With the release of the new ApeChain Blockchain network Testnet, ApeCoin has taken a huge step forward in expanding the Bored Ape Ecosystem.
The testnet of the new blockchain network ApeChain has been introduced by the ApeCoin DAO, which is responsible for the digital world of the Bored Ape Yacht Club.
The testnet, codenamed “Curtis,” was announced today in a post on X. Greg Solano, one of the founders of Yuga Labs (the corporation responsible for BAYC), acknowledged that the testing network will not have a plethora of activities at this time. Nevertheless, he reassured users that the diverse, decentralized applications that Yuga Labs has been developing would operate on the ApeChain upon introducing the leading network.
In a similar vein, Boring Security, a community that is powered by ApeCoin, disclosed on X that they are in the process of developing a new solution that is expected to propel ApeChain users to the forefront of the web3 space. Consequently, they pledged that this new project would be accessible to all. They declared:
“We’re busy cooking with something that will hopefully have apechain users a step above the rest. But will be free and open to all.”
Revenue Potential and Community Engagement
The announcement has incited enthusiasm among ApeCoin members and the cryptocurrency community. Pop Punk, the co-founder of Gaslite, expressed his enthusiasm for participating in the ApeChain testnet.
With the assistance of Horizon Labs, ApeChain is constructed using Arbitrum. The ApeCoin community voted earlier this year to initiate the upcoming network on the Arbitrum network. Consequently, the APE token can be employed as both a gas and governance instrument on this new network.
ApeChain’s objective is to enhance the utility of the APE token and establish novel revenue streams for the BAYC community. Horizon Labs estimated that the ApeCoin DAO could generate approximately $7 million in annual revenue if the ApeChain network processes 1 million transactions per day, with each transaction costing $0.02.
Additionally, ApeCoin was created as an ERC token that fulfills numerous functions, including permitting users and holders to engage in the community’s decision-making process. Additionally, it has been developed as a utility token. Consequently, its objective is to provide assistance to a decentralized community that is dedicated to innovation in the Web3 domain.
The Arbitrum Foundation has provided financial support to fund ApeChain’s Security Council and Block Explorer expenses for the first three years of its operation, as stipulated in the contract agreement between ApeCoin and the Arbitrum Foundation.
The ApeChain test network is a significant advancement for the ApeCoin DAO and the broader BAYC community, which are currently engaged in the process of expanding their ecosystem and identifying novel applications for the APE token.