The owners of ApeCoin have decided to keep the digital currency, which is considered a key factor for exclusive products and deals in the “post-universe” space on the Ethereum blockchain, despite the high transaction fees on the network.
About 54% voted against leaving the Ethereum network, according to data from Snapshot, Bloomberg reports.
Holders of about 3.8 million tokens voted against, compared to holders of 3.3 million for. Much of the tokens are owned by ApeCoin creators, including Andreessen Horowitz and Animoca Brands.
The debate over whether or not to remain on the Ethereum network involved the spike in fees in May. Buyers of “digital land” came to pay larger amounts for fees than for their purchase itself. The ApeCoin community, which runs the cryptocurrency, was thus considering creating its own network.
ApeCoin gained 2.2% after the vote result, at $5.86, according to CoinGecko. The token is moving 78% lower than its all-time high at the end of April.
A number of cryptocurrencies have switched blockchain platforms in the past.
“Moving to a different chain is costly, risky and perilous as a process, as it could lead to catastrophic losses,” the owners of ApeCoin stressed in their proposal.
However, they did not rule out a move to a Layer 2 blockchain, which would use Ethereum as its base but offer much lower transaction fees.