ApeCoin price skyrockets as ApeChain goes live with new perks

ApeCoin (APE ), the cryptocurrency tied to the popular Bored Ape Yacht Club (BAYC), had an impressive weekend, doubling in value and reaching $1.50 for the first time since April. 

The price surge coincided with a big development from Yuga Labs, the company behind BAYC, as they launched their new blockchain network, ApeChain, on Sunday.

ApeChain, which was given the green light by ApeCoin’s DAO in January, is a Layer 3 network built on the Arbitrum One platform. The network is compatible with the APE token and has been designed to make it easier for users to mint NFTs, trade digital assets, and interact with decentralized applications. 

The ApeCoin DAO isn’t fully decentralized and has specific roles within its structure to keep the governance running. As per the ApeCoin website, the Ape Foundation handles governance by taking care of everyday tasks like administration, bookkeeping, project management, and other responsibilities.

Moreover, bridges for ApeChain also went live on Sunday. These bridges allow users to transfer their tokens and automatically earn staking yields on APE, ETH, and stablecoins. Staking, in simple terms, involves locking up assets on the blockchain in exchange for rewards, much like investing in a fixed-income product.

The introduction of staking options appears to have played a major role in boosting ApeCoin’s value. Trailblaze, a fundraising platform offering investments of various types and stages, is currently integrating ApeChain into its launchpad.

"The seamless onboarding via Yuga ID, cross-chain interoperability through Ape Portal, and gas-sponsored transactions are game-changers. These features significantly lower barriers to entry and enhance user experience, paving the way for a new wave of Web3 products. The market reflects the tech's transformative potential of onboarding and usage," Boris, CTO at Trailblaze, told Investing.com. 

The staking feature is part of a broader strategy within the ApeCoin ecosystem to expand token utility by engaging users in activities like games and staking pools. The platform also plans to support other yield-generating cryptocurrencies to attract a wider audience.

APE’s rally was also fueled by the launch of LayerZero on the ApeChain mainnet. LayerZero is an interoperability protocol that allows applications to share data across multiple blockchains.

Gaming continues to be one of the most popular crypto trends in 2024, as these games not only introduce users to the wider ecosystem but also offer rewards in crypto for engaging with their platforms.

Source: Investing.com