ApeCoin DAO believes there is no such thing as a must migrate to new chain
The providing of ApeCoin was a whole catastrophe for the Ethereum network, which skilled large points with community congestion after a flurry of transactions appeared on the community, inflicting a greater than tenfold spike in transaction charges. Afterward, builders of APE made a migration proposal.
Neighborhood doesn’t suppose so
Because the voting suggests, the neighborhood just isn’t in favor of shifting to a different chain from Ethereum. At present, 99% of all voters need to preserve the coin on the ETH chain, with out worrying about migration of their funds on a chain that may be developed individually and will have some sudden points with functioning.
Proper after the providing, Yuga Labs advised the neighborhood that they imagine that ApeCoin wants to maneuver to its personal chain for correct scaling since Ethereum brought on a number of issues for buyers and potential consumers that have been pushed away due to extraordinarily excessive charges.
The ApeCoin DAO said that they don’t suppose ApeCoin wants a separate chain proper right here and now. APE would be capable of operate and develop inside the Ethereum ecosystem with out migrating to one other L1 chain.
Points with migration
The principle drawback with making a separate L1 chain is compatibility with different chains and potential technical points which will happen because the BAYC developer has not but had any expertise creating its personal chain and an ecosystem round it.
After the coin providing, some customers recommended that the issue was not the Ethereum chain however somewhat a flawed design of a wise contract, which brought on community congestion and a resultant spike in transaction charges on Ethereum.
At press time, APE trades at $6.15.