Polygon Labs’ Nailwal proposes zk-powered ApeCoin Ethereum Layer 2

Polygon Labs co-founder Sandeep Nailwal proposed that the ApeCoin DAO governance group construct, deploy and preserve its personal zero-knowledge powered Ethereum Layer 2 utilizing Polygon’s Chain Growth Equipment (CDK).

The proposal would see the launch of a devoted ApeCoin Layer 2 community, referred to as “ApeChain”, at a value of roughly $200,000 per 12 months from the ApeCoin DAO. It additionally consists of making a $3.35 million growth fund from the DAO treasury to gas the expansion of ApeCoin-related tasks, with assist from Polygon Labs.

“The ApeCoin group is conscious that ApeCoin might want to migrate to its personal chain to scale correctly as these phrases have been tweeted by Yuga Labs nearly 18 months in the past,” Nailwal wrote on the ApeCoin DAO governance discussion board. “Whereas ApeCoin voted DAO AIP-41 to maintain ApeCoin throughout the Ethereum ecosystem, the query of an ApeCoin-specific chain is open and ripe for resolution.”

ApeCoin (APE) is a cryptocurrency linked to a DAO that oversees the NFT and metaverse ecosystem, developed by Yuga Labs, the creators behind the Bored Ape Yacht Membership and Mutant Ape Yacht Membership NFT collections. Initially, ApeCoin was given to BAYC and MAYC members by way of an airdrop. Though ApeCoin has ties to the NFT collections and Yuga Labs, it’s managed by the ApeCoin DAO.

Polygon’s CDK is an open-source software program growth package that enables builders to create their very own ZK-powered Layer 2s at decrease prices and finality instances, whereas inheriting the safety of Ethereum.

ApeCoin ecosystem advantages

Nailwal mentioned ApeChain would supply the ApeCoin DAO group with the suitable scaling answer appropriate for gaming and shopper functions, whereas providing potential sequencer charges and staking rewards for validators on the community.

ApeChain, the proposal added, would additionally acquire interoperability with Polygon’s suite of options, together with Polygon PoS (quickly to be upgraded to a zkEVM), Polygon zkEVM and Polygon Miden – an structure with 1000’s of dApps. “With ApeCoin already linked to Polygon PoS, it’s already accessible to be used by all dApps within the Polygon structure – together with for fuel and staking in relation to dApps constructed on the proposed ApeChain,” mentioned Nailwal.

Price and timeline

Along with the $200,000 annual deployment and upkeep prices for ApeChain, the proposed ecosystem growth fund, as described in one other forum postis searching for $3.35 million in financing.

The fund consists of $3 million to arrange a growth program, $125,000 per 12 months over two years for an ApeCoin ecosystem growth lead, and $50,000 price of APE tokens for 2 years as an annual bonus, topic to a one-year lock-up.

Based on Nailwal, ApeChain may very well be applied in 4 phases in as much as 16 weeks, adopted by promotional and ongoing growth phases.

Different Layer 2s utilizing Polygon’s CDK

Layer 2s already being developed utilizing the Polygon CDK embrace Immutable zkEVM, IDEX, Palm Community, and Astar zkEVM.

Nailwal appears to be developing with a proposal currently, additionally suggesting that Polygon Labs may facilitate Celo’s migration to an Ethereum Layer 2 final month utilizing the CDK.

“By deploying ApeChain utilizing Polygon CDK, ApeCoin DAO will proceed to execute on its mission to scale to a ‘decentralized protocol layer for community-led initiatives that drive tradition into the metaverse,’” Nailwal concluded.