Original | Odaily Planet Daily (@OdailyChina)
No one expected that the topic sparking market discussions again would not be the former "NFT king BAYC," but rather ApeChain, launched by its parent company Yuga Labs, along with a set of "combination punches."
On October 20, ApeCoin officially announced that the ApeChain cross-chain bridge is now live, and the on-chain trading simulation game Top Trader is set to launch soon. The one-click token issuance platform Ape Express, supported by ApeCoin on ApeChain, subsequently launched, with trading volume exceeding $1 million within the first hour. Finally, ApeChain also announced that it will provide an automatic yield model for ApeCoin holders to increase their earnings. Under the stimulation of a series of positive news, the APE token lived up to expectations, surging to over 1.5 USDT, with a 24H increase of up to 101%, currently reported at $1.54.
Odaily Planet Daily will interpret the latest developments of ApeCoin and ApeChain in this article for readers' reference.
ApeChain: After months of preparation, a "combination punch" of "infrastructure + applications + returns + AI" is launched
No one expected that just three days after the ApeCoin DAO's proposal to "dissolve four working groups related to Web3 development, the metaverse, etc." was passed, ApeCoin and ApeChain would complete a "glorious transformation" in this manner, becoming the latest market focus, a moment many had been waiting for months.
Correcting the Course: ApeCoin DAO Seeks New Paths
According to the Snapshot page, on October 17, ApeCoin DAO ultimately passed the proposal to "dissolve four non-essential working groups" (code-named AIP-466) with a support rate of 98.02%. The working groups proposed for dissolution include the Governance Working Group, Marketing and Communication Working Group, Metaverse Working Group, and Web3 Development Working Group.
The proposal pointed out that these working groups cost the DAO nearly $3 million annually, while their task execution efficiency was low. Additionally, the proposal stated that the funds of the ApeCoin Foundation are rapidly depleting, and to reduce financial pressure, it suggested outsourcing relevant functions to third-party teams and recruiting teams that meet transparency and accountability standards through a request for proposal (RFP) process to optimize the DAO's operational efficiency.
Furthermore, the proposal mentioned that the main reason for this proposal was due to "the new working groups largely failing to effectively fulfill their responsibilities. According to our poor Q1 2024 financial report (Q2 and Q3 financial reports have not yet been released), it is clear that the treasury's disposable funds are rapidly running out. ApeCoin DAO needs to timely stop the outflow of funds and take necessary measures to protect the treasury and reposition for prosperity."
Proposal interface (for reader convenience, content is automatically translated by the browser)
In the face of a series of failures in attempts related to gaming, the metaverse, and more, ApeCoin DAO had to confront reality and make a less timely loss-cutting decision. Meanwhile, the "infrastructure" that had been brewing for months finally came to the forefront.
ApeChain: The Infrastructure Network Reviving the "Glory of BAYC"
From its inception, the construction concept of ApeChain attracted significant attention in the industry. At that time, Ben Jones, co-founder and chief scientist of Optimism, along with the Arbitrum Foundation, Horizen Labs, and Offchain Labs, extended an "olive branch" to ApeCoin DAO—the former published a related proposal on the ApeCoin forum, emphasizing the strengths of Op Superchain and the advantages it brings to ApeCoin DAO; the latter seemed more like an official call for collaboration, creating a sense of "calling you to join in the name of the organization." Additionally, Sandeep Nailwal, co-founder of Polygon Labs, also initiated a new proposal idea (AIP Idea) on the ApeCoin DAO forum, suggesting that the ApeCoin community collaborate with Polygon Labs to build a dedicated L2 ApeChain based on zero-knowledge technology.
Ultimately, in February of this year, based on the voting results of the proposal AIP-378 "ApeChain: Supporters of Building ApeChain", Arbitrum won with a support rate of 50.35%. ApeChain decided to adopt Arbitrum technology for development, led by Horizen Labs for growth.
In April, ApeCoin announced that the ApeChain testnet would soon go live.
In May, Yuga Labs co-founder Garga.eth stated that Horizen, Caldera, and Arbitrum are making the Layer 3 network based on ApeCoin, ApeChain, a reality. The first ApeChain testnet "Jenkins" went live in April, and the second testnet "Curtis" was set to launch in May, with the mainnet scheduled for later this summer.
Of course, following the consistent performance of BAYC and Yuga Labs, the Curtis testnet did not launch as scheduled but was ultimately announced on July 16 to be launching the Apechain testnet Curtis; at that time, Arbitrum's official account also published an announcement expressing official support.
