The ApeCoin community votes to keep the project on the Ethereum blockchain…details here
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Answer The ApeCoin community votes to keep the project on the Ethereum blockchain…details here
The ApeCoin community has decided to stay on the Ethereum blockchain, according to “Data”glimpse“.
Almost 54 percent of APE holders voted to keep the project within the Ethereum ecosystem.
In early May, a virtual land sale organized by Yuga Labs rendered the Ethereum network temporarily unusable due to exorbitant fees.
Users were reportedly forced to shell out thousands of dollars for individual transactions due to heavy network congestion.
Yuga Labs apologized for turning off the lights on Ethereum through its operations and the company’s management suggested the community move to a private network in order to prevent such disasters in the future.
Read:Activating an important upgrade of the Litecoin blockchain that helps add more privacy
To vote and most community members decide that switching to another blockchain network would be too costly and too risky for the project.
It is known that the Ethereum blockchain has been struggling with exorbitant gas fees for years.
CryptoKitties, the first popular NFT project, brought the entire network to a standstill in December 2017.
The failure of the second largest blockchain to scale properly led to the emergence of other high-throughput blockchain networks such as Solana.
On Wednesday, the Ethereum test network Ropsten completed its integration with the Beacon network, marking a milestone ahead of the network’s long-awaited transition to a Proof of Stake mechanism.
Upgrading and switching to the allocation mechanism will significantly reduce the power consumption of Ethereum, but it is not expected to have a significant impact on gas fees at this time.
“ApeCoin” – the cryptocurrency behind the same company that runs the Bored Ape Yacht Club NFT group – was launched in March with great fanfare, but the hype quickly died down.
Read:The founder of Tron responds to the founder of Ethereum regarding the trading of cryptocurrencies “ETHW” and “ETHS”
Currently, the cryptocurrency “ApeCoin” ranks 36th on the coinmarketcap list with a price of $5.8.
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