Share:
  • Polygon co-founder Sandeep Nailwal proposes ApeChain, a zk-L2 solution for ApeCoin scalability.
  • The ApeCoin community has been divided over the necessity of a dedicated chain in the past.
  • ApeChain's development plan includes collaboration with Polygon Labs as MATIC price remains bearish.

Polygon co-founder Sandeep Nailwal has put out an "ApeChain" proposal to address ApeCoin's scalability challenges. At the time of writing, the ApeCoin DAO proposal received 18 votes that could initiate the development of a dedicated zero-knowledge powered Layer-2 (zk-L2) chain on the Polygon network. In the past, however, not all community members have been in agreement about the need for ApeCoin's own chain.

Polygon proposes collaboration with ApeCoin

Polygon co-founder outlined zero-knowledge technology to supercharge the ApeCoin ecosystem in the AIP proposal.

The primary objectives include a dedicated ApeChain built in collaboration with Polygon Labs using the Polygon Chain Development Kit (CDK). The proposal boasts of Polygon CDK 3, an open-source developer toolset for zk-powered Layer-2 solutions on Ethereum.

The executive proposes a development fund from ApeCoin DAO treasury for the growth of ApeCoin-integrated projects in entertainment, gaming, and consumer applications.

Nailwal notes motivation for this improvement proposal, or AIP, stems from last year's discussion within the ApeCoin community about migrating to its dedicated chain, a move that some members say is essential for scalability.

NFT creator and ApeCoin contributor Yuga Labs suggested that ApeCoin should operate on its own chain to handle the surging demand effectively. Nailwal circled that ApeCoin DAO previously voted to remain within the Ethereum ecosystem in AIP-41."The question of an ApeCoin-specific chain is open and remains ripe for decision," he said.

AIP awaits votes as MATIC price dips

In the past, the ApeCoin community has been divided on whether the Ethereum network can handle demand after the minting of Otherdeed non-fungible token (NFT) was interrupted by the Etherscan crash last year. Yuga Labs said Ethereum's infrastructure struggled to cope with the high demand during the minting, which remains a point of contention.
 

As ApeCoin DAO contemplates the AIP, the fundamentals of Polygon (MATIC) appears to be in a bearish trend as per IntoTheBlock analysis. The In the Money indicator, which breaks down holders making profit at current price levels, is at a mere 4%.

The price of MATIC at the time of writing is around $0.51, marking a 2% decrease in the daily time frame based on CoinGecko figures. MATIC lost around 12% value over the past week.

Sandeep Nailwal's proposal for ApeChain could present a scaling opportunity to the ApeCoin ecosystem on Ethereum. While Polygon boasts of its zero-knowledge technology, the broader crypto market weakness will keep penetrating the market valuation of the project. 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Turn off Solana and win $400,000 - Solana Foundation executive announces offer

Turn off Solana and win $400,000 - Solana Foundation executive announces offer

Solana has been touted as an Ethereum killer, but as with every blockchain in the crypto market, the network does not come without its fair share of issues. While many who get hacked or exploited deal with the issues after the fact, Solana intends to get a step ahead by making a very lucrative offer to white hat hackers.

More Solana news

Grayscale vs. SEC deadline: Commission faces a midnight Friday deadline to challenge August 29 loss

Grayscale vs. SEC deadline: Commission faces a midnight Friday deadline to challenge August 29 loss

Grayscale Investments secured a resounding victory in its longstanding case against the US Securities and Exchange Commission in late August. The lawsuit started in October after the firm approached the D.C. Circuit Court pushing to have its Bitcoin Trust converted to an Exchange-traded fund.

More Cryptocurrencies news

Loom Network price hits strong weekly resistance after 32% surge as LOOM ranks high on Korea’s Upbit

Loom Network price hits strong weekly resistance after 32% surge as LOOM ranks high on Korea’s Upbit

Loom Network token is highly bullish, passing as a rather lucrative investment for scalping traders, buying and selling the asset within a short period to make small profits. 

More Loom news

Voyager founder charged by CFTC for fraud and by FTC for misleading investors that lost $1 billion

Voyager founder charged by CFTC for fraud and by FTC for misleading investors that lost $1 billion

Voyager was among the first crypto companies to collapse and file for bankruptcy in 2022. While the platform has been making efforts to return its customers' assets since then, it looks like the regulatory bodies are not willing to be patient. 

More Cryptocurrencies news

Bitcoin: Can BTC bears challenge crypto’s 2023 bull rally?

Bitcoin: Can BTC bears challenge crypto’s 2023 bull rally?

Bitcoin (BTC) price is at a critical juncture in the weekly time frame, where bulls and bears are battling for control. However, a multi-time-frame analysis shows that BTC is bullish daily and is likely to rally higher. 

Read full analysis

BTC

ETH

XRP