“Whales” and “hamsters” disagreed on ApeCoin


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“Whales” and “hamsters” have disagreed on ApeCoin

The cryptocurrency community of the ApeCoin project disagreed on the future of the Ethereum-based project

Large and small investors radically differed in their views on the future of the project ApeCoin. In early June, investors in the ApeCoin project opposed the migration of the project to the new network in the AIP-41 vote. The vote description claimed that despite calls from Yuga Labs to relocate ApeCoin to a new project, the community doesn’t want to spend the money on the move.

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In the very first days of voting, about 340,000 APEs (more than $2 million) were staked against the network’s move. At the time, according to media reports, that ratio showed that more than 99% of those who voted were against the migration.

With the arrival of big investors, however, the voting pattern has changed dramatically. As noted by the media, at least three “whales” were in favor of moving ApeCoin. In total these three whales alone bet more than 705,000 APE (more than $4.5 million) to move the project.

At the time of writing, just over 51% of those who voted against the move of ApeCoin. The vote itself will last until June 9.

Talks about moving ApeCoin to a new network began after Yuga Labs announced its intention to relocate the project to a network other than Ethereum due to the scandalous auction of NFT lands initiative Otherside.

Yuga Labs representatives tweeted that the auction scandal caused high NFT generation fees due to high demand. However, the cryptocurrency community believes that the cause of the scandal was not so much the commissions, but the intentional creation of a bad smart contract by Yuga Labs to sell tokens.

As Twitter user @WillPapper noted, the project developers were so lazy to remove ready-made templates from the code that they left everything as is, which in turn led to an increase in costs and cost users an extra $70 million in commission costs.

Ethereum co-founder Vitalik Buterin admitted that optimizing the smart contract would hardly change the situation dramatically, but hinted that Yuga Labs should have created a mechanism for dynamic price formation for virtual land, instead of setting a limit of 305 APE (~$4200).