Sandeep Nailwal, the co-founder of Polygon Labs, has unveiled a groundbreaking initiative on the ApeCoin DAO forum. The proposal suggests a collaboration between ApeCoin and Polygon Labs to construct a Layer-2 blockchain using Polygon’s Chain Development Kit (CDK) ZK technology.
If the proposal is accepted, the investment community will witness the launch of the ApeCoin Layer 2 network, tentatively named “ApeChain.” This project is expected to incur an annual maintenance cost of approximately $200,000, which will be funded by ApeCoin DAO. Additionally, a substantial $3.35 million development fund from the DAO treasury will be established to support the growth of ApeCoin-related ventures with Polygon Labs.
“The ApeCoin community has long recognized the necessity of migrating ApeCoin to its independent chain for optimal scalability, as articulated by Yuga Labs nearly 18 months ago,” Nailwal stated on the ApeCoin DAO governance forum. “While ApeCoin DAO previously voted on AIP-41 to maintain ApeCoin within the Ethereum ecosystem, the potential for an ApeCoin-specific chain is still open and awaiting a final decision.”
Polygon Labs Founder Sandeep Nailwal
Polygon’s Chain Development Kit (CDK) is an open-source software development kit that empowers developers to create their own Layer-2 solutions using Zero-Knowledge (ZK) technology. This enables reduced transaction fees and faster finality times while maintaining the security of the Ethereum network.
ApeCoin (APE) is a blockchain project closely associated with a decentralized autonomous organization (DAO). A DAO is a structure where token holders have voting rights and participate in project decision-making processes. ApeCoin aims to foster the NFT and metaverse ecosystem developed by Yuga Labs, the creators behind the popular NFT collections Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC).
Initially, APE tokens were distributed to holders of NFTs from the BAYC and MAYC collections via an airdrop. While ApeCoin maintains ties with NFT collections and Yuga Labs, it is managed and governed by ApeCoin DAO.
The proposal to collaborate with Polygon Labs, if accepted, could be a pivotal moment for ApeCoin, potentially paving the way for enhanced scalability and functionality within its ecosystem. The ApeCoin community eagerly awaits the outcome of this proposal and the prospects of the innovative ApeChain Layer-2 network.
The decision regarding this collaboration will likely have far-reaching implications for the future development of ApeCoin and the broader blockchain landscape, as it combines the expertise of both ApeCoin DAO and Polygon Labs in a quest to leverage the advantages of ZK technology.
Source: https://azcoinnews.com/polygon-labs-founder-sandeep-nailwal-proposes-apecoin-layer-2-collaboration.html
