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The ApeCoin (APE) community has selected the Arbitrum (ARB) network to build ApeChain, a blockchain designed to enhance the meme coin’s ecosystem and expand altcoin APE.
Congratulations to @horizenlabs, @arbitrum, and @OffchainLabs for winning the community's vote on AIP-378.
— Yuga Labs (@yugalabs) February 15, 2024
Yuga Labs, like many other developers in the $APE ecosystem, is excited about what it can build on ApeChain. pic.twitter.com/1nyL5F4wyi
NFT firm Yuga Labs congratulated Arbitrum, HorizenLabs, and OffChainLabs on joining forces to grow the altcoin. Meanwhile, the new blockchain will use APE for governance and paying gas.
ApeCoin DAO will leverage Arbitrum Orbit’s customizability to ensure control and ownership of this new infrastructure. Moreover, Arbitrum’s self-executing governance approach means the Ape community can implement upcoming functionalities, including BoLD and Stylus. According to the ARB team,
“The Ape community is a driving force within Ethereum, and we are thrilled that Arbitrum technology will be instrumental in this important next chapter.”
Besides its initial priority of onboarding and fostering the ApeCoin gaming sector, Horizen Labs will work with Off Chain Labs and Arbitrum to release an updated roadmap for ApeChain. Further, it has been communication with gaming projects eager to join the Ape community.
Why Arbitrum is good for blockchain development?
Arbitrum is a leading layer2 scaling solution designed to reduce Ethereum issues by lowering costs and increasing transaction throughput.
Developers choose Arbitrum due to various reasons, including Ethereum Virtual Machine (EVM) compatibility, lower transaction fees, enhanced scalability, and censorship resistance.
APE price outlook
The meme coin maintains a recovery outlook as bulls dominate the crypto world. ApeCoin changed hands at $1.55 at press time, up 12.07% and 3% on the weekly and daily timeframes.
Its bullish price actions come amid enhanced cues as Bitcoin explored the $52K region. The overall market cap of all digital coins approaches the 2 trillion mark, following a more than 4% jump in the past 24 hours to $1.94 trillion.
ApeChain will increase APE’s use cases, which remains crucial for longer-term price stability.
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