ApeCoin has launched its own network, ApeChain, with its initial testnet named Curtis. However, Yuga Labs co-founder Greg Solano acknowledges there won’t be extensive activities available initially. ApeChain, developed as a layer-2 solution by the ApeCoin DAO community, aims to enhance utility for ApeCoin amidst growing interest from Bored Ape Yacht Club (BAYC) enthusiasts.
Greg Solano, co-founder of Yuga Labs, which developed Bored Ape Yacht Club (BAYC), mentioned in a subsequent post that the ApeChain testnet currently offers limited activities. However, he assured APE holders that once the mainnet launches, various decentralized applications developed by Yuga Labs will be operational on the chain.
Following this announcement, the price of APE surged by more than 3.5% to $0.78, as reported by CoinMarketCap.
The ApeCoin DAO community decided in mid-February to build the ApeChain network on Arbitrum, supported by Horizen Labs. APE tokens will serve as both the gas and governance token for the network, as outlined in the technical roadmap.
Arbitrum’s on-chain governance approach will enable the community to introduce additional features. Horizen Labs has committed to being a long-term supporter and holder of ApeCoin.
ApeChain aims to enhance the utility of the APE token and create new revenue streams. Horizen Labs estimates potential annual revenue of $7 million if the network handles 1 million transactions per day with a transaction fee of $0.02 each.
Under the agreement, the Arbitrum Foundation will provide grant funding to cover ApeChain’s Security Council and Block Explorer expenses for three years.
