ApeCoin holders voted to stay on Ethereum despite high gas fees.
The ApeCoin community has decided to stay on the Ethereum blockchain, according to Snapshot data. 54 percent of the APE tokens were used to keep the project within the ecosystem.
In early May, a virtual land sale organized by Yuga Labs made the Ethereum network temporarily unavailable due to high fees. It has been reported that users are forced to spend thousands of dollars on individual transactions due to excessive network congestion.
Yuga Labs apologized for this situation and suggested that it had to switch to its own chain to prevent such disasters in the future. Most community members decided that switching to another chain would be too expensive and risky for the project.
As it is known, Ethereum has been struggling with exorbitant gas fees for years. CryptoKitties, the first popular NFT project, completely clogged the network in December 2017.
The second largest blockchain not scaling properly has led to the rise of high-throughput blockchains like Solana. On Wednesday, the Ropsten testnet completed its merger with the Beacon chain, reaching an important milestone ahead of the network’s transition to the much-anticipated Proof of Stake. While this significantly reduces Ethereum’s energy consumption, the much anticipated upgrade is not expected to have a significant impact on gas fees at this time.
27198
