Horizen Labs, Offchain Labs, and the Arbitrum Foundation have submitted an ApeCoin DAO Proposal for ApeChain. The platform targets the blockchain gaming ecosystem, and is built on Arbitrum’s technology. Its native gas token is ApeCoin (APE).
In a recent proposal, Horizen Labs, Offchain Labs, and the Arbitrum Foundation outlined plans for the new ApeChain platform, in order to support the growth of the ApeCoin ecosystem. On Tuesday, the price of ApeCoin (APE) was $1.67, and has since decreased by 0.2%. Although it has not kept pace with the broader market in recent weeks, APE has gained 13% over the past 30 days.
ApeChain is targeted for the gaming ecosystem, and will be developed using Arbitrum’s technology, with Horizen Labs steering the growth of the entire ecosystem. It will be an Orbit AnyTrust chain, powered by a Data Availability Committee consisting of Horizen Labs, Offchain Labs, Magic Eden, Layer Zero, Yuga Labs, and WeB3.
The ApeCoin DAO proposal outlines the key benefits of developing ApeChain on Arbitrum, including the use of APE as a gas token to fuel the network. This could expand APE’s native economy to include stakes and governance, and create a new revenue source for the ApeCoin DAO.
The development of ApeChain will begin in Q1, 2020, with the onboarding of teams, and the launch of a testnet is also expected during the quarter. If the proposal is approved, the mainnet may launch in Q2. Grant funding is also available for a Rollup-as-a-Service provider, ApeChain Security Council, and a block explorer.
Horizen Labs stated in a tweet that “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 ApeCoin Improvement Proposal is part of this mission, and the ApeChain network is expected to gain traction with blockchain gaming due to its low gas costs.
