ON THE BALLOT: Polygon Labs' ApeChain AIP Is On The Ballot This Week! Find Out More:
Polygon, a foundation that is exploring the frontiers of zero knowledge innovation and Ethereum scaling, is asking the ApeCoin DAO to approve and build its own ApeChain on their Polychain Development Kit and join its interoperable network of L2 chains!
AIP-368 titled “A zk-Powered Polygon Layer-2 to Support ApeCoin Growth” is an ecosystem fund allocation proposal written by ApeCoin DAO Contributors and Polygon Labs’ Sandeep Nailwal, Marc Boiron, and Igor Mandrigin.
“Polygon Labs proposes that ApeCoin DAO launch and maintain its own zero-knowledge powered Layer-2 (“zk-L2”) with the Polygon Chain Development Kit (“CDK”) to accelerate the growth and development of the ApeCoin ecosystem,” Nailwal wrote, “This proposal includes (1) the launch of a dedicated ApeCoin zk-L2 chain (“ApeChain”) built and maintained by Gateway.fm, a premier rollup as a service (“RaaS”) provider that builds Web3 infrastructure and tooling products with advisory support from Polygon Labs and oversight of such building and maintenance to be conducted by the ApeCoin DAO Foundation and (2) ecosystem collaboration with Polygon Labs to help stimulate the growth of ApeCoin-integrated projects (experiences, entertainment, games and consumer applications) and ApeChain-related public goods (middleware, marketplaces, and necessary infrastructure).”
For those who are unfamiliar with a zero-knowledge powered Layer-2 its defined as “scaling solutions that increase throughput on Ethereum Mainnet by moving computation and state-storage off-chain. ZK-rollups can process thousands of transactions in a batch and then only post some minimal summary data to Mainnet,” according to Ethereum.org.
In simpler terms, this means that a layer 2 could be faster and cheaper than the layer 1 option.
Further in their proposal, Nailwal wrote that Apechain on Polygon makes sense for the DAO because their layer 2 protocol can deliver security, low fees, shared liquidity, customizability and interoperability, near-Instant withdrawals, fast finality, the leading L2 development ecosystem, and community alignment.
“We believe ApeCoin DAO is standing at the precipice of a new and exciting era,” Nailwal wrote. “By deploying ApeChain using Polygon CDK, ApeCoin DAO will continue to execute against its mission to scale into a “decentralized protocol layer for community-led initiatives that drive culture forward into the metaverse.”
Polygon Labs estimates that they could have ApeChain built and deployed in 16 weeks, and is asking the Apecoin DAO to allocate, at most, $200,000 USD to them for building, deploying, and maintaining ApeChain for one year. "None of these expenses would be paid to Polygon Labs or any affiliate of Polygon Labs. Instead, they would be used to pay Gateway.fm and its infrastructure costs," Nailwal wrote.
The window to vote on AIP-368 is currently open and $Apes have until next week Wednesday, December 20th, to cast their coins!