Dedicated Blockchain Apechain Powered By Arbitrum Proposal Mooted
Horizen Labs, Offchain Labs, and the Arbitrum Foundation have joined hands to boost the Apecoin (APE) ecosystem with the development of a dedicated blockchain named Apechain. This initiative represents a significant move in extending the utility and reach of Apecoin, leveraging Arbitrum technology, governed by Apecoin DAO.
Horizen Labs, Offchain Labs, and the Arbitrum Foundation Propose Apechain
The proposed Apechain is a dedicated blockchain for the Apecoin (APE) community, leveraging Arbitrum technology. Horizen Labs, Offchain Labs, and the Arbitrum Foundation have joined hands to work together to enhance the value proposition of the APE ecosystem.
“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 proposal outlines.
The Apechain will function as the cornerstone of the Ape brand, with APE as its native gas token, thus extending the reach and utility of APE in the broader crypto sector. The key aspect of this vision includes permission to use “powered by Apecoin'' branding, highlighting the integration of the APE identity into Apechain.
Apechain Proposal Holds Strategic Focus on Gaming
The proposal holds a strategic focus on gaming, hoping to establish Apechain as a hub for next-generation consumer applications and games. The three partners attach priority to gaming within their ecosystem, similar to the strategy adopted by Yuga Labs. Apechain hopes to offer an enhanced user experience by ensuring low fees and fast transactions.
The critical aspect of the proposal is the perpetual bond of attachment with Ethereum, Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and the broader APE community within the Ethereum NFT ecosystem. This is also a bad year for the APE, which is down 54% year-to-date.
APE has seen a rise of 13% against the US dollar during the past two weeks, although it is down 26% over the past six months. While APE is up 62% from its all-time low recorded on October 10, 2023, the crypto asset is down 93% from its all-time high witnessed on April 28, 2023. At that time, APE was valued at USD 26.70 and is now trading at USD 1.63 per unit.
What is your take on the proposal of Apechain? Please share your thoughts and opinions in the comments section below.
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