Saturday, 25 May 2024

Crypto News

Horizen Labs, Offchain Labs propose APE-powered ApeChain on Arbitrum

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.

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…

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