The ApeCoin offering was a complete disaster for the Ethereum network, which experienced severe network congestion after a flurry of transactions popped up on the network, causing transaction fees to increase more than tenfold. Then the developers of APE made a migration proposal.
ApeCoin community denies transfer to the new chain, won’t leave Ethereum
As the vote shows, the community is not in favor of switching to another chain from Ethereum. Currently, 99% of all voters want to keep coins on the ETH chain without worrying about moving their coins on a separately developed chain and possibly some unexpected problems in operation.
Immediately after the offering, Yuga Labs told the community that they believe ApeCoin needs to move to its own chain to scale properly as Ethereum causes a lot of problems for investors and potential buyers’ capacity has been pushed away because fees are too high.
The ApeCoin DAO states that they don’t think ApeCoin needs a separate chain right here and now. APE will be able to operate and grow in the Ethereum ecosystem without switching to another L1 chain.
The main problem of creating a separate L1 chain is the compatibility with other chains and potential technical problems that can arise because the BAYC developer doesn’t have any experience in creating his own chain and the ecosystem around it.
After the coin offering, some users suggested that the problem was not the Ethereum chain but a faulty design of the smart contract, which caused network congestion and resulted in transaction fees on Ethereum.
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