ApeCoin Surges as ApeChain Launches and Enables Staking
The Bored Apes ecosystem has had a tough bear cycle, but ApeChain is bringing new attention to $APE. Subscribe to