Horizen Labs, Offchain Labs, and the Arbitrum Foundation Propose Apechain Powered by Arbitrum

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A collaboration between Horizen Labs, Offchain Labs, and the Arbitrum Foundation aims to bolster the apecoin (APE) ecosystem through the development of a dedicated blockchain, Apechain. Envisioned to leverage Arbitrum technology and governed by Apecoin DAO, the teams believe this initiative represents a significant step toward expanding the utility and reach of apecoin.

Horizen Labs and Partners Pitch Apechain Proposal for Apecoin DAO Evolution

Apechain, as proposed, is set to be a dedicated chain for the apecoin (APE) community, developed using Arbitrum technology. Spearheaded by Horizen Labs, Offchain Labs, and the Arbitrum Foundation, this initiative aims to enhance the value proposition of the APE ecosystem.

“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 proposal says.

The recommendation, envisions Apechain as a cornerstone of the Ape brand, with APE as its native gas token, thus extending the reach and utility of APE in the broader crypto landscape. The teams say a key aspect of this vision includes the permission to use “powered by Apecoin” branding, emphasizing the integration of the APE identity into Apechain.

The proposal highlights a strategic focus on gaming, hoping to position Apechain as a hub for next-generation consumer-facing applications and games. The trio of entities’ emphasis aligns with Yuga Labs’ strategy of prioritizing gaming within its ecosystem. By ensuring low fees and fast transactions, Apechain aims to offer a better user experience.

Additionally, the proposal says that maintaining a strong connection with Ethereum is a critical aspect, with the Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and the broader APE community being influential within the Ethereum NFT ecosystem. Meanwhile, APE hasnt had the best year and it’s down 54% year-to-date.

Over the past six months, APE is down 26% but it’s seen some improvements during the past two weeks, rising 13% against the U.S. dollar. While APE is up 62% from its all-time low recorded on Oct. 10, 2023, the crypto asset is down 93% from its all-time high witnessed on April 28, 2023. At that time, APE was exchanging $26.70, and today, it’s trading for $1.63 per unit. @HorizenLabs

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