ApeCoin Launches ApeChain Testnet: Expanding Bored Ape Ecosystem

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As a long-term crypto investor with a deep interest in the Bored Ape Yacht Club (BAYC) community, I’m beyond thrilled about the recent developments surrounding ApeChain, the new blockchain network controlled by the ApeCoin DAO. Having closely followed the projects of Yuga Labs and the BAYC community, I can confidently say that this is an exciting time for those involved.

As a analyst, I’m excited to share that the ApeCoin Decentralized Autonomous Organization (DAO), responsible for managing the Bored Ape Yacht Club digital realm, has initiated the testing phase for its newly developed blockchain network called ApeChain.

The news, made today, via a post on X, had the testnet codenamed “Curtis”. Greg Solano, one of the founders of Yuga Labs (the company behind BAYC), acknowledged that there won’t be many things to do on the testing network yet. However, he assured users that the various decentralized apps Yuga Labs has been developing will all run on the ApeChain once the main network is launched.

Excited about ApeChain, our team has surpassed expectations in the branding aspect as requested by the Special Council. Look forward to sharing more details soon.

There won’t be many activities taking place on the testnet for now, but once the mainnet is live, our side projects and other dApps that we have been developing will become operational on the blockchain.

— Garga.eth (Greg Solano) 🍌 (@CryptoGarga) July 16, 2024

As an analyst, I’ve observed that Boring Security, which is part of the ApeCoin community, announced on X that they are developing a groundbreaking solution aimed at granting ApeChain users an edge in the web3 sphere. To ensure inclusivity, they pledged that this upcoming project would be accessible to everyone.

As a researcher working on this project, I’m excitedly developing an offering that I believe will provide Apechain users with an enhanced experience. The best part? It will come at no cost and be accessible to everyone.

Community Excitement and Revenue Potential

The announcement in the news has generated significant enthusiasm within the cryptocurrency community, particularly amongst ApeCoin holders. Notably, Pop Punk, a co-founder of Gaslite, has shown great interest in taking part in the trial run of ApeChain.

The ApeChain platform is established on the Arbitrum network, backed by Horizon Labs. In a recent community ballot, ApeCoin holders decided to debut this new network on Arbitrum. Consequently, users can now employ the APE token as both fuel for transaction fees and instruments for making governance decisions.

ApeChain aims to enhance the utility of the APE token and provide additional earning opportunities for the BAYC community. Based on Horizon Labs’ estimation, if ApeChain processes 1 million transactions daily with a transaction fee of $0.02 each, the ApeCoin Decentralized Autonomous Organization (DAO) could potentially generate approximately $7 million in annual earnings.

As an analyst, I’d put it this way: ApeCoin is my designation for an ERC token I came across, boasting multiple functions. Primarily, it empowers users and token holders with a voice in our community’s decision-making process. Additionally, it operates as a utility token, geared towards fostering a vibrant decentralized ecosystem that pushes the boundaries of innovation within Web3 space.

According to the contract between the Arbitrum Foundation and ApeCoin, the foundation has funded ApeChain’s Security Council and Block Explorer costs for the initial three-year period of ApeChain’s operation.

The initiation of the ApeChain test network marks a significant advancement for both the ApeCoin Decentralized Autonomous Organization (DAO) and the broader Bored Ape Yacht Club (BAYC) community. Collectively, they are persistently striving to expand their ecosystem and discover novel applications for utilizing the APE token.

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2024-07-16 16:01