The ApeCoin Community Will Stay on the Ethereum Blockchain
The ApeCoin community has decided to stay on the Ethereum blockchain.
Fifty-four percent of APE tokens were cast in favor of keeping the project within the ecosystem.
In early May, a virtual land sale organized by Yuga Labs temporarily made the Ethereum network unusable due to sky-high fees.
Users were reportedly forced to shell out thousands of dollars for individual transactions due to extreme network congestion.
Yuga Labs apologized for turning off the lights on Ethereum with its massive NFT mint and suggested that it had to move to migrate to its own chain in order to prevent such disasters in the future.
Most community members decided that switching to another chain would be too expensive and risky for the project.
According to Snapshot data, the ApeCoin community has decided to stay on the Ethereum blockchain.
54% of APE tokens were cast in favor of keeping the project within the ecosystem.
Early in May, the network was brought down by sky-high fees during the temporary sale of a virtual land organized by Yuga Labs. Users were reportedly forced to pay thousands of dollars for individual transactions due to extreme network congestion.
Yuga Labs turned off the lights on Ethereum with its large NFT mint. They have apologized and said that they had to move to their own chain to prevent such disasters in the future.
The majority of community members decided that it would be too costly and risky to switch to another blockchain.
Ethereum has had to deal with high gas fees for years now. In December 2017, the very first popular NFT project, CryptoKitties, clogged up the network.
The second-largest blockchain has failed to scale properly, leading to the rise of blockchains like Solana. They successfully merged their Ropsten testnet with the Beacon chain this week, reaching a major milestone.
The long-awaited Ethereum upgrade will reduce energy consumption, but not by enough to have a significant impact on gas fees.
ApeCoin was launched in March to a lot of excitement, but it didn't last long. The token is currently in 36th place.