Sandeep Nailwal, the co-founder of Polygon Labs, has proposed a new zero-knowledge L2 solution to support the growth of ApeCoin and the ApeCoin community.
ApeChain will be built in conjunction with Polygon Labs through a formal AIP.
The ApeChain Proposal
Nailwal posted the proposal through the initiation of a new proposal idea (AIP) on the ApeCoin DAO forum. The proposal promotes the joint development of a Layer2 ApeChain, which would be based on zero-knowledge technology, helping accelerate the growth and development of the ApeCoin ecosystem.
According to the proposal, ApeCoin would be developed using the Polygon CDK. This would ensure added focus on modularity, ease of use, reduced costs, enhanced security, high customizability, instant withdrawals, and shared liquidity. The proposal also suggests collaboration with the Polygon ecosystem and recommends creating an independent fund in the ApeCoin treasury. This fund would be used to promote the development of ApeCoin-related projects and ApeChain-related public services. The post read,
How The ApeCoin Ecosystem Would Benefit
The ApeCoin community has long been contemplating migrating ApeCoin to its own chain to help the project scale properly. This was highlighted by Yuga Labs themselves in a post on X a few months ago. Yuga Labs had encouraged the DAO to think about migrating. However, the ApeCoin DAO voted to keep ApeCoin within the Ethereum ecosystem. However, Nailwal added that the possibility of an ApeCoin-specific chain still remains open. Nailwal stated in the proposal,
“Here’s where this AIP comes in: to propose a dedicated ApeChain, using Polygon CDK 3, an open-source toolset developers can use to launch their own zk-powered L2 on Ethereum with little friction and an emphasis on modularity, built and maintained by an Implementation Partner.”
Nailwal stated that ApeChain would provide the ApeCoin DAO and its members with potential sequencer fees and staking rewards for network validators while solving the ApeCoin’s scaling issues. Simply put, a dedicated chain would facilitate dedicated, ultra-premium, and inexpensive blockspace for any ApeCoin DAO-affiliated and/or -incubated experiences, entertainment, games, and consumer applications that could bring more users into the ApeCoin ecosystem. It would also act as an additional activity and help in the creation of all kinds of value (content, data, assets).
The Polygon CDK has already seen considerable adoption, with several chains being developed. These include Gnosis Pay, Immutable zkEVM, Capx, Palm Network, Canto, Astar zkEVM, and several others. Polygon CDK’s popularity is primarily because it offers the highest degree of flexibility when scaling Ethereum while also ensuring security and decentralization.