ApeChain Testnet Launches as Yuga Labs Co-Founder Greg Solano Admits There 'Won't Be Much to Do” Initially

ApeCoin’s own network, ApeChain, has launched its testnet, although Yuga Labs co-founder Greg Solano admits there “won’t be much to do” on it initially.

ApeCoin’s own blockchain network, ApeChain, has finally launched its testnet. However, Yuga Labs co-founder Greg Solano admitted that there “won’t be much to do on testnet yet.”

ApeChain, a layer-2 solution incubated by the ApeCoin DAO community, has unveiled its first testnet, named Curtis. Fans of the Bored Ape Yacht Club (BAYC) collection are eagerly awaiting new ways to enhance the utility of ApeCoin (APE).

While no further details were disclosed, Solano, in a follow-up post, highlighted that there “won’t be much to do on testnet yet.” However, he reassured APE holders that various decentralized applications (dApps), which Yuga Labs has been developing for some time now, “will all be running on the chain once mainnet is here.”

ApeChain testnet is now livestoked for apechain. the special council asked us to get involved on the branding and my team fucking crushed it imo. more to come on that. won’t be much to do on testnet yet, but otherside and other dapps we’ve been cooking will all be running on the chain once mainnet is here.

ApeCoin DAO Community Votes to Build ApeChain Network on Arbitrum

In mid-February, the ApeCoin DAO community voted to build the ApeChain network on Arbitrum, with support from Horizen Labs. According to the technical roadmap, APE tokens will have a dual role, serving as both the gas and governance token for the new network.

The ApeCoin DAO community will also have the authority to introduce additional features, thanks to Arbitrum’s on-chain governance approach.

As part of this initiative, Horizen Labs has pledged to be a long-term supporter and holder of ApeCoin, highlighting its commitment to “being a long-term holder and supporter of ApeCoin.”

The vision for ApeChain is not only to enhance the utility of the APE token but also to open up new monetization channels. As Horizen Labs suggests, the ApeCoin DAO could potentially generate $7 million in annual revenue if the network processes 1 million transactions per day, each with a transaction fee margin of $0.02.

Moreover, the Arbitrum Foundation, as part of the agreement, has committed to providing grant funding to cover ApeChain Security Council and Block Explorer expenses for three years.

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