Original | Odaily Planet Daily ( @OdailyChina )
Author: Wenser ( @wenser 2010 )
No one expected that what would spark market discussion again was no longer the former NFT King BAYC, but ApeChain launched by its parent company Yuga Labs and its combination punch.
On October 20, ApeCoin officially announced that the ApeChain cross-chain bridge has been launched, and the on-chain trading simulation game Top Trader will also be launched soon. ApeChains one-click coin issuance platform Ape Express, supported by ApeCoin, was subsequently launched , and the trading volume exceeded 1 million US dollars within 1 hour of its launch. Finally, ApeChain also officially announced that it will provide ApeCoin holders with an automatic income model to increase their income. Stimulated by a series of favorable factors, the APE token lived up to expectations and surged all the way to break through 1.5 USDT. The 24-hour increase once reached 101% , and is currently reported at 1.54 US dollars.
Odaily Planet Daily will interpret the latest developments of ApeCoin and ApeChain in this article for readers’ reference.
ApeChain: After months of preheating, it has launched a combination of infrastructure + application + return + AI
No one expected that just three days after the ApeCoin DAO proposal to disband four working groups including Web3 development and Metaverse was passed, ApeCoin and ApeChain completed a gorgeous turnaround in this way and became the latest market focus. The arrival of this day has made many people wait for several months.
Putting things right: ApeCoin DAO seeks a new way out
According to the Snapshot page, on October 17, ApeCoin DAO finally passed the Disband Four Non-essential Working Groups proposal (codenamed AIP-466) with 98.02% support. The proposal proposed to disband the working groups including the Governance Working Group, the Marketing and Communications Working Group, the Metaverse Working Group, and the Web3 Development Working Group.
The proposal points out that these working groups cost the DAO nearly $3 million per year, and their tasks are performed inefficiently. In addition, the proposal states that the ApeCoin Foundations funds are rapidly decreasing. In order to reduce financial pressure, the proposal recommends outsourcing related functions to a third-party team and recruiting a team that meets transparency and accountability standards through a request for proposal (RFP) process to optimize the DAOs operational efficiency.
In addition, the proposal mentioned that the main reason for this proposal was because the new working group has largely failed to perform its duties effectively. Based on our poor Q1 2024 financial report (Q2 and Q3 financial reports have not yet been released), it is clear that the available funds in the treasury are rapidly running out. ApeCoin DAO needs to stop the loss of funds in a timely manner and take necessary measures to protect the treasury and reposition it for prosperity.
Proposal interface (to facilitate readers understanding, the content is automatically translated by the browser)
After a series of failed attempts in games and the metaverse, ApeCoin DAO had to face reality and make a not-so-timely stop-loss action. On the other hand, the infrastructure that had been brewing for months was finally put on the agenda.
ApeChain: The infrastructure network that revives the “glory of BAYC”
As early as the beginning of its creation, the construction concept of ApeChain has attracted much attention in the industry. At that time, Optimism co-founder and chief scientist Ben Jones and Arbitrum Foundation, Horizen Labs and Offchain Labs all extended an olive branch to ApeCoin DAO - the former published relevant proposals on the ApeCoin forum, emphasizing the strengths of Op Superchain and the advantages it brings to ApeCoin DAO; the latter is more like an official end , with a feeling of directly calling for your arrival in the name of the organization. In addition, Polygon Labs co-founder Sandeep Nailwal also initiated a new proposal idea (AIP Idea) on the ApeCoin DAO forum, proposing that the ApeCoin community and Polygon Labs jointly build an exclusive L2 ApeChain based on zero-knowledge technology.
Finally, in February of this year, according to the voting results of the proposal AIP-378 “ApeChain: Supporters who choose to build ApeChain” , Arbitrum won with 50.35% of the votes. ApeChain also decided to adopt Arbitrum technology for development, and Horizen Labs will lead the growth.
In April, ApeCoin announced that the ApeChain testnet would be launched soon.
In May, Yuga Labs co-founder Garga.eth published a post stating that Horizen, Caldera, and Arbitrum are making ApeChain, a Layer 3 network based on ApeCoin, a reality. The first ApeChain testnet “Jenkins” was launched in April, the second testnet “Curtis” will be launched in May, and the mainnet will be launched later this summer.
Of course, in line with the consistent performance of BAYC and Yuga Labs, the Curtis testnet was not launched as scheduled, but it was finally announced on July 16 that the Apechain testnet Curtis would be launched soon ; at that time, Arbitrum officials also issued a statement to announce it , expressing their official support.
