ApeCoin Whales Vote Against Proposal to Stay on Ethereum
Several apecoin (APE) whales have voted against the proposal by the ApeCoin decentralized autonomous organization (DAO) that suggested staying on Ethereum (ETH), giving the majority support to migrating to another chain - at least for now.
Dubbed ApeCoin Improvement Proposal (AIP) 41, the proposal asks token holders to stay on Ethereum despite the issues surrounding gas fees.
However, at least three ApeCoin whales who have submitted their ballots so far have voted against the proposal, each submitting APE 404,000, APE 153,000, and APE 151,000, respectively, out of the supply of APE 1 billion.
One, with APE 150,000, voted in favor of the proposal.
Courtesy of whales voting against the proposal, as of now, the AIP 41 has nearly 53% of votes against and 47% in favor, meaning the majority is currently supporting a migration.
The voting started on June 3 and will continue until June 9.
Notably, during the early days of voting, an overwhelming number of voters were in favor of the proposal.
Submitted on May 1 by ApeCoin DAO member ASEC, the proposal states that “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 [project creator] Yuga Labs and other entities that would otherwise [be meaningful] to ApeCoin.”
The proposal came as a response to a suggestion by Yuga Labs, the entity behind the popular non-fungible token (NFT) collection Bored Ape Yacht Club, that said ApeCoin should migrate to its own chain for scaling purposes after the Otherdeed mint clogged the Ethereum mainnet.
"We're sorry for turning off the lights on Ethereum for a while," Yuga Labs said at the time, adding: "It seems
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