ApeCoin owners have decided to keep the token, which is expected to be key to snagging exclusive metaverse game items and deals, on the Ethereum blockchain despite its high transaction fees.
About 54% voted in favor of keeping the token on Ethereum, according to tracker Snapshot. Around 3.8 million tokens voted in favor of staying with 3.3 million against, Snapshot showed. A large chunk of the coins belongs to its creators including Andreessen Horowitz and Animoca Brands.
The debate over whether to stay on Ethereum was sparked when the network’s transaction fees spiked during the sale of virtual land called Otherdeeds in May. Buyers, some of whom were ApeCoin owners, ended up paying more in transaction fees than for the virtual land itself. Startup Yuga Labs, which helped facilitate the sale and is known for creating Bored Ape Yacht Club nonfungible tokens, said the ApeCoin community governing the token needs to consider creating its own chain.
A number of crypto apps have swapped...
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