Horizen Labs, Offchain Labs propose APE-powered ApeChain on Arbitrum
Horizen Labs, Offchain Labs and Arbitrum Foundation have submitted an ApeCoin DAO proposal for ApeChain.
The platform targets the blockchain gaming ecosystem and will be built using Arbitrum’s technology.
ApeChain will utilise ApeCoin (APE) as the native gas token.
In a recent proposal, Horizen Labs, Offchain Labs and the Arbitrum Foundation outlined plans for an ApeChain platform, part of the broader vision to support growth for the ApeCoin ecosystem.
The price of ApeCoin (APE) was around $1.67 on Tuesday, down 0.2% in the past 24 hours. APE has struggled to mirror broader market gains in recent weeks and is up only 13% in the past 30 days.
ApeChain targeted for gaming ecosystem
The ApeCoin DAO idea reveals that ApeChain will be developed using the Arbitrum technology with Horizen Labs spearheading the overall ecosystem growth. The ApeChain network will be an Orbit chain built using AnyTrust.
“We believe that leveraging Arbitrum’s market-leading technology will best position ApeChain to succeed as an independent governed chain in the Ethereum ecosystem,” the ApeCoin Improvement Proposal (AIP) reads in part.
The time for ApeChain is now 🚀
In collaboration with @OffchainLabs @Arbitrum, we are pleased to announce the submission of an @ApeCoin DAO Idea to develop ApeChain on Arbitrum using $APE as the native gas token, with ecosystem growth led by Horizen Labs.
Here’s a quick summary… https://t.co/ZNWQSqbgcm
— Horizen Labs (@HorizenLabs) December 7, 2023
Partners for the project will include a Data Availability Committee featuring Horizen Labs, Offchain Labs, Magic Eden, and Layer Zero among others. Yuga Labs, the Web3 startup that created Bored Ape Yacht Club (BAYC) and CryptoPunks, will also be approached to join the DAC.
According to the proposal, key benefits of developing ApeChain on Arbitrum will include the use of APE as the gas token. This could in turn see a native economy around APE grow to encompass staking and governance. Also, it could spark a new revenue stream for ApeCoin DAO, with increased traction in blockchain gaming due to low gas fees.
“We’ve been excited to see ApeCoin DAO rally around the idea of a dedicated ApeChain, and agree that it would enhance the DAO’s value proposition. Our goal is to combine the strength of the APE brand with Arbitrum’s technology and cement ApeChain as the nexus of on-chain gaming,” Arbitrum said in a post on X.
Horizen Labs expects development of the ApeChain to commence in Q1, 2024, with onboarding of teams and formalization of the ApeChain governance structure. A testnet will also launch in the quarter, while the mainnet launch could be in Q2, 2024 if the proposal is adopted.
Meanwhile, the Arbitrum Foundation will offer grant funding for a Rollup-as-a-Service provider, ApeChain Security Council and block explorer.
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