Bored Ape Yacht Club teams up with Arbitrum to launch native revenue chain, can Ape Chain bring BAYC to greatness again?

In the last bull market, the most well-known NFT project, Bored Ape Yacht Club (BAYC), has finally announced the launch of its own Ape Chain after experiencing many ups and downs. It is understood that BAYC is developed using Arbitrum Orbit, rather than the OP Stack chosen by many other large project teams. The highlight of this launch is that users can cross-chain their assets to Ape Chain and enjoy automatic earnings without the need for collateral. Since its launch, Ape Chain has generated over 360,000 transactions in a short period of time. Riding on the meme trend, the APE Chain's meme coin CURTIS has surpassed a market cap of $14 million, with the biggest profit maker enjoying over 13 times gains.

Empowering APE Token, Token Soars Over 80% in a Short Time

Ape Chain is positioned as a dedicated infrastructure chain for the Ape Coin ecosystem, using $APE as its native Gas token. This empowers $APE token with increased utility, causing the price of Ape Coin to surge over 80% in a short period, reaching around $1.3.

Ape Chain is developed using Arbitrum Orbit, which is also EVM compatible. Although it may sound redundant, in fact, the Arbitrum Foundation only approved a proposal in the second quarter of this year to open up the development tools of Arbitrum Orbit for deployment on non-EVM chains. The first application of Arbitrum Orbit on a non-EVM chain is the Duckchain, dubbed Ton L2.

As a Layer 3 application chain developed using Arbitrum Orbit, Ape Chain also adopts Optimistic rollup. According to the technical documentation, it claims to have a block time as short as 0.25 seconds.

Currently, Ape Chain has three revenue models:

• Void: Users do not participate in revenue, and revenue remains unchanged.
• Automatic: Revenue is automatically credited to the wallet, similar to the concept of compounding.
• Claimable: Revenue needs to be manually claimed.

BAYC Native Revenue Chain, Will the Old Monkey's New Tricks Involve Re-staking?

One of the key features of Ape Chain is its design as a native revenue chain. What does this mean? When users bridge their assets to Ape Chain, they can automatically receive revenue without complex operations.

While it may sound like a magic trick, the principle behind it is quite simple. Ape Chain uses LayerZero's cross-chain messaging bridge and deploys an intelligent contract named Yield Route Wrapper. This abstracts the process of depositing assets into an Ethereum vault compliant with the ERC4626 standard, checking balances, and collecting revenue.

Let's take the example of the revenue from cross-chain stablecoins to Ape Chain:

1. Users deposit stablecoins into a contract on Ape Chain.
2. The contract exchanges the stablecoins on Ape Chain for DAI on Ethereum and transfers the DAI to the Yield Route Wrapper.
3. The DAI is deposited into the sDAI contract, generating sDAI and transferring it to the OFT adapter.
4. An OFT version of sDAI, named apeUSD, is minted on Ape Chain.

In simple terms, it is re-staking stablecoins, investing the money deposited by users into MakerDao on Sky Protocol to earn income from staking stablecoin DAI. At the same time, a stablecoin apeUSD is minted on Ape Chain for users to use.

There are also options for staking ETH and Ape Coin, with their values derived from Lido and ApeStake respectively.

Ape Chain mentions that most rollups face the issue of idle resources, where assets held as collateral in cross-chain bridges are not being utilized. Currently, in major rollups, over $15 billion worth of ETH is locked up. In contrast, Ape Chain allows users to earn revenue from these locked assets.

Arbitrum Dex Camelot stated that after being online for 12 hours, Ape Chain had processed over 364,000 transactions, with a trading volume of $25 million. The meme coin CURTIS has a market value exceeding $30 million.

Official cross-chain bridge information can be found on Twitter, please pay attention to wallet security.