Polygon Labs co-founder Sandeep Nailwal has proposed a groundbreaking initiative for the ApeCoin DAO. The proposal involves the development of an Ethereum Layer 2 network called “ApeChain” using Polygon’s Chain Development Kit (CDK). This dedicated Layer 2 network, along with a substantial $3.35 million development fund from the ApeCoin DAO treasury, aims to bolster ApeCoin-related project growth and enhance the overall ApeCoin ecosystem.
ApeChain: A Visionary Solution
Sandeep Nailwal’s proposal advocates for the ApeCoin DAO community to create, deploy, and maintain its own zero-knowledge powered Ethereum Layer 2 using Polygon’s CDK. ApeChain, the dedicated Layer 2 network, will be established at an annual cost of approximately $200,000 from the ApeCoin DAO. Moreover, a substantial $3.35 million development fund will be set up from the DAO treasury to support the growth of ApeCoin-related projects in collaboration with Polygon Labs.
ApeCoin and Polygon Collaboration
ApeCoin (APE) is a cryptocurrency intricately linked to a DAO overseeing the NFT and metaverse ecosystem developed by Yuga Labs, the creators behind the Bored Ape Yacht Club and Mutant Ape Yacht Club NFT collections. The collaboration with Polygon leverages Polygon’s Chain Development Kit, an open-source software development kit enabling developers to create ZK-powered Layer 2s with reduced fees and enhanced security. ApeChain is designed to provide the ApeCoin DAO community with an optimal scaling solution suitable for games and consumer applications while offering sequencer fees and staking rewards for network validators.
ApeChain Benefits and Features
- ApeChain offers the ApeCoin DAO community an effective scaling solution for games and consumer applications.
- It provides potential sequencer fees and staking rewards for validators on the network.
- ApeChain gains interoperability with Polygon’s suite of solutions, enhancing its usability across thousands of dApps.
Costs and Timeline
The implementation of ApeChain involves an annual deployment and maintenance cost of $200,000. The proposed ecosystem development fund, totaling $3.35 million, covers various aspects, including the establishment of a development program, annual compensation for an ApeCoin ecosystem development lead, and APE tokens allocated as bonuses, subject to specific terms. The ApeChain project is anticipated to be executed in up to 16 weeks across four phases, followed by promotional and ongoing development stages.
Other CDK-Powered Layer 2 Initiatives
Several other Layer 2 solutions, including Immutable zkEVM, IDEX, Palm Network, and Astar zkEVM, are already under development using Polygon’s CDK. Polygon Labs continues to pave the way for innovative proposals, showcasing its commitment to advancing the blockchain ecosystem.
By deploying ApeChain using Polygon’s CDK, the ApeCoin DAO will further its mission to become a decentralized protocol layer for community-led initiatives, driving culture forward into the metaverse.