A community proposal to keep ApeCoin (CRYPTO: APE) on the Ethereum (CRYPTO: ETH) blockchain has taken a surprising turn over the weekend.
What Happened: On June 3, ApeCoin community member ASEC put forth the AIP-41 proposal to keep APE within the Ethereum ecosystem.
“Yuga Labs stated in a tweet that they believed ApeCoin needed to move to its own chain in order to scale. We the ApeCoin DAO believe that, at least for the time being, ApeCoin should remain within the Ethereum ecosystem, and not migrate elsewhere to an L1 chain or sidechain not secured by Ethereum,” stated the proposal.
“While gas costs and transaction speeds may be a concern for some with Ethereum, especially when considering a desire to grow the ApeCoin ecosystem, moving it away from the Ethereum ecosystem is neither necessary, but potentially detrimental to ApeCoin holders, and the interests of the DAO.”
See Also: WHAT IS A DAO?
As of Saturday evening, Decrypt reported that more than 91% of APE holders voted in favor of the proposal while just 9% were in favor of migrating to a different blockchain.
However, as of Monday morning, the votes had flipped in favor of leaving Ethereum.
At the time of writing, 52% of the votes were against the proposal while 47% were in favor of it. Voting will end on June 9, after which any proposals to migrate from Ethereum will not be admissible if successfully passed.
Price Action: According to data from Benzinga Pro, at press time, ETH was trading at $1,876, up 4.5% in the last 24 hours. APE was trading at $6.53, up 4.3% over the same period.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.