ApeChain’s mainnet officially launched on 20th October 2024. This move marks a significant improvement in the ApeCoin ecosystem, and the ApeChain went live during the platform’s ApeFest in Hong Kong. Created by the creators and BAYC and developed by Yuga Labs, the ApeChain mainnet was a much-awaited event, and ever since its launch, the ApeCoin token (APE) has doubled in terms of price. The launch also represents an important expansion step in the ApeCoin ecosystem. It also marks a pivotal signal in advancing developer and community engagement within the Ape ecosystem.
Importance of the ApeChain Launch
ApeChain’s launch at this time marks a significant development effort by the team towards community engagement. It also provides cutting-edge infrastructure and cross-chain interoperability.
The official tweet thread by ApeCoin in X also included “Bridges are Live. Bring you tokens to the ApeChain and begin earning passive income through yield on APE, ETH, and various stablecoins.”
Staking means locking assets within the ApeCoin network for a limited time period and, in exchange, earning rewards. With ApeChain, the community will get an automated staking yield, which is an attractive investment option. Moreover, the rewards from staking are automatically reinvested, ensuring the investors can build a formidable portfolio. The automatic staking through ApeChain becomes a low-maintenance and user-friendly system leading to significant returns.
The Spotlight Incentive Program
With the ApeChain launch, ApeCoin also introduced a Spotlight incentive program. A program that is designed to incentivize active community engagement, this initiative is also committed to highlight the platform’s commitment towards visibility and support for developers, creators, and entrepreneurs of the APE ecosystem.
In addition to the Spotlight Incentive program, LayerZero is now integrated with the newly launched ApeChain. Connected to the ApeChain mainnet, LayerZero is an interoperability protocol facilitating data movement between decentralized applications and multiple blockchains. Since for all these transactions the native ApeCoin will be used, it adds to the native cryptocurrency’s utility.
The integration also gives way for ApeChain bridge to enhance its functionality by enabling Yuga Labs’ projects like Otherside and Pixel Vault to use the mainnet’s network. This is going to improve the APE coin’s utility as a governance and transactional token.
In an interview given to Investing.com, Trailblaze’s CTO Boris said, “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.”
Impact of ApeChain on ApeCoin’s Future
ApeCoin is heavily investing to build a platform with multiple utilities. Combined with its several partnerships and collaborations, the ApeChain ecosystem is building a robust ecosystem of dApps and services. While the platform focuses on gaming and entertainment applications, the ApeChain will give the platform a much-needed boost.
When compared to other Layer 2 solutions, the emphasis on network support allows APE token holders and users access to community-driven dApps that not only improve community engagement but also enhance token utility. After the launch of ApeChain, the token’s price surged by 250%.
The growth in APE token price is fueled by the expansion in its utility and interoperability due to the ApeChain launch. The mainnet launch signifies a renewed interest in the APE token and establishes the token as an important token for the ApeCoin community.
About ApeCoin
ApeCoin (APE) is a native token connected with ApeCoin DAO and the Ape ecosystem. The token with ticker APE is used to complete transactions on the ApeChain network and Bored Ape Yacht Club (BAYC). ApeCoin and ApeChain are connected but serve a different purpose for the community. With the ApeChain launch, the developers are planning to bring more decentralized applications to the community.
