ApeCoin has launched the testnet for its layer-2 network, ApeChain, although there “won’t be much to do” initially, according to Yuga Labs co-founder Greg Solano. This testnet, named Curtis, is part of the ApeCoin DAO community’s efforts to enhance the utility of ApeCoin (APE) for the Bored Ape Yacht Club (BAYC) collection.
In a significant milestone, the community voted in mid-February to build ApeChain on Arbitrum, with support from Horizen Labs. ApeChain aims to use APE tokens as both gas and governance tokens, offering new monetization channels. Horizen Labs predicts potential annual revenue of $7 million if the network processes 1 million daily transactions with a $0.02 fee margin.
Moreover, the Arbitrum Foundation has pledged grant funding for ApeChain’s Security Council and Block Explorer expenses for three years. This testnet launch marks an important step toward ApeChain’s mainnet, aiming to provide more decentralized applications (dApps) and revenue opportunities.
The strategic importance of ApeChain lies in its potential to significantly boost the utility and value of APE tokens, driving long-term engagement and growth within the ApeCoin ecosystem.
