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  • Writer's pictureKyle

The ApeCoin DAO Narrowly Approved An AIP To Keep $Ape On Eth. The Full Story Here:

The ApeCoin DAO narrowly approved an Ape Improvement Proposal that aims to keep $Ape in the Ethereum ecosystem last night.

In one of the closest votes in ApeCoin DAO history, 53.62% of $Ape holders voted yes on AIP 41 AKA the “Keep ApeCoin Within The Ethereum Ecosystem” proposal.

Following the vote, the ApeCoin DAO took to Twitter and explained what happens next after the community passed AIP 41.

“Voting has ended on Snapshot for AIP-41, to keep $APE in the Ethereum ecosystem for the time being, which the community has approved,” the DAO tweeted. “Any previously proposed or in-progress AIPs in conflict with this proposal are now null & void. “New proposals that would conflict with this AIP cannot be proposed for 90 days.”

Following the vote, many $Ape holders noted that AIP 41 is more of a pause on conversations around leaving Eth than a guarantee that $Ape stays in the Eth ecosystem indefinitely.

“Did we just approve a 90 day filibuster,” BoredApe93 tweeted. “We should run for congress next, will fit right in lol.”

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 prompted a lot of debate at the ApeCoin DAO about the future of $Ape. Prior to yesterday’s vote, there were 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.

Because AIP 41 passed these discussions have now been paused until early September 2022.

At the time of this article’s publication, neither Yuga Labs nor the BAYC founders have commented on AIP 41.

The Bored Ape Gazette will continue to follow this story. Stay tuned for updates.

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