ApeCoin, the cryptocurrency associated with the Bored Ape Yacht Club (BAYC), has seen a significant surge in price, reaching its highest level since April. This increase in value comes following the launch of ApeChain by Yuga Labs, the company behind BAYC.
The ApeChain network, which went live on Sunday, offers native staking yield to ApeCoin (APE) holders. This means that users can now earn rewards by locking up their APE tokens in the blockchain network. The integration of APE with LayerZero’s omnichain fungible token standard also allows for seamless cross-chain transfers, enhancing the token’s utility across different blockchains.
The decision to introduce native staking yield to APE has attracted investor interest in the token, with many seeing the potential for passive returns through this new feature. Markus Thielen, head of 10x Research, highlighted the automatic yield mode as a catalyst for the recent price rally, emphasizing how it can maximize returns over time by reinvesting rewards automatically.
In addition to the staking feature, the ApeCoin ecosystem is designed to encourage user engagement through various activities such as games and staking pools. The platform also plans to support other yield-generating cryptocurrencies in the future to expand its user base and enhance token utility.
The ApeChain bridges, which allow users to transfer their tokens and earn staking yield on APE, ETH, and stablecoins, further contribute to the overall ecosystem. This integration of different tokens and assets on the ApeChain network aims to provide a seamless and efficient experience for users engaging with decentralized applications and trading NFTs.
Overall, the launch of ApeChain and the introduction of native staking yield have been key factors in driving the recent surge in ApeCoin’s price. With a focus on enhancing user experience and expanding token utility, the ApeCoin ecosystem continues to evolve and attract interest from investors and users alike in the cryptocurrency space.