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  • Writer's pictureKyle

ApeCoin DAO Special Council Member Waabam Explained How ApeChain Running On $Ape Will Increase Demand For The Coin


As $Ape holders get ready to play games, buy memecoins, and build atop ApeChain later this summer, Apecoin DAO Special Council member Waabam poured some ‘gas’ on the metaphorical FOMO fire, reminding everyone that $Ape is the native gas token of ApeChain.


Things are getting very real around the ApeCoin DAO as Horizen Labs, Offchain Labs, and the Arbitrum team get ready to launch ApeChain as part of Arbitrum’s Orbit chains in either late June or early July.


With ApeChain’s launch happening so soon, Special Council Member Waabam took to X this afternoon and explained that ApeChain is a layer 3 blockchain built with Arbitrum AnyTrust, and that these AnyTrust chains require a fixed amount of Layer 1 block space on Ethereum regardless of volume.


“The result? (1) As an @Arbitrum AnyTrust chain, ApeChain can have significantly cheaper tx fees than a typical rollup-based blockchain and (2) $APE can be used as gas natively on ApeChain, creating a token sink with net demand for $APE,” Waabam wrote in a six part thread. “ApeChain runs on $APE The chain infrastructure is designed to make sure $APE is at the center of everything that happens on ApeChain will create demand for $APE in all kinds of ways More to come on that.”




As the Bored Ape Gazette previously reported, the Apecoin DAO selected the Horizen Labs, Offchain Labs, and the Arbitrum team to build the community an ApeChain as part of the Arbitrum’s Orbit chains in February 2024.

 

 “It is going to be a gaming first, but not gaming only chain,” Horizen Labs’ Vice President of Ecosystem Growth Blockchainzilla said during an ApeCoin DAO Space on April 25.  “It’s ultimately supposed to be a theme park for ApeCoin, where everything is denominated ApeCoin, not just the gas fees. Pairs are in ApeCoin, incentives are in ApeCoin. We are trying to get on games, applications, protocols that are all using ApeCoin in their economies.”

 

At the time of this article’s publication, 34 builders, including Yuga Labs, have already committed or are close to committing to build on ApeChain, according to Blockchainzilla.

 

The Bored Ape Gazette will continue to follow ApeChain’s launch and will let you know when and how you can $Ape in. Stay tuned for updates!

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