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.
