looks beyond Ethereum
The launch of the Otherside virtual world was the latest significant drop from Yuga Labs. It was also the one with the most hype and excitement surrounding it. While the initial APE drop also generated quite the buzz, Otherdeeds NFTs were all the rage.
Considering this heightened level of interest and activity, the Otherside land NFT mint was one of the most strenuous events on the Ethereum blockchain. The protocol was completely clogged with gas fees reaching $4,000 per transaction. As a result, Yuga Labs had to refund users who couldn’t mint but paid gas fees. The total amount of these refunds almost reached $5 million.
Following these events, Yuga Labs teased the idea that it might look beyond Ethereum for some of the products in its ecosystem. Namely, the APE token. The Tweet was part of an overview of the Otherside mint. It stated that ApeDAO and its token might be moving to a dedicated chain. Following in the footsteps of Axie Infinity and Ronin. However, it seems ApeDAO itself is not happy with this idea.
ApeDAO wants to stay in the ecosystem
ApeDAO member @ASEC published AIP-41 in May, and this is the proposal with the most comments in the DAO to date. AIP-41 outlines that moving to a custom chain or to a protocol other than Ethereum will only harm the usability of the APE token. Here’s what @ASEC wrote in the motivation section of the proposal:
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.
Aside from this observation, @ASEC also mentions that there are many Ethereum Layer-2 scaling solutions in development, which might be a better option than a dedicated Layer-1 chain.
AIP-41 was open for votes for more than a month, and the results are now in – ApeDO and the APE token remain on Ethereum. It seems the community agrees with @ASEC and would like for APE to stay on its original blockchain.
What’s next?
While APE will remain on Ethereum for now, there is nothing to guarantee that a counter-proposal won’t be accepted further down the line. Of course, it will be adopted by a consensus from the ApeDAO community. However, one thing is sure; APE remains on Ethereum at least until September 2022.
The three-month conflict period until September ensures that the DAO has time to explore and try out all accepted proposals. In this sense, conflicting proposals that state APE should migrate to another chain will only be accepted after this three-month period is over.
Of course, the option to switch to a different Layer-1 or Layer-2 solution, or to a completely custom chain is still viable. This all depends on the community and ApeDAO itself. When it comes to Layer-2 solutions, Immutable X seems like the go-to as many projects have already transitioned from Ethereum to it. Other good opportunities might come from established names like Wax, or Avalanche. Still, everything is in the hands of the community, and it will be another three months before such a proposal can be accepted for voting.
DappRadar will continue monitoring the Bored Ape Yacht Club ecosystem as it pushes on to create tight community-centric governance. ApeDAO is a significant step in this process, and it seems they have the power to overturn Yuga Labs’ initial outlook on things. To learn the latest NFT and DAO news, follow DappRadar on Twitter. Additionally, you can browse through all Bored Apes and find your favorite traits with the new DappRadar NFT Explorer.
Newsletter
