- Horizen Labs, Offchain Labs, and the Arbitrum Foundation have initiated the development of a dedicated blockchain, Apechain.
- Apechain will utilize APE as its utility and gas tokens, fostering the expansion of the token’s reach.
- The platforms shared their enthusiasm for the new development while the community accepted the proposal.
In a bid to expand the utility and reach of APE coin, Horizen Labs, Offchain Labs, and the Arbitrum Foundation have initiated the development of a dedicated blockchain, Apechain. In a recent revelation, the blockchain platform, Offchain Labs, unearthed the community’s acceptance of the Apechain development proposal, indicated by a more than 50% support rate.
In December 2023, Apechain put forward a proposal to develop Apechain using Arbitrum, with the web3 development company Horizen Labs assisting. The Proposal AIP-378, under the title “ApeChain Developed with Arbitrum Technology with Growth Led by Horizen Labs,” has been passed by the community in recent development.
According to the proposal, Apechain is envisioned as a cornerstone of the Ape brand, with APE serving as its gas token and governance token. In its recent tweet, Offchain Labs wrote,
Arbitrum Orbit’s customizability empowers Apecoin DAO with true ownership and control over this infrastructure. The Apecoin community will have the option to implement upcoming features like Stylus, BoLD, and more, facilitated by Arbitrum’s approach to on-chain, self-executing governance.
Arbitrum has also shared its enthusiasm for the community’s positive response to the initiative. In an X post, Arbitrum stated,
We’re thrilled to welcome such a passionate and highly engaged community apecoin to the Arbitrum ecosystem. The Horizen Labs will lead growth efforts with an initial focus on onboarding and nurturing the Ape gaming ecosystem.
Horizen Labs has advocated for the Apechain development, urging the community to vote for the proposal. After the voting results were released, Horizen Labs took to X to share their excitement to collaborate with Offchain Labs and Arbitrum. According to a note shared in the proposal, Horizen Labs is dedicated to “being a long-term holder and supporter of ApeCoin.”
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