At 8:30 AM Beijing time on July 17, the Apechain testnet Curtis officially went live. Since then, the "big pie" that Yuga Labs and ApeCoin officials had painted has finally given many people hope of "taking a bite," including:
Once the mainnet goes live, Otherside and other dApps that have been in development will run on the ApeChain;
The official roadmap of ApeChain mentions that APE will be implemented as a cross-chain fungible token (OFT) standard supported by LayerZero Labs; Horizon Labs stated that it will collaborate with Web3 game projects launched on ApeChain in the future, and will also establish connections with Yuga Labs and other contributors to the Ape ecosystem;
ApeCoin initiated several proposals regarding assisting creators in publishing content on ApeChain, etc. multiple proposals.
Subsequently, more news about the ApeChain ecosystem has gradually been released, including the official announcement from BAYC that MBA 2.0 will launch on ApeChain, optimizing user experience and improving processes; Yuga Labs has reached a partnership with Pixel Vault (an NFT development platform that raised $100 million), with the Reboot protocol migrating to ApeChain; the launch of Otherside Hub supported by ApeChain; Sushi Labs will build the native DEX Saru on ApeChain; and a new internal department at Yuga Labs focused on innovative products, Workshop, will launch the first batch of new products on ApeChain, with the first product being the on-chain trading simulation game Top Trader (a game that allows users to trade with 1000x leverage without real financial risk).
Looking back now, only the last flag has indeed been realized, while other products and collaborations still await further disclosure and updates. Overall, using the APE token as gas, ApeChain has become a new hope for BAYC and Yuga Labs after the "metaverse ambitions" have collapsed—a reimagined on-chain world to restore the "glory of the NFT king BAYC," providing a larger stage for games, real-world applications, and creator products.
With the official cross-chain bridge now live, ApeChain can also leverage Ape Portal and Stargate for bridging, bringing in more liquidity from ecological networks.
Ape Express: One-Click Token Issuance Platform on ApeChain
After the mainnet as infrastructure officially launched, ApeChain's "second punch" is aimed at the hottest track right now—the "one-click token issuance platform for Meme coins."
At 4:31 AM on October 20, Ape Express officially tweeted the launch of the project, triggering a frenzy of FOMO in the community and the market; the official follow-up post indicated that the platform's trading volume had surpassed $1 million within the first hour _ (Odaily Planet Daily note: this sharply contrasts with the initial launch of pump.fun, which we mentioned in our previous _ SunPump introduction article ).
Subsequently, the "golden dog" naturally made its market debut—Meme coin CURTIS, with the ticker based on the ApeChain testnet Curtis, surpassed a market cap of $14 million around 3:50 PM on October 20, with a price reported at $0.01463; although today the token's market cap has retraced over 60% from its peak, traders still managed to profit 300 times on CURTIS.
Thanks to the large number of contract deployments and trading operations for Meme coins, various operational metrics of ApeChain have also surged:
The multi-chain DEX Camelot officially stated that trading volume reached $25 million within the first 12 hours of ApeChain's launch, with over 148 liquidity pools created;
As of around 2 PM on the 21st, ApeChain has completed over 1 million transactions since its launch (currently reaching 1.198 million); the total number of contracts on ApeChain has reached 10,307 (with 598 contracts deployed today), and the total number of on-chain addresses exceeds 121,000.
Latest data shows that the number of transactions has reached 1.292 million, the total number of contracts is 10,642, and the total number of on-chain addresses is 123,900; the total number of tokens has reached 3,555.
Latest data from ApeChain mainnet
It can be said that the emergence of the one-click token issuance platform for Meme coins is the "best growth point" for many blockchain network ecosystems at present—this has been evidenced in previous ecosystems like Solana, Base, TRON, BSC, etc., and the recent price performance of dYdX is closely related to the market news of "an official supported one-click token issuance platform may be launched," in addition to the return of its founder.
Of course, a "casino" with high risks and high rewards is not enough; ApeChain has also prepared more return-generating machines for crypto players.
AYM: Automatic Yield Model for APE Holders
On October 18, ApeCoin officially announced: "The smart contract of ApeCoin has been upgraded to LayerZero's Omnichain Fungible Token standard. This means that APE is now the first token that can earn native yields and can be used as gas on ApeChain, with interoperability across different chains. The close collaboration between LayerZero and ApeChain has realized this novel yield generation method, creating new standards for other chains."
According to LayerZero's official introduction, by integrating with LayerZero's OFT standard, the native token APE on ApeChain can achieve seamless cross-chain transfers, enhancing its utility across multiple blockchains while ensuring scalable and efficient transactions.
