Apecoin, a popular altcoin, has defied the market trend and experienced a significant increase of 100%. This rise can be attributed to the introduction of ApeChain by Yuga Labs.
ApeChain, which was eagerly anticipated, was launched on Sunday and has provided native staking returns to Apecoin holders. This development has caused Apecoin’s value to double, surpassing $1.5 for the first time since April.
Markus Thielen, the President of 10x Research, commented on the rise of Apecoin and stated that the introduction of native staking returns has sparked increased interest from investors. He explained that Apecoin has implemented an automatic yield mode that allows users to passively earn yield by staking their APE tokens. This feature reinvests rewards automatically, maximizing yield over time. The ApeCoin ecosystem aims to enhance the utility of the APE token by encouraging users to engage more actively through games, staking pools, and other activities. The platform also plans to support other yield-producing cryptocurrencies in order to attract a wider user base.
Another factor that may have contributed to the surge in Apecoin’s price is the launch of LayerZero on the ApeChain mainnet.
ApeChain is a Layer 3 network developed on Arbitrum One. It is fully compatible with the APE token and allows for the minting of non-fungible tokens (NFTs), trading, and decentralized applications. The ApeChain bridge went live, enabling users to transfer their tokens to ApeChain and automatically earn staking returns on APE, Ethereum (ETH), and stablecoins. Users can also transfer tokens between Ethereum and Arbitrum via the ApeChain bridge and use APE as gas fees for network transactions.
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