BAYC, the most famous NFT project in the last bull market, finally announced the launch of its own Ape Chain after going through many ups and downs. It is understood that BAYC is developed using Arbitrum Orbit, rather than the OP Stack chosen by more large project teams. The highlight this time is that after users cross-chain their assets to Ape Chain, they can enjoy automatic returns without pledging. Since its launch, Ape Chain has generated more than 360,000 transactions in a short period of time. Also riding on the meme craze, the market value of APE chain meme currency CURTIS exceeded US$14 million, and the largest gainer's floating profit exceeded 13 times.
Empowering the APE token, the token rose by more than 80% in a short period of time
Ape Chain is positioned as a dedicated infrastructure chain built for the Ape Coin ecosystem. Ape Chain uses $APE as its native Gas token. This increased the utility of $APE’s token empowerment, and the price of Ape Coin rose by more than 80% in a short period of time, reaching a price of about $1.3.
Ape Chain is developed using Arbitrum Orbit and is also EVM compatible (although this sounds like nonsense, in fact the Arbitrum Foundation only passed a proposal in the second quarter of this year to open the Arbitrum Orbit development tools for deployment on other non-EVM chains, known as Ton L2's Duckchain is the first application of Arbitrum Orbit on a non-EVM chain).
As a Layer 3 application chain developed by Arbitrum Orbit, Ape Chain also adopts Opmistic roll up. According to the technical documentation, the shortest block generation time is only 0.25 seconds.
Currently, Ape Chain’s revenue model has three settings:
Void: Users do not participate in the revenue and the revenue remains unchanged.
Automatic: The income is automatically returned to the wallet, similar to the concept of reinvestment.
Claimable: The income needs to be claimed manually.
BAYC’s native income chain, the old monkey’s new tricks, do you still have to pledge again?
As one of the main products, the focus of Ape Chain is that it is designed as a native revenue chain. What does this mean? When users bridge assets to Ape Chain, they can automatically receive benefits without complicated operations.
It sounds like a blank wolf, but the principle behind it is actually very easy to understand. Ape Chain uses LayerZero's cross-chain messaging bridge to deploy a smart contract called Yield Route Wrapper. This abstracts the process of depositing assets into an ERC4626-compliant vault on Ethereum, querying balances, and receiving returns.
Let’s take the income from cross-chain stablecoins to Ape Chain as an example:
Users deposit stablecoins into contracts on Ape Chain.
The contract will exchange the stablecoin on Ape Chain for DAI on Ethereum and transfer the DAI to the Yield Route Wrapper.
Deposit DAI into the sDAI contract, generate sDAI and transfer it to the OFT adapter.
An OFT version of sDAI is minted on ApeChain, called apeUSD.
To put it simply, it is the re-pledge of stable coins, putting the money deposited by users into Sky Protocol (formerly MakerDao), and earning income from staking stable coins DAI. At the same time, a stable currency apeUSD is minted on Ape Chain for users to use.
There are also options for staking ETH and Ape Coin, whose value sources are Lido and ApeStake respectively.
Ape Chain stated that most roll ups have the problem of idle resources, and the assets held as collateral in the cross-chain bridge are not put into use (more than $15B worth of ETH is currently locked in the main roll up). Instead, Ape Chain allows users to earn income from these locked assets.
Arbitrum Dex Camelot said that 12 hours after going live, Ape Chain had processed more than 364,000 transactions, with a trading volume of $25 million. The market capitalization of meme coin CURTIS has exceeded $10 million.
(For the official cross-chain bridge, please see Twitter, please pay more attention to wallet security)
This article Boring Ape joins hands with Arbitrum to launch a native revenue chain. Can Ape Chain unite BAYC to become great again? First appeared in Chain News ABMedia.
