Coinspeaker
ApeCoin Launches ApeChain Testnet: Expanding Bored Ape Ecosystem
The ApeCoin DAO, which controls the Bored Ape Yacht Club digital world, has launched the testnet of its new blockchain network 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.
stoked for apechain. the special council asked us to get involved on the branding and my team fucking crushed it imo. more to come on that.
won’t be much to do on testnet yet, but otherside and other dapps we’ve been cooking will all be running on the chain once mainnet is here https://t.co/HmLawRiUcb
— Garga.eth (Greg Solano) 🍌 (@CryptoGarga) July 16, 2024
Similarly, Boring Security, a community powered by ApeCoin, revealed on X that they are working on a new solution that would probably propel ApeChain users ahead of others in the web3 space; they, therefore, promised that this new project would be open to all. They stated:
“We’re busy cooking with something that will hopefully have apechain users a step above the rest. But will be free and open to all.”
Community Excitement and Revenue Potential
The news has triggered excitement within the crypto space, especially among the ApeCoin members. Pop Punk, the co-founder of Gaslite, expressed an eagerness to participate in the ApeChain testnet.
ApeChain is built on Arbitrum, with support from Horizon Labs. Earlier this year, members of the ApeCoin community voted for the upcoming network to be launched on the Arbitrum network. Thus, with this new network, users can utilize the APE token as both gas and governance tokens.
The goal of ApeChain is to make the APE token more useful and create new ways for the BAYC community to make money. Horizon Labs calculated that if the ApeChain network handles 1 million transactions per day, with each transaction costing $0.02, the ApeCoin DAO could make around $7 million in yearly revenue.
Moreover, ApeCoin was developed as an ERC token that serves several purposes, such as allowing users and holders to participate in the decision-making process within the community. It has also been designed as a utility token. Thus, it aims to support a decentralized community focused on innovation in the Web3 space.
Based on the contract agreement between the Arbitrum Foundation and ApeCoin, the foundation has provided financial support to cover ApeChain’s Security Council and Block Explorer expenses for the first three years that ApeChain has been running.
The launch of the ApeChain test network is an important step forward for the ApeCoin DAO and the larger BAYC community, which are continuing to work towards growing their ecosystem and finding new ways for people to use the APE token.
ApeCoin Launches ApeChain Testnet: Expanding Bored Ape Ecosystem
