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  • Writer's pictureKyle

An AIP To Keep $Ape In The Ethereum Ecosystem Is On The Ballot This Week At The ApeCoin DAO:

An Ape Improvement Proposal to keep $ApeCoin in the Ethereum ecosystem is on the ballot this week at the ApeCoin DAO.

AIP 41 titled “Keep ApeCoin Within The Ethereum Ecosystem” is a process proposal that was written by $Ape holder ASEC.

In the proposal, ASEC wrote that $Ape should stay on Ethereum and that any change needs to be thoughtfully considered.

“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 Yuga Labs and other entities that would otherwise meaningfully to ApeCoin,” ASEC wrote.

The idea of $Ape either leaving the Ethereum ecosystem or migrating to a different chain was first uttered by Yuga Labs after a hectic Otherdeeds minting process.

As the Bored Ape Gazette previously reported, Yuga Labs sold 55,000 Otherdeeds during a KYC gated public mint on April 30th 2022. During the mint, Ethereum’s gas prices spiked and users were paying over two Eth to mint an Otherdeed.

After the Otherdeed mint sold out, Yuga Labs took to Twitter and floated the idea of $Ape possibly leaving the Ethereum ecosystem.

“We're sorry for turning off the lights on Ethereum for a while,” Yuga Labs tweeted in a six-tweet thread. “It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale. We'd like to encourage the DAO to start thinking in this direction.”

This tweet has prompted a lot of debate at the ApeCoin DAO about the future of $Ape. At the time of this article’s publication, there are several discussion posts at the ApeCoin DAO suggesting that $Ape either make its own chain, migrate to Immutable X or go to the Avalanche blockchain.

While Yuga Labs did say they wanted to make a change on April 30th, ASEC wrote in their proposal that leaving Ethereum could have unintended consequences for the $Ape community.

“By migrating ApeCoin away from Ethereum, it would then find its home on a different chain than the original assets that inspired it,” ASEC wrote. “Yuga Labs’ own NFTs. This may have unintended downstream effects, such as Yuga Labs no longer supporting or using ApeCoin in association with its NFTs like Bored Apes, Mutant Apes, or Otherside Deeds. 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.”

At the time of this article’s publication none of the BAYC founders, or anyone at Yuga Labs has publicly commented on AIP 41.

The Bored Ape Gazette will continue to follow this proposal all week. Be sure to read the full proposal here:

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