top of page
PayPal ButtonPayPal Button
PayPal ButtonPayPal Button
PayPal ButtonPayPal Button
PayPal ButtonPayPal Button
  • Writer's pictureKyle

The ApeCoin DAO Is Divided On An AIP That Aims To Keep $Ape On Eth

Updated: Jun 6, 2022

The ApeCoin DAO is divided on whether to pass an Ape Improvement Proposal that hopes to keep $Ape in the Ethereum ecosystem.

AIP 41 titled “Keep ApeCoin within the Ethereum ecosystem” is an AIP written by ApeCoin DAO member ASEC that hopes to keep $Ape on the Ethereum blockchain.

At the time of this article’s publication, 3.1 million votes have been cast, and the AIP is supported by 59.29% of the $Ape holders that have voted.

(UPDATE: After this article's publication, the vote turnout increased and the support for AIP 41 went from 59.29% to 66.51% with 3.9 million votes cast.)

The idea of $Ape either leaving the Ethereum ecosystem or migrating to a different chain was first brought up 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 their Otherdeeds.

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 single 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 Eth 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.

While the founders of the BAYC have not talked about the proposal, notable BAYC member Asherah.Eth took to Twitter on June 3rd and explained why he voted no on AIP 41.

“It's not because I disagree with the sentiment that an L2 is probably the best thing for ApeCoin. For the most part, I agree with that statement,” Asherah tweeted. “I'm voting no because this isn't a proposal; it's a non-proposal. This just removes future choice and doesn't actually move us forward. The AIP itself says as much: "Steps to Implement: There are no additional steps associated with this AIP." We can always vote down future AIPs or proposals that come along if we do not like them, but this proposal does nothing except shut us off entirely to seeing what people might propose and might kill some potential collaborators interest in working with us outright.”

While Asherah believes that $Ape holders should vote no on the proposal, BAYC member Matt Galligan took to Twitter and explained why he thinks of AIP 41 should pass.

“By voting in favor of AIP-41 we're simply pressing pause on alt-L1 discussions for three months,” Galligan tweeted. “It feels very important to maintain the status quo for now, as it is a highly complex and consequential decision to move to a different chain. The ApeCoin proposal process is currently inadequate for dealing with such matters, as the debate is only open for 7 days.”

The Bored Ape Gazette will continue to cover AIP 41 and will let you know the results of the vote later this week.

The Bored Ape Gazette encourages every $Ape holder to read AIP 41 and vote!

89 views0 comments


bottom of page