On October 20, after the official launch of the ApeChain mainnet, ApeCoin issued another statement indicating, "Through the Automatic Yield Mode, users holding ApeCoin (APE token) on ApeChain do not need to continuously claim/stake their tokens to increase yields. This mode is the default for all EOAs (Externally Owned Accounts), automatically earning yields with each block. Without the need for manual intervention, the APE balance of that address increases based on the yields earned per block."
In other words, as the blocks of ApeChain continue to be produced, the balance of APE holders will also continuously increase, truly embodying a "money-making model."
Although the current yield generation rate is still unclear due to the limited time since the mainnet launch, the automatic yield model for APE token holders has already taken shape.
AI Opens Up Greater Imagination: Powerful Collaborative Resources Awaiting ApeChain
After completing the "infrastructure + applications + returns" combination punch, ApeChain has yet to unleash its maximum "strength"—thanks to the strong industry momentum and brand reputation accumulated over the years, BAYC and Yuga Labs can inject more new support and energy into the subsequent development of ApeChain, and this is just the beginning—
In the currently popular field of AI, which is attracting significant market attention, Yuga Labs announced a partnership with the Wire Network, a general Layer 1 designed for the AI agent economy. Yuga Labs stated that as artificial intelligence becomes the focal point of discussions in the creator economy, this collaboration aims to change the way consumers and creators interact with AI agents. Wire Network will support the decentralized AI capabilities of ApeChain and provide services such as no gas fees and cross-chain operations. It is evident that Yuga Labs' enthusiasm and ambition for the creator economy have not completely faded.
Additionally, Arbitrum, which has consistently shown high interest in ApeChain, has not been absent. On the 20th, Arbitrum officially announced that Arbitrum Orbit L3 ApeChain has launched its mainnet, welcoming the Ape community to join the evolving Arbitrum ecosystem.
LayerZero also announced its launch on the ApeChain mainnet and became its interoperability provider.
As a currently active infrastructure platform in the NFT and cross-chain fields, Magic Eden also announced its integration with ApeChain, becoming the first Launchpad and Marketplace based on ApeChain.
As the once-popular NFT gradually became synonymous with "outdated, old-fashioned, and not cool at all," despite numerous delays and many new attempts falling short of expectations, even being criticized by many as "the Bored Ape Yacht Club is a true reflection of the project team's yacht models," Yuga Labs, to some extent, still plays the role of a "Don Quixote of the crypto industry," charging fearlessly into a future where no one knows the direction of crypto, challenging the "Mass Adoption path," which remains unconquered like a giant windmill.
Conclusion: Meme Coins Remain the "Version Answer" of the Current Mainstream Ecosystem
Of course, the development of ApeChain will not be smooth sailing; the issues previously encountered by other L1, L2, and L3 will similarly arise in this ecosystem, such as phishing scams—
Web3 security and transparency platform g8keep co-founder Pop Punk previously stated that he became the first person to have funds drained on ApeChain due to a phishing attack. The screenshot he shared shows that pop-punk.ape transferred approximately 145,841 APE, worth about $110,000, to an address marked as Fake_Phishing381 after ApeChain went live.
However, according to the official statement from Ape Express, the one-click token issuance platform in the ApeChain ecosystem, only 2.2% of APE tokens have been bridged to the ApeChain ecosystem, while the market cap of APE tokens is $1.15 billion, indicating that approximately 97.8% of tokens have not yet been bridged to the ApeChain ecosystem, which may help further develop the ApeChain Meme coin ecosystem.
In the current market where Bitcoin is "standing alone," Meme coins may be the "most consensus choice" among whales, small traders, institutions, and exchanges, thus becoming a new growth point for the development of more ecosystems and proving that they are "still doing something" in this cycle.
At the end of the article, I would like to conclude with a story from an official tweet released by ApeCoin—its post sarcastically referenced crypto KOL DeeZe, who was ecstatic when the Meme coin CURTIS in the ApeChain ecosystem was rising but cursed when the token price fell, ultimately suggesting, "Maybe you should shut up and go play our on-chain simulation trading game Top Trader?"
Screenshot of the official ApeCoin tweet
Finally, I would also like to share a highly valuable tweet from crypto KOL @0xCoumarin, who believes, "If ApeChain cannot pull up a $100 million dragon project, APE and ecosystem tokens will slowly bleed out, as its ecosystem has nothing."
What do you think about the subsequent performance of ApeChain after its combination punch?
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