ApeCoin’s network, ApeChain, has launched its testnet, with Yuga Labs co-founder Greg Solano noting there “won’t be much to do” initially.

ApeChain, a layer-2 solution developed by the ApeCoin DAO community, introduced its first testnet named Curtis. This initiative aims to bring more utility for ApeCoin fans, particularly those involved with the Bored Ape Yacht Club (BAYC) collection.

Although specific details remain scarce, Greg Solano, co-founder of Yuga Labs, assured APE holders that various decentralized applications (dApps) in development will be operational on the chain once the mainnet is live.

Following this announcement, the price of APE surged by over 3.5%, reaching $0.78, according to CoinMarketCap data.

“Stoked for ApeChain. The Special Council asked us to get involved in the branding, and my team did an amazing job. More to come on that. There won’t be much to do on testnet yet, but otherside and other dApps we’ve been developing will all run on the chain once mainnet is here.”

The ApeCoin DAO community voted in mid-February to develop the ApeChain network using Arbitrum, with support from Horizen Labs. According to the technical roadmap, APE tokens will serve dual roles as both the gas and governance token for the new network.

The ApeCoin DAO community will also have the authority to introduce additional features, facilitated by Arbitrum’s on-chain governance approach. Horizen Labs has committed to being a long-term supporter and holder of ApeCoin, emphasizing its dedication to the project.

The vision for ApeChain is to enhance the utility of the APE token and open new monetization channels. Horizen Labs suggests that the ApeCoin DAO could potentially generate $7 million in annual revenue if the network processes 1 million transactions per day, each with a transaction fee margin of $0.02.

As part of the agreement, the Arbitrum Foundation has committed to providing grant funding to cover ApeChain Security Council and Block Explorer expenses for three years.

For more updates on ApeCoin and other cryptocurrency news, explore more on Global Crypto News.

Post Views: 4