The ApeCoin community voted to remain on Ethereum in a heated round of voting. However, not everyone is happy. After a long voting period of a week, ApeCoin DAO’s proposal for staying within the Ethereum ecosystem was approved. It was dubbed .
Only half of voters supported the proposal and 46.38% opposed it. The voting process involved 7.1 million ApeCoins (APE).
Only 9% of votes were against the proposal the day it was launched.
One member, Machi Big Brother (machibigbrother.eth), voted against the proposal using 1.2 million ApeCoin, representing ~30% of the total votes against the proposal.
After AIP-41 approval, ApeCoin Improvement Proposals (AIPs) for the migration of ApeCoin to Ethereum cannot be submitted for three months.
“Now it is time for the DAO get to work on amendments to the proposal process that are better suited to complexity of moving ApeCoin into another chain,” Matt Galligan who co-authored AIP told decrypt.
Community of Divided ApeCoin
The outcome of the highly-contested ApeCoin decision is not what everyone wants.
Many are concerned about the three-month delay between the next proposal and the current one. This could dampen interest in the ecosystem and reduce demand.
“This is cryptocurrency and pausing any decisions is for 3 months PLUS the time it takes to vote and take action is anything but easy.” tweeted from a member of the community. This has the potential to totally destroy the APE value.
This AIP is absurd. We should focus on growth/adoption.” tweeted Bradly Zstrow, a member of the community. “Not passing proposals when we agree to do no.”
“I must admit that I am rather concerned that The ApeCoin DAO collectively voted that preemptively disregards ideas that haven’t yet been presented” Tweet another member of the community.
Other users supported the decision to remain within Ethereum, which includes any layer-2 scaling solution that is associated with the number 2 crypto network.
“As you said, ser!” Voted to keep Eth” Tweeted a supporter of the proposal. Tweeted another member of the community.
ApeCoin price action
According to CoinMarketCap, APE, the governance token that underpins the ApeCoin ecosystem trades at $5.90. This is 1.2% less than the previous 24 hours.
The market capitalization for the 36th largest cryptocurrency, $1.7 billion, has dropped 85.21% since its March 2022 high of $39.40.