Quick take:
- Polygon Labs is proposing that ApeCoin DAO develop and maintain its own zero-knowledge powered Layer-2.
- Sandeep Nailwal thinks this will accelerate the growth and development of the ApeCoin ecosystem.
- The Polygon co-founder also proposed a development fund from the ApeCoin DAO treasury for ApeCoin-integrated projects.
Polygon Labs has proposed an exclusive layer-2 blockchain for the ApeCoin DAO. Polygon co-founder Sandeep Nailwal on the ApeCoin DAO forum said ApeChain will help accelerate the growth and development of the ApeCoin ecosystem.
The Ethereum layer-2 scaling protocol also proposed a $3.35 million development fund from the ApeCoin treasury to support ApeCoin-integrated projects including experiences, entertainment, games and consumer applications. The fund will also support ApeChain-related public goods including middleware, marketplaces, and infrastructure.
Nailwal wants to develop a zero-knowledge layer-2 blockchain for the ApeCoin ecosystem, which he believes will provide more scalability to the ecosystem.
This is not the first time the ApeCoin DAO community has thought about moving to an exclusive blockchain. In May 2022, it was reported that ApeCoin DAO was open to migrating from Ethereum to a layer-1 blockchain in search of more scalability. At the time Flow Blockchain and Avalanche were reported as potential destinations.
A month later, ApeCoin DAO opted to stay on Ethereum after members voted against a move to an L1 or L2 blockchain.
According to the proposal, the ApeCoin dedicated chain will be built using the Polygon Chain Development Kit (CDK), an open-source toolset developers can use to launch their own ZK-powered L2 on Ethereum.
ApeCoin DAO and its members will be offered potential sequencer fees, while network validators receive staking rewards for helping solve scaling issues.
ApeChain won’t be the first dedicated layer-2 built using the Polygon CDK. The developer kit has already been used to build the Polygon and Immutable gaming chain Immutable zkEVM, Web3 payments platform Gnosis Pay, token distribution network Capx, Palm Network, Astar zkEVM and Canto, among others.
According to Nailwal, ApeChain offers multiple value propositions including security, low fees, shared liquidity, customizability and interoperability, and near-instant withdrawals, among other benefits.
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