Why Would Staying in the Ethereum Blockchain Destroy Apecoin?

Written by C, Fiona
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Last updated: 06/15/2022 06:49

Apecoin holder — remain loyal or ready to be destroyed by Ethereum blockchain in the future.

Recently, in the highly volatile cryptocurrency market, we voted on whether apecoin Dao (decentralized autonomous organization) needs to stay on the Ethereum blockchain. About 7.1 million apecoin tokens were used throughout the voting process. In the projects developed on Ethereum blockchain, NFT market has encountered many problems.

Therefore, one of the top NFT aggregates known as bayc (Bored Ape Yacht Club) and mayc (Mutant Ape Yacht Club) has decided to transfer apecoin from the Ethereum blockchain network. However, the voting results show that investors want to stay on the existing blockchain network in the NFT market.

There are many problems related to Ethereum blockchain in the apecoin project of bayc – transaction speed, gas cost, etc. Apecoin does not want to be troubled by these problems for a long time. This may affect the overall performance of bayc club in the NFT market. The voting process showed that 1.4 million apecoin were in favor of transferring NFT to a new blockchain, and 1.1 million tokens were in favor of Ethereum blockchain.

Millions of ape token holders want this NFT to remain on the existing blockchain network, despite various problems, because they respect tradition and a prosperous future. At the same time, Ethereum blockchain is famous for its transformation from the proof of work consensus mechanism to the proof of access mechanism. These investors hope to benefit from the new additional features of Ethereum 2.0 and make NFT flourish.

High Transaction Costs on the Blockchain

Staying on the Ethereum blockchain network seems to be a risk for apecoin because of existing problems, such as the high transaction costs on the blockchain. It does not want to have an L1 chain and a side chain, and these chains are not guaranteed by the Ethereum blockchain. With complex efforts, the cost of transfer will be too high and there are risks.

Meanwhile, some people in the NFT market speculate that the current blockchain network can gradually destroy apecoin in the near future. There is no guarantee that the current problems such as transaction costs, gas costs, scalability and other problems will disappear from the blockchain.

It will continue to affect NFT based transactions – display failed transactions during coinage, and sell otherded NFT. Therefore, voters who favor staying in the same network should consider the future of apecoin. It must be noted that, unlike Ethereum, avalanche blockchain network ensures unlimited scalability and reduces transaction and gas costs.

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