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Yuga Labs and ApeCoin DAO seem divided as community votes in favor of…

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Source: Unsplash

The fates of many chimpanzees stranded in the shuttered Wildlife Waystation in the Angeles National Forest depend on building permanent new homes. Well, apes in the cryptocurrency world are suffering the same fate.

Finding a place to call ‘Home’

ApeCoin‘s potential home is currently stuck in the middle of two different opinions from two key community members.

Yuga Labs, the creators of the BAYC NFTs and the Otherside project, revealed the sold-out sale of the Otherdeed NFT launch. However, the sale indeed had different hiccups. Members experienced failed transactions as high demand caused the network to crash. Further, Otherside metaverse land sale cost investors more than $100 million in transaction fees.

Ergo, in a series of tweets on 1 May, Yuga Labs opined on the necessity of ApeCoin to have a blockchain of its own by moving away from Ethereum.

However, the ApeCoin DAO thought otherwise. The ApeCoin community-initiated Proposition 41, arguing that ApeCoin should stay in the Ethereum ecosystem.

“We the ApeCoin DAO believe that, ApeCoin should remain within the Ethereum ecosystem, and not migrate elsewhere to an L1 chain or sidechain not secured by Ethereum.”

Well, the proposal will end on 9 June and has 99.91% of the votes in favor so far.

Source: Snapshot.org

This exodus could incur high costs, risks, and could lead to unseen circumstances. Moreover, the possibility of abandonment by Yuga Labs and other entities is also in consideration by ApeCoin DAO. Well, these factors still outplayed some drawbacks of incorporating ETH. Such as Ethereum gas fees, and TPS, among others.

Furthermore, the community even received proposals from many chains, including Avalanche and Immutable X to move ApeCoin to their chain

APE-ing loyalty 

Despite such high traction, the community trusts ETH and vice versa remains true as well. Based on data from WhaleStats, Ethereum whales were seen to be accumulating ApeCoin as evident in the 31 May tweet.

In fact, Ethereum whale “Banobo” acquired 450,000 ApeCoins, worth over $3 million- the highest ApeCoin accumulation by an ETH whale.

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Shubham is a full-time journalist at AMBCrypto. A Master's graduate in Accounting and Finance, Shubham's writings mainly focus on crypto-regulations across the United States and Europe. Also, a die-hard Chelsea fan #KTBFFH.

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