Polygon’s ApeChain Proposal for ApeCoin DAO
Polygon Labs has put forth a compelling proposal for the development of a dedicated Layer-2 blockchain within ApeCoin DAO. Sandeep Nailwal, the co-founder of Polygon, envisions the creation of ApeChain, a zero-knowledge powered Layer-2, to catalyze the growth and expansion of the ApeCoin ecosystem.
Nailwal firmly believes that ApeChain will play a pivotal role in accelerating the development of the ApeCoin ecosystem by enhancing its scalability and efficiency. To support this initiative, Polygon Labs has suggested the establishment of a development fund. This fund, sourced from the ApeCoin DAO treasury, is earmarked to bolster ApeCoin-integrated projects, spanning various domains such as experiences, entertainment, games, and consumer applications.
Key Proposals and Initiatives
- Polygon Labs proposes the creation of an exclusive Layer-2 blockchain named ApeChain within the ApeCoin DAO framework.
- A $3.35 million development fund from the ApeCoin treasury is proposed to support ApeCoin-integrated projects, as well as ApeChain-related public goods including middleware, marketplaces, and infrastructure.
- The ApeCoin dedicated chain will be built utilizing the Polygon Chain Development Kit (CDK), an open-source toolkit enabling developers to launch their own Zero-Knowledge powered Layer-2 solutions on the Ethereum network.
- ApeCoin DAO members participating in ApeChain will be eligible for potential sequencer fees, while network validators will receive staking rewards for addressing scaling challenges.
ApeChain: Advantages and Features
Nailwal’s vision for ApeChain incorporates a multitude of benefits:
- Enhanced Security: ApeChain offers robust security features, ensuring a safe environment for transactions and activities within the ecosystem.
- Low Fees: Users can enjoy reduced transaction fees, promoting a more cost-effective user experience.
- Shared Liquidity: ApeChain facilitates shared liquidity, enhancing the overall liquidity pool for participants.
- Customizability and Interoperability: ApeChain provides customization options and seamless interoperability with other blockchain networks.
- Near-Instant Withdrawals: Participants can benefit from near-instant withdrawal capabilities, improving transaction speed and user satisfaction.
Background and Community Considerations
This proposal marks the latest chapter in ApeCoin DAO’s quest for scalability. In May 2022, the community contemplated migrating from Ethereum to a Layer-1 blockchain to address scalability concerns. Flow Blockchain and Avalanche were explored as potential destinations. However, after community deliberations, ApeCoin DAO opted to remain on Ethereum.
ApeChain, built using the Polygon CDK, aligns with ApeCoin DAO’s commitment to innovation. Several noteworthy projects, including Polygon, Immutable zkEVM, Gnosis Pay, Capx, Palm Network, Astar zkEVM, and Canto, have utilized the Polygon CDK to develop dedicated Layer-2 solutions, showcasing its effectiveness and versatility.