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Cryptocurrency News Articles
ApeCoin (APE) Surges 100% as Yuga Labs Launches ApeChain and Staking Feature
Oct 22, 2024 at 06:37 am
ApeCoin (APE) has experienced a significant surge, doubling in value over the weekend. The sudden price increase followed the much-anticipated launch of Yuga Labs' new blockchain network, ApeChain, and staking feature.
ApeCoin (APE) has doubled in value following the launch of Yuga Labs’ ApeChain blockchain network and staking feature.
The token, which is used to power the Bored Ape Yacht Club (BAYC) ecosystem, experienced a surge in value on Monday, reaching $1.74, its highest since April.
The development comes after the ApeCoin community voted in January to approve the launch of ApeChain, a Layer 3 blockchain that was built by Yuga Labs.
ApeChain is designed to offer a user-friendly experience and supports minting NFTs, decentralized applications, and trading within the ApeCoin ecosystem.
According to an analyst on the X platform, ApeChain’s compatibility with the APE token makes it easier for users to participate in these activities while using the platform.
ApeCoin Staking Attracts Investors
In addition to the blockchain launch, ApeChain bridges were also activated, allowing users to transfer tokens between ApeChain and other networks.
This move is expected to simplify transactions and boost the adoption of ApeCoin in the broader crypto ecosystem.
One of the key aspects of ApeChain that has attracted investors is the introduction of native staking, which played a role in the token’s recent price surge.
Staking enables ApeCoin holders to lock their tokens on the blockchain in exchange for earning rewards.
According to Markus Thielen, head of 10x Research, this new feature reinvests rewards automatically, maximizing yield over time.
Thielen adds that the platform also plans to expand support for other cryptocurrencies that offer yield-generating opportunities, which could further attract a wider audience.
LayerZero Integration Expands ApeCoin Utility
Another factor contributing to ApeCoin’s growth is the integration of LayerZero technology into ApeChain.
LayerZero is an interoperability protocol that allows data to be moved across different blockchains.
LayerZero is live on ApeChain mainnet as its canonical interoperability provider!
ApeChain, built on @Arbitrum, powers the ApeCoin ecosystem with APE as its native gas token. Integrated with LayerZero's OFT standard, APE enables seamless cross-chain transfers, enhancing utility… https://t.co/wlhh8PIkQn pic.twitter.com/vTm5NThjkZ
— LayerZero (@LayerZero_Core) October 20, 2024
LayerZero’s omnichain fungible token standard enables smooth cross-chain transfers, allowing ApeCoin to operate across various blockchains.
This enhances ApeCoin’s utility, making transactions faster and more efficient.
In their statement, LayerZero noted that this technology ensures that ApeCoin can scale effectively and handle more transactions as the ecosystem grows.
Combining these innovative features, ApeChain provides more value to ApeCoin holders and positions itself as a leading blockchain for DeFi.
At the time of writing, APE is trading at $1.68, up 23.14% in the past 24 hours and 121.62% over the last seven days.
The token has also seen a 42.97% rally in its trading volume, suggesting a bullish market sentiment.
If this market trend is sustained, APE could break a new high in the coming days.
Disclaimer:info@kdj.com
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