ApeCoin Doubles in Value as Yuga Labs Unveils ApeChain And Passive Staking Rewards

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.

With these developments, ApeCoin (APE) reached $1.74, its highest value since April.

ApeChain Goes Live and Boosts ApeCoin Price

Recently, ApeCoin announced the launch of ApeChain, a Layer 3 blockchain. This blockchain was developed by Yuga Labs, the company behind the Bored Ape Yacht Club (BAYC).

The launch took place on Sunday and was widely anticipated by the APE community after the ApeCoin DAO approved the plan in January.

Have you moved your ApeCoin to ApeChain yet?

TL;DR: Holding ApeCoin ON APECHAIN means you won't have to keep claiming/staking your tokens to compound the yield.

Automatic Yield Mode. https://t.co/IcO8keQzfO pic.twitter.com/AwhaGKYKwD

- ApeCoin (@apecoin) October 20, 2024

ApeChain is built on Arbitrum One and offers various features that enhance the ApeCoin ecosystem. It supports minting NFTs, decentralized applications, and trading, all within an environment designed to improve the user experience.

Analyst Elena said on the X platform that ApeChain's compatibility with the APE token makes it easier for users to participate in these activities while using the platform.

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- Elena (@ElenaaETH) October 20, 2024

Alongside the blockchain launch, ApeChain bridges were also activated. It allows users to transfer tokens between ApeChain and other networks.

This move simplifies transactions and is expected to improve the adoption of ApeCoin in the broader crypto ecosystem.

Staking Feature Attracts Investors

One of the most exciting aspects of ApeChain is the introduction of native staking, which played a key role in the token's recent price surge. Staking allows ApeCoin holders to lock their tokens on the blockchain in exchange for earning rewards.

Markus Thielen, head of 10x Research, explained that this feature boosts ApeCoin's attractiveness. It enables users to earn passive income without manually managing their rewards.

Thielen said. This new feature reinvests rewards automatically, maximizing yield over time." He added that ApeCoin's ecosystem aims to increase the token's utility through staking pools, games, and other activities.

These efforts are expected to make ApeCoin more valuable to its users. 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 Utility

Another factor fueling ApeCoin's growth is integrating 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. This represents a 23.14% and 121.62% surge in the past day and seven days, respectively.

The 42.97% rally in its trading volume suggests a bullish market sentiment. If this market trend is sustained, APE could break anew high in the coming days.

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