At 8:30 am on July 17th, Beijing time, the Apechain testnet Curtis was officially launched . Since then, the big cake that Yuga Labs and ApeCoin officials had painted has finally given many people hope of eating it, including:
Once the mainnet is launched, Otherside and other dApps that have been under development will run on the ApeChain chain ;
ApeChain’s official roadmap mentioned that APE will be implemented as an OFT standard supported by LayerZero Labs in the future. Horizon Labs said that it will cooperate with Web3 game projects released on ApeChain in the future, and will also establish connections with Yuga Labs and other Ape ecosystem contributors.
ApeCoin has initiated several proposals to help creators publish content on ApeChain .
Subsequently, more news about the ApeChain ecosystem was gradually released, including BAYC’s official announcement that MBA 2.0 will be launched on ApeChain to optimize user experience and improve processes; Yuga Labs has reached a cooperation with Pixel Vault (an NFT development platform with $100 million in financing), and the Reboot protocol will be migrated to ApeChain; Otherside Hub supported by ApeChain will be launched ; Sushi Labs will build a native DEX Saru on ApeChain; Yuga Labs’ new department Workshop focusing on innovative products will launch the first batch of new products on ApeChain, the first of which is the on-chain trading simulation game Top Trader (an on-chain trading simulation game that allows users to trade with 1,000 times leverage without real financial risks).
Now, only the last Flag has been realized, and other products and cooperation still need to wait for the next disclosure and update. But overall, ApeChain, which uses APE tokens as Gas, has become the new hope of BAYC and Yuga Labs after the metaverse ambition was shattered - a chain world that recasts the glory of BAYC, the king of NFT, giving games, real-world applications and creators products a bigger stage.
After the official cross-chain bridge was officially launched, ApeChain was able to use Ape Portal and Stargate for bridging and introduce more liquidity into the ecological network.
Ape Express: One-click coin issuance platform on ApeChain
After the official launch of the main network as the infrastructure, ApeChains second punch chose the direction of the hottest track at the moment - Meme coin one-click issuance platform.
At 4:31 am on October 20, Ape Express officially tweeted: The project was officially unveiled, triggering a frenzy of FOMO in the community and the market; the official later published a statement that the platform’s transaction volume had exceeded 1 million US dollars one hour after the launch (Odaily Planet Daily Note: This is also in sharp contrast to the initial launch of the currently popular pump.fun, which we also mentioned in our previous SunPump introduction article ).
Subsequently, the “Golden Dog” also naturally appeared on the market - the Meme coin CURTIS with the ApeChain test network Curtis as the token ticker had a market value of over 14 million US dollars at around 15:50 on October 20, and the price was temporarily reported at 0.01463 US dollars; although the market value of the token has retreated by more than 60% from its high point today, there are still traders who have made 300 times profit on CURTIS.
Thanks to the large number of contract deployments and transaction operations of Meme coins, ApeChains various operating indicators have also been rising:
The multi-chain DEX Camelot officially stated that ApeChain’s trading volume reached $25 million in the first 12 hours after its launch, and more than 148 liquidity pools have been created;
As of around 2 p.m. on the 21st, ApeChain has completed more than 1 million transactions since its launch (currently 1.198 million transactions); the total number of contracts on ApeChain has reached 10,307 (598 contracts have been deployed today), and the total number of on-chain addresses exceeds 121,000.
The latest data shows that the number of transactions has reached 1.292 million, the total number of contracts has reached 10,642, the total number of addresses on the chain is 123,900; the total number of tokens has reached 3,555.
It can be said that the emergence of the Meme coin one-click coin issuance platform is the best growth point of many blockchain network ecosystems at present. This has been exemplified in the previous ecosystems such as Solana, Base, TRON, BSC, etc. The recent price performance of dYdX, in addition to the return of the founder, is also closely related to the market news that the officially supported one-click coin issuance platform may be released.
Of course, a high-risk, high-odds casino alone is not enough. ApeChain has also prepared more return-earning machines for crypto players.
AYM: Automatic income model for APE holders
On October 18, ApeCoin officially announced: ApeCoins smart contract has been upgraded to LayerZeros Omnichain Fungible Token standard. This means that APE is now the first token that can earn native revenue and can be used as ApeChains Gas, with interoperability between different chains. The close cooperation between LayerZero and ApeChain has realized this novel way of realizing revenue and created a new standard for other chains.
According to LayerZeros official introduction , by integrating with LayerZeros OFT standard, ApeChains native token APE can achieve seamless cross-chain transfers, enhance practicality across multiple blockchains, and ensure scalable and efficient transactions.
