Yuga Labs Launches the Apechain, a Layer-3 Network on Arbitrum, to Scale Its Metaverse Project Otherside

The Apechain was first voted on in January 2024 by the ApeDAO and was built as a more scalable solution for the studio's metaverse project

Yugo Labs, the studio behind the Bored and Mutant Ape Yacht Club NFT collections and the creators of the Apecoin token, launched the Apechain, a layer-3 network on Arbitrum, on Sunday.

The network was voted on by the ApeDAO in January 2024 and was built by Yuga Labs to provide a more scalable solution for the studio’s metaverse project, Otherside, and Yuga Labs’ growing ecosystem of NFT projects, games, and decentralized applications (dapps).

While the studio had initially launched its NFT collections on Ethereum, scalability issues, which notably marred its Otherside land deed NFT mint, ultimately proved to be insurmountable.

However, the launch of Apechain, which will serve as a dedicated network for Yuga Labs’ projects, is expected to resolve these problems.

Apechain is one of the largest NFT and metaverse projects in the crypto space but is ultimately one of many projects that choose to build a layer-3 network as a solution to Ethereum’s high fees and inelasticity.

Unlike layer-2 networks like Arbitrum that serve as a general-purpose scaling solution, these layer-3 networks, in their current iterations, have been project-specific, usually built for one ecosystem (like the Xia network on Arbitrum which is gaming-specific or Degen on Base which is specific to content creators on Farcaster).

In Apechain’s case, the network will support all projects in Yuga Labs’ ecosystem, from games to NFT collections, and even DeFi applications. A trading platform called TopTrader has already launched and is running a trading campaign to attract users.

The launch of Apechain is also expected to drive demand for Apecoin, which serves as the utility token for Yuga Labs’ projects and the primary mode of payment on Apechain.

APE closed at $1.5 on Sunday, up 71% following the announcement of the network’s launch and is up a further 15% on Monday at the time of writing.

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