ApeCoin DAO Embarks on ApeChain Development on Arbitrum

The ApeCoin decentralized autonomous organization (DAO) has taken a decisive step towards technological and financial autonomy by voting to develop the ApeChain network on Arbitrum. This decision was made following snapshot #19,095,282, where approximately 25 million APE tokens, representing 50.35% of voters, were cast in favor of this development. Polygon was considered but ultimately received 32.5% of the votes, making Arbitrum the platform of choice for this ambitious project.

In an exciting development for APE token holders, Offchain Labs, the creators behind Arbitrum, announced that APE tokens would serve dual roles within the new network. Not only will they act as the gas token, facilitating transaction processing and network operations, but they will also empower holders with governance capabilities. This strategic move leverages Arbitrum’s advanced on-chain governance mechanisms, granting the ApeCoin DAO community significant control over the network’s future direction and feature integration.

Horizen Labs’ Commitment and Revenue Projections

Horizen Labs has emerged as a committed partner in this venture, expressing its intention to be a long-term supporter and holder of ApeCoin. The blockchain development firm has projected that the ApeChain network could potentially generate $7 million in annual revenue if it processes 1 million transactions per day, with each transaction incurring a fee of $0.02. While these figures are speculative and depend on the network’s ability to attract high transaction volumes, they underscore the financial viability and potential profitability of the ApeChain initiative.

Support and Funding for the ApeChain Initiative

The development strategy for ApeChain has already attracted support from notable entities within the crypto space, including NFT marketplace Magic Eden and Darewise Entertainment, an Animoca Brands subsidiary. Moreover, Horizen Labs has pledged not to seek compensation from the ApeCoin DAO for its work on the project, emphasizing its commitment to the network’s success. Additionally, the Arbitrum Foundation has agreed to provide grant funding to cover the expenses of the ApeChain Security Council and Block Explorer for three years, further ensuring the project’s sustainability.

The ApeCoin DAO’s decision to develop the ApeChain network on Arbitrum represents a pivotal moment in the organization’s history. By leveraging APE tokens for both transactional and governance purposes, the initiative promises to enhance the utility of ApeCoin, empower its community, and potentially unlock significant revenue streams. With the support of Horizen Labs and other key players in the crypto ecosystem, ApeChain is poised to make a substantial impact on the DeFi and blockchain landscape, offering a promising future for ApeCoin holders and the broader community.

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