Bored Ape Yacht Club: ApeCoin will continue its Ethereum antics

The antics continue on Ethereum – Yuga Labs is one of the studios of NFT the most influential in the ecosystem. Indeed, its NFT Bored Ape, Mutant Ape or Otherdeeds are snapped up on trading platforms. Recently, the company expressed its desire to migrate its ecosystem to a cheaper blockchain than Ethereum. According to a vote organized by Yuga Labs, the community does not seem to agree.

Yuga Labs wants to move its Bored Ape Yacht Club

Launched in April 2021, the Bored Ape Yacht Club (BAYC) quickly became the most iconic collection in the NFT ecosystem. Indeed, it was the first to break down the barriers of the crypto ecosystem and to democratize to the general public.

At the beginning of May, Yuga Labs unveiled the otherdeeds, plots of land for his Metaverse Otherside. However, the sale of these led to significant congestion on the Ethereum network. So well, that the gas costs have reached 8,000 gwei, involving multi-thousand dollar transactions. Never seen.

Faced with this chaotic launch, the Yuga Labs teams began to consider a migration of all their projects to another blockchain, more scalable. Among the potential contenders, it was proposed to create a subnet dedicated to Yuga Labs projects on the Avalanche blockchain.

A proposal made via the governance module of Avalanche which, it seems, did not bring the whole community to agreement.

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ApeDAO decides with a governance vote: the Apecoin will remain on Ethereum

In parallel with Yuga Labs, we find the decentralized autonomous organization ApeDAO. This is governed by the token holders ApeCoina cryptocurrency created in March 2022.

Faced with rumors of project migration, ApeDAO wanted to take the lead by setting up a vote through the governance module. Launched on June 3, it offered a simple question: should ApeCoin and Yuga Labs projects stay on Ethereum?

For its part, the Special Council of ApeCoin expressed its position in the proposal:

We, the ApeCoin DAO, believe that, at least for now, ApeCoin should remain within the Ethereum ecosystem, and not migrate elsewhere to an L1 chain or sidechain not secured by Ethereum. »

However, the final decision rests with the community. After a 6-day ballot, the community voted to 53% for maintaining the Ape ecosystem on the Ethereum network.

Result of the vote regarding the migration of ApeCoin.

Consequently, this vote puts an end to the debates on a potential Yuga Labs ecosystem migration. The Bored Ape and their ape cousins ​​Mutant Ape will indeed remain on Ethereum.

However, the proposal does not rule out an exodus of assets to a second layer of Ethereum, secured by the main chain. This would reduce transaction fees while remaining in the fold of ETH. Thus, it is not impossible that we will witness a new vote in the coming months, proposing the migration of the project to one of the various L2s of Ethereum, namely Optimism, Arbitration Where Starknet to recite nobody else but them.

At the same time, the project continues to be a favorite prey for hackers of all kinds. So last week the Bored Ape Yacht Club’s Discord was the target of a phishing attackwhich led to the loss of several NFTs for a total value of 140 ETH.

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Bored Ape Yacht Club: ApeCoin will continue its Ethereum antics


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