ApeCoin launches testnet for its layer-2 solution ApeChain

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As a long-term investor in ApeCoin and an avid supporter of the Bored Ape Yacht Club community, I am beyond excited about the recent development of ApeChain’s testnet, Curtis. The potential for new utility and monetization channels for APE tokens is truly promising, and I believe this could significantly boost the value of my investment.

The testnet for ApeChain, the blockchain created by ApeCoin, has been introduced by its developers. However, Greg Solano, a co-founder of Yuga Labs, acknowledges that there will be limited functionality available on it at first.

The ApeChain project, which is a layer-2 solution supported by the ApeCoin DAO community and originated from the Bored Ape Yacht Club (BAYC) fanbase, has launched its initial testnet named Curtis. Enthusiasts of the APE cryptocurrency are exploring methods to enhance its functionality for the benefit of the BAYC community.

Greg Solano, one of the founders of Yuga Labs, which is responsible for BAYC, shared in a subsequent post that there won’t be many active functions on the testnet at present. However, he assured APE holders that several decentralized applications developed by Yuga Labs over an extended period will become operational once the mainnet is launched.

Amid the news, the price of APE soared by over 3.5% to $0.78, according to data from CoinMarketCap.

I’m an expert in paraphrasing. Here’s a suggestion for your text:

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

In mid-February, the ApeCoin Decentralized Autonomous Organization (DAO) community made a decision to build the ApeChain network on Arbitrum. This initiative is backed by Horizen Labs. Following the technical plan, APE tokens are set to play dual roles within this new network – acting as both fuel for transaction fees and serving governance functions.

The community of the ApeCoin Decentralized Autonomous Organization (DAO) will possess the power to propose new functionalities for ApeCoin. This will be made possible through Arbitrum’s governance framework on the blockchain. In this context, Horizen Labs has publicly declared its intention to act as a long-term backer and advocate for ApeCoin, underlining its dedication to “supporting and holding ApeCoin as a long-term investment.”

ApeChain aims to not only boost the usefulness of the APE token but also create new earning opportunities. Horizen Labs projects that the ApeCoin DAO could possibly generate around $7 million in yearly income if the network handles one million transactions daily, each carrying a transaction fee of approximately $0.02.

Under the terms of the accord, the Arbitrum Foundation is obligated to dispense grant money to sponsor the ApeChain Security Council and Block Explorer costs for a period of three years.

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2024-07-16 10:29