On October 20, after the ApeChain mainnet was officially launched, ApeCoin officials once again issued a statement saying, Through the Automatic Yield Mode, users holding ApeCoin (APE tokens) on ApeChain do not need to continuously claim/stake their tokens to increase their income. This mode is the default mode for all EOAs (externally owned accounts) and automatically obtains income for each block. Without the need for manual intervention, the APE balance of the address increases according to the income obtained for each block.
In other words, as ApeChain blocks continue to be produced, the balance of APE holders will continue to increase, which can be called a true money making money model.
Although the current rate of revenue generation is unclear due to the limited time of the mainnet launch, the automatic revenue model for APE token holders has taken shape.
AI opens up greater imagination space: powerful cooperation resources await ApeChain
After completing the combination of infrastructure + application + return, ApeChain has not yet exerted its greatest strength - thanks to the strong industry potential and reputation brand resources accumulated in the past, BAYC and Yuga Labs can inject more new support and energy into the subsequent development of ApeChain, and now is just the beginning -
In the AI track, which is the hottest field that the market is paying the most attention to, Yuga Labs announced a partnership with Wire Network, a general-purpose Layer 1 designed for the AI agent economy. Yuga Labs said that as artificial intelligence becomes the focus of discussions about the creator economy, this partnership aims to change the way consumers and creators interact with artificial intelligence agents. Wire Network will support ApeChains decentralized AI functions and provide services such as no gas fees and cross-chain operations. It can be seen that Yuga Labs enthusiasm and ambition for the creator economy have not been completely extinguished.
In addition, Arbitrum, which has always paid close attention to ApeChain, was also present. On the 20th, Arbitrum officially announced that Arbitrum Orbit L3 ApeChain has been launched on the mainnet, and welcomes the Ape community to join the growing Arbitrum ecosystem.
LayerZero officially announced that it will be launched on the ApeChain mainnet and become its standardized interoperability provider.
As an infrastructure platform that is still active in the NFT track and cross-chain field, Magic Eden officially announced the integration of ApeChain and will serve as the first Launchpad and Marketplace based on ApeChain.
When the former NFT has gradually become synonymous with old-fashioned, outdated, and not cool at all, despite continuous delays and many new attempts that have fallen short of expectations, and even been criticized by many people as Boring Ape Yacht Club is a true portrayal of the project partys yacht models, Yuga Labs is still playing the role of a Don Quixote in the crypto industry to some extent, charging forward without hesitation towards a future where no one knows where crypto is heading, and challenging the Mass Adoption Road that is like a giant windmill that no one has yet defeated.
Conclusion: Meme coin is still the version answer of the current mainstream ecology
Of course, the development of ApeChain will not be smooth sailing. The problems that L1, L2, and L3 have encountered will still appear in this ecosystem, such as phishing scams.
Pop Punk, co-founder of Web3 security and transparency platform g8keep, previously posted that he was the first person to have his funds withdrawn due to a phishing attack on ApeChain. The screenshots he shared showed that pop-punk.ape transferred about 145,841 APE, or about $110,000, to the address marked Fake_Phishing 381 after ApeChain went online.
However, according to an official statement from Ape Express, the one-click coin issuance platform of the ApeChain ecosystem, currently only 2.2% of APE tokens are bridged to the ApeChain ecosystem, and the market value of APE tokens is US$1.15 billion. There are still about 97.8% of tokens that have not been bridged to the ApeChain ecosystem, which may help further develop the ApeChain Meme coin ecosystem.
In the current market where Bitcoin is the only one that stands out, Meme coin may be the most consensus choice for many ecosystems such as whales, small investors, institutions and exchanges. Therefore, it will become a new growth point for the development of more ecosystems, as well as the version answer in this cycle to prove that it is still doing something.
At the end of the article, I would like to end with a tweet story released by ApeCoin officials. The tweet implicitly satirized the crypto KOL DeeZe for being excited when the ApeChain ecosystem meme coin CURTIS was rising, and then cursing after the token price fell. In the end, he suggested: Maybe you should shut up and play our on-chain simulated trading game Top Trader?
Screenshot of ApeCoin official tweet
Finally, I would like to share with you a tweet with great reference value : Crypto KOL @0x Coumarin believes that if ApeChain cannot pull up a Dragon One project with a market value of $100 million, APE and Ecocoin will slowly lose money, after all, its ecosystem has nothing.
I wonder what you think about ApeChain’s subsequent performance after its combined attack?
