According to Snapshot data, the ApeCoin community has elected to continue on the Ethereum network. A total of 54% of APE tokens were voted in favor of the project remaining in the ecosystem.
Yuga Labs’ virtual land sale in early May temporarily rendered the Ethereum network useless owing to exorbitant costs. Due to high network traffic, users were reportedly forced to pay thousands of dollars for individual transactions.
Yuga Labs apologized for turning down the lights on Ethereum with their enormous NFT mint and stated that in order to avoid future tragedies, it would have to shift to its own chain.
Switching to a different chain would be too pricey and unsafe for the project, according to the majority of community members.
For years, Ethereum has struggled with excessive gas fees. Back in December 2017, CryptoKitties, the very first popular NFT project, jammed up the network.
The failure of the second-largest blockchain to grow adequately has led to the creation of high-throughput blockchains like Solana.
Ethereum Ropsten is now prepared to make the switch to Proof of Stake
The Ropsten testnet merged with the Beacon chain on Wednesday, marking a crucial step toward the network’s much-anticipated switch to proof-of-stake.
Ethereum’s testnet Ropsten appears to be ready for the Merge experiment, according to recent Github statistics. The ETH network’s longest-running PoW testnet is transitioning to proof of stake, as Ethereum core developer Tim Beiko previously stated, with the Merge expected around June 8 on the network.
As Ethereum core developer Tim Beiko previously indicated, Ethereum’s longest-running PoW testnet is moving to proof of stake, with the Merge slated for June 8 on the network.
The introduction of the Beacon Chain on the Ropsten test network represented a significant step forward for Ethereum as it continues to lay the groundwork for its much-anticipated proof-of-stake flip (PoS; testnet).
The Beacon Chain is a proof-of-stake network that coexists with Ethereum’s mainnet, which is based on proof-of-work. It serves as a testbed for Ethereum’s upcoming consensus mechanism transition, which will see the two chains merge to form a single PoS network.
While the much-anticipated improvement would drastically reduce Ethereum’s energy consumption, it is not expected to have a substantial influence on gas fees for the time being.
The Bored Ape Yacht Club NFT collection’s token, ApeCoin, was introduced in March to much fanfare, but the excitement quickly faded. Currently, the token is ranked 36th.