ETH Blockchain could Destroy ApeCoin

Recently, there has been a voting process on whether the ApeCoin DAO (Decentralized Autonomous Organization) needs to stay on the Ethereum blockchain in the highly volatile cryptocurrency market.

Approximately, 7.1 million ApeCoin tokens were used in the entire voting process. The NFT marketplace has been experiencing multiple problems in projects developed on the Ethereum blockchain.

Thus, one of the top NFT collections known as BAYC (Bored Ape Yacht Club) and the MAYC (Mutant Ape Yacht Club) has decided to shift ApeCoin from the Ethereum blockchain network.

But the result of the voting process showed that investors want to stay on the existing blockchain network in the NFT marketplace.

There is a number of issues related to the Ethereum blockchain on this ApeCoin project of BAYC— transaction speed, gas fees, and many more.

ApeCoin does not want to suffer from these problems for a long period of time.  This may affect the overall performance of the BAYC club in the NFT marketplace.

The voting process showed that 1.4 million ApeCoin tokens were in favor of shifting the NFT to a new blockchain as well as 1.1 million tokens were in favor of the Ethereum blockchain.

Millions of APE token holders want this NFT to stay on the existing blockchain network despite all kinds of problems due to the respect towards the legacy as well as the flourishing future.

Meanwhile, the Ethereum blockchain is known for shifting from a Proof-of-Work consensus mechanism to a Proof-of-Stake mechanism.

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