Arbitrum Makes Bid for 'ApeChain'
Arbitrum, in partnership with Horizen Labs and Offchain Labs, unveiled an ApeCoin DAO idea for ApeChain, a dedicated blockchain using $APE as the native gas token, aiming to revolutionize onchain gaming.
The Deets
- New Collaboration: Arbitrum, Horizen Labs, Offchain Labs team up for ApeChain
- Native Token: $APE to serve as ApeChain's gas token
- Gaming Focus: ApeChain to be a nexus for onchain gaming, led by Horizen Labs
- Technical Edge: Utilizing Arbitrum’s AnyTrust technology for efficiency and affordability
- Overall Cost: No upfront compensation requested by potential partners
The Bulk
Arbitrum, known for leading the Ethereum scaling solution space, is collaborating with Horizen Labs and Offchain Labs to propose ApeChain be cemented on Arbitrum. Given Yuga Labs' focus on the gaming sector, Arbitrum noted that its vision of ApeChain intends to use $APE as its native gas token, levergaing Arbitrum's technical attributes and market share to create a robust gaming-centric blockchain ecosystem.
The initiative has garnered support from various partners including Magic Eden, Darewise, LayerZero Labs, and more, as outlined in the full proposal.
Horizen Labs, serving as the growth lead, would focus on business development and onboarding for ApeChain, aligning with Yuga Labs' gaming strategy. Offchain Labs would contribute technical expertise, enhancing ApeChain's features, including potential implementations like hardcoded creator royalty enforcement.
None of the partners are seeking upfront compensation for the work, and its implementation would be funded by Arbitrum's Grant Program, if the idea moved forward as is. Instead, the group would receive some form of compensation from the revenue generated from ApeChain's data availability committee.
❗️Why It Matters
ApeChain seems like all but an inevitablity at this point, and now multiple heavy hitters, including Optimism, Polygon, and Arbitrum are vying to be its home. If Yuga Labs wishes to cement itself as a major web3 gaming player, it will need a place for its ecosystem token and high-speed, cost-effective transactions. Will that be with Arbitrum's help?
📊 By the Numbers
$APE has lagged relative to its web3 gaming token counterparts. The Yuga Labs' ecosystem token is up 4.4% in the last 24 hours to $1.68 and is ranked No. 101 in CoinGecko's marketcap rankings.
🎤 Founder Feedback
Our goal is to combine the strength of the APE brand with Arbitrum's technology and cement ApeChain as the nexus of onchain gaming.Arbitrum
🎬 Take Action
Learn more about the idea and provide your feedback via the ApeCoin DAO forum.
For more web3 and NFT news, visit the Lucky Trader newsfeed.
