ApeCoin, the native token of the Bored Ape NFT ecosystem, is making significant strides with the launch of its own network, ApeChain. The testnet for ApeChain, named Curtis, has been unveiled by the ApeCoin DAO community, offering fans of the Bored Ape Yacht Club (BAYC) collection new avenues to explore and utilize ApeCoin (APE).
Greg Solano, co-founder of Yuga Labs, the company behind BAYC, acknowledged that there may not be much to do on the testnet initially. However, he assured APE holders that various decentralized applications that Yuga Labs has been developing will be operational on the chain once the mainnet is launched.
Following the announcement, the price of APE surged by over 3.5% to $0.78, as per data from CoinMarketCap. The ApeCoin DAO community had previously voted in favor of developing the ApeChain network on Arbitrum, with support from Horizen Labs. APE tokens will play a dual role as gas and governance tokens on the new network, according to the technical roadmap.
Additionally, the ApeCoin DAO community will have the authority to introduce new features, leveraging Arbitrum’s on-chain governance model. Horizen Labs has committed to being a long-term supporter and holder of ApeCoin, highlighting its dedication to the project. The vision for ApeChain extends beyond enhancing the utility of APE tokens to creating new revenue streams, with the potential for the ApeCoin DAO to generate $7 million in annual revenue if the network processes 1 million transactions per day with a transaction fee margin of $0.02.
As part of the collaboration, the Arbitrum Foundation will provide grant funding to cover ApeChain Security Council and Block Explorer expenses for three years. The development of ApeChain marks a significant milestone in the evolution of the Bored Ape NFT ecosystem, offering exciting prospects for APE token holders and enthusiasts alike.