almost 2 years later Boring Monkey Yacht Club Created by creator Yuga Labs a very public offer that Ape Coin The DAO, the community of holders that governs the tokens, should consider launching its own chain to prevent this. Ethereum Mainnet fees and issues, the so-called “ApeChain” is finally coming. and it will continue decision technology.
ApeCoin on Wednesday Dao Voters chose the Ethereum Layer 2 scaling network proposal from Arbitrum creator Offchain Labs and Horizen Labs, the initial technology partner for the token’s 2022 launch. Receiving more than 50% of token-based votes, the Arbitrum proposal outperformed proposals from other Ethereum scalers, including: polygon and zkSync.
The governance vote concluded the decision-making phase of a lengthy process that began with conversations between community members and stakeholders and was officially launched with a proposal from Polygon Labs that ultimately failed. A formal request for proposals followed. Ending the week with a win By Arbitrum Builders.
Why does the Bored Ape ecosystem need its own expanding network? Yuga’s public nudge for 2022 comes after a surge in sales demand. NFT A land deed for the upcoming Otherside metaverse game has sent shock waves through the Ethereum mainnet. Costing users $157 million in network gas fees alone.
Last week, another NFT mint was tied up. the other side—This time, free items were awarded to players of the game Legends of the Mara. —Frustrating on a small scale with Yuga. fumble with effort To appease anger.
The incident further reinforced the widely held notion that Ethereum’s mainnet is too expensive and inefficient for gaming and other potential mass-market applications. Scaling the network can significantly reduce blockchain transaction costs and increase the speed of interaction, enabling large-scale cryptocurrency apps and games.
ApeChain is now live, and Offchain and Horizen are targeting launch in Q2 2024. Executives from both companies said this. decryptionOn Thursday, GG said that although there are details to be finalized with the ApeCoin community, it is ready to go live with its customizable, low-cost Ethereum scaling network in the near future.
Decision 🤝 ApeChain
We’re thrilled to welcome such a passionate and engaged community. @apecoin To the Arbitrum ecosystem. @HorizenLabs He will drive growth efforts with an initial focus on onboarding and nurturing the Ape gaming ecosystem.
The Ape community is driving…
— Arbitrum (💙, 💙) (@arbitrum) February 15, 2024
What helped Arbitrum achieve a significant victory, receiving more votes than the other three proposals combined?
Spencer Soloway, vice president of ecosystem growth at Horizen Labs, believes the key is to emphasize the chain’s gaming focus rather than advertising it as a multi-purpose chain. Builder can release DeFi Protocols and other apps will be on chain, but the chain will be built with video games in mind.
“We had a strong belief that for a chain to be successful it couldn’t be just another generic Ape branded chain. “That was ridiculous,” he said. “It made sense to be a gaming-centric, gaming-oriented chain.”
Yuga’s Otherside metaverse game is the most notable project in the Bored Ape gaming space. Over $1.25 billion This corresponds to NFT trading volume to date. The company has also branched out into other games, including: Last Year’s Dookey Dashthis is getting more and more New free-to-play version coming soonOther studios are using Ape assets to create games such as: Serum City.
Arbitrum’s gaming ecosystem has grown in recent months with the following releases: Xai, a “layer-3” gaming network Developed in collaboration with Offchain Labs. Recently, Treasure, a long-time Arbitrum ecosystem project, revealed plans to create a new platform. An expanded treasure chain Individual cryptocurrency games will then be able to start their own chains linked to it.
Steven Goldfeder, co-founder and CEO of Offchain Labs, said that setting up Arbitrum will allow ApeChain to use ApeCoin itself as a governance and network fee token. Additionally, DAO can perform other customizations, such as: Creator Loyalty Implementation Support for NFT sales and future technology upgrades.
“We can put the ApeCoin DAO in the driver’s seat, allowing it to make all decisions on the chain,” Goldfeder said. decryptionThis is GG.
Goldfeder and Soloway said that the overall voting process, as well as the final result, should be considered a victory for the Ethereum ecosystem. When Yuga Labs called for a dedicated ApeCoin chain in 2022, open-ended comments left potential room for other layer 1 chains to fill that role. However, Ethereum’s layer-2 ecosystem has grown significantly since then.
“It’s really important to maintain Ethereum alignment within the Ape community,” Soloway said.
The ApeCoin DAO made the decision in hopes that Yuga Labs itself would accept and use the final ApeChain, but it was never given, at least not officially.
Due to the decentralized composition of the ecosystem, ApeCoin DAO is independent from the founder of the Bored Ape Yacht Club. However, Yuga Labs’ 2022 tweet effectively put the decision in the DAO’s hands, and after Wednesday’s vote, the company confirmed its plans to accept the chain.
“Like many other developers in the APE ecosystem, Yuga Labs is excited to see what we can build on ApeChain.” the company tweeted Congratulating Offchain and Horizen.
Ahead of this week’s DAO voting close, Yuga Labs CEO Daniel Alegre said: decryption About specific difficulties associated with the Ethereum mainnet. He confirmed that the vote will ultimately be in the hands of the DAO, but that the company is looking forward to exploring ways to leverage the potential benefits of Layer 2 scaling.
“The lower the transaction cost barrier to participation, the lower the transaction cost barrier to participation. web3It’s better for everyone involved in this space,” Alegre said. decryption. “We are very passionate about exploring what L2 can revolutionize and especially reducing friction for Web3 engagement.”
editor: Ryan Ozawa.
