ApeChain Launch Doubles APE Price

On October 19, the mainnet of ApeChain for Yuga Labs’ NFT ecosystem was launched. The price of the governance token ApeCoin (APE) approximately doubled over the weekend.

The lights are on. pic.twitter.com/0JV9ImmkDA

— ApeCoin (@apecoin) October 19, 2024

The protocol is built as an L3 solution on Arbitrum One. It aims to facilitate NFT issuance, trading, decentralized application usage, and serve as the foundation for the future Otherside metaverse by the creators of the Bored Ape Yacht Club collection.

The team has opened a bridge for token migration to the native network. Assets are automatically connected to a staking function, generating additional income.

According to the statement, the network initially supports “numerous partners” and application providers.

The price of ApeCoin responded by rising from around $0.75 to $1.625 at the time of writing. The last time the rate was at similar levels was in early April. However, the quotes are still 94% below the all-time high recorded in 2022 (CoinGecko).

According to Marcus Thielen, founder and CEO of 10x Research, the automatic yield option sparked interest in the coin, writes CoinDesk citing a company note for investors.

The function reinvests staking rewards, maximizing profits, the expert explained.

“This is part of a broader ApeCoin ecosystem aimed at increasing the token’s utility by encouraging users to interact more actively with it through games, pools, and other activities. The platform also plans to expand support for other income-generating cryptocurrencies to attract a wider user base,” Thielen noted.

Another catalyst for the ApeCoin rally could be the integration of the omnichain protocol LayerZero with the ApeChain mainnet as its canonical service provider.

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

The partnership ensures “seamless scalable and efficient cross-chain transactions, enhancing the token’s utility across multiple blockchains,” the LayerZero team emphasized.

Back in March 2022, the ApeCoin airdrop took place.

In the autumn of 2023, Yuga Labs announced staff reductions and a focus on its key direction—the Otherside metaverse.