October 1, 2022
  • 54% of APE enthusiasts voted to maintain the alt on the ETH blockchain.
  • ETH’s high fees have worried ApeCoin Investors

ApeCoin developers will leave the altcoin on the ETH blockchain platform regardless of higher transaction charges, a crucial move to catching fashionable metaverse game deals and items.

Tracker Snapshot shows around 54% voted to keep APE on Ethereum. Approximately 3.8 million coins favored staying, while 3.3 million remained against the move. Massive amounts of the tokens belong to ApeCoin creators, including Animoca Brands and Andreessen.

The discussion about staying on the Ethereum network emerged when ETH transaction charges skyrocketed during the ‘Otherdeed’ virtual land sale (in May).

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Buyers, which comprised ApeCoin owners, incurred massive transaction fees than the digital land cost. Yuga Lands, which helped complete the sale and is known for creating BAYC NFTs, suggested a new chain for the APE community governing the altcoin.

Multiple cryptocurrency applications have swapped blockchains before. For instance, leading DEXs such as Uniswap launched on Ethereum before migrating to different chains. Also, Dapper Labs introduced its network, Flow, for digital collectibles and games.

However, the decision to swap blockchains isn’t straightforward. Moving to a different platform is a complex, risky and costly endeavor, which might lead to a catastrophic loss. ApeCoin voters feared possible events that could trigger potential abandonment by essential entities like Yuga Labs.

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The decision to stay on the Ethereum platform does not prevent APE owners from considering moving the alt to Layer-2 platform that uses ETH as a backbone, though with lower transaction fees.

Meanwhile, ApeCoin explores bearishness amidst struggling broad markets. While publishing this post, APE traded at $5.81, following a 2.06% decline within the past day. Today’s sessions had Bitcoin plummeting beneath $31K after the previous session pushed the crypto beyond the mark.

Meanwhile, the bellwether crypto and most large-cap assets lost over 3%. While writing this content, BTC traded at $30,172, exploring declines within the past day. Moreover, Bitcoin lost over 35% this year and hovered far from the lifetime high near $69K, recorded in November 2021. Also, Ethereum declined over the past 24hrs, changing hands near $1,797.

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Stay tuned for upcoming crypto news.

Editorial credit: David Esser / shutterstock.com


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