ApeChain Launches Contributing to the Development of Ethereum Ecosystem

Coin World Report:
Source: DaoShuo Blockchain
Earlier this year or at the end of last year, the Bored Ape Yacht Club community announced that it would launch its second-layer extension, ApeChain. At that time, I shared this news in an article and believed that this move was a way to boost the popularity of the community.
The Bored Ape Yacht Club, once a leader in the NFT ecosystem, was considered a top luxury brand in the on-chain and even the entire metaverse ecosystem at its peak. In order to maintain its lofty position, it tried many things:
Released several new NFTs, launched tokens, developed games (more than one)…
At the time, it seemed like it had done everything it could in terms of IP and entertainment.
However, it was unable to resist the decline of the entire crypto ecosystem, and these measures did not have a significant effect. Popularity continued to dissipate, and value continued to diminish.
Furthermore, due to the lack of innovation in the application aspect of the crypto ecosystem, Bored Ape Yacht Club did not take a unique path in terms of applications.
So in the end, this project fell from grace and affected all of its assets. At its lowest point, Bored Ape NFTs were worth only slightly over 10 Ether, and Mutant Ape NFTs were worth only slightly over 2 Ether. The ApeCoin token dropped to below $1 at its lowest point.
Later, as Ethereum’s Layer 2 scaling technology gradually matured and became a tool for many projects to develop their own ecosystems, Bored Ape Yacht Club finally started considering the release of its second-layer extension.
Now, ApeChain is finally online.
ApeChain’s website (https://apechain.hub.caldera.xyz/) is interesting. It clearly states that its data availability (DA) is based on Ethereum, it uses Arbitrum One for the network, and it utilizes the Arbitrum Nitro technology stack—it is a system built on the Arbitrum technology framework.
I remember when the community proposed the construction of ApeChain, there were two opinions: one suggested starting from scratch and building an L1-level main chain, and the other suggested building a second-layer extension based on the OP architecture on Ethereum.
Regarding this, the OP team expressed their willingness to support the project in building a second-layer extension using their own technology stack on Twitter.
At that time, I hoped that the project would choose the second path, as it would allow the ecosystem to remain on Ethereum as much as possible. This would not only benefit the Ethereum ecosystem but also help the project maintain its flow on Ethereum.
Now it seems that the project has chosen the second path, but instead of choosing OP’s OP Stack, it has selected Arbitrum’s Nitro architecture.
In fact, regardless of the technology chosen, as long as it can remain within the Ethereum ecosystem (such as becoming a second-layer extension as it is now), I believe it is the optimal solution for both the project and the users.
In addition to the official launch of ApeChain, an interesting move by the project is the direct launch of its own MEME token sales platform: Ape Express, clearly labeled as the Pump Fun on ApeChain.
Some well-known KOLs in the industry (such as Beeple) and media outlets (such as NFT NOW) have commented on Ape Express on Twitter.
Under the stimulation of this news, both Bored Ape NFTs and the project’s token, Ape, experienced a significant increase in a short period of time.
However, I still believe that these price increases driven by emotions are not likely to be sustainable. In order for ApeChain to ultimately gain continuous valuable traffic and TVL, it still needs to continue to innovate in applications.
But doing something is always better than doing nothing. Moreover, judging from the comments and attention on Twitter, Bored Ape still holds considerable weight in the hearts of many old players. If the project can really launch some innovative and fun features, I believe the project’s popularity will quickly rise again.
During this period, as I witnessed one Ethereum Layer 2 scaling solution after another emerge vigorously, although many of them lacked novelty and highlights, I could still feel the continuous accumulation of Ethereum’s potential.
Perhaps when these seemingly “insignificant” or even “mediocre” Layer 2 scaling ecosystem reaches a certain level of accumulation, Ethereum’s ecosystem will experience a leap from “quantitative change to qualitative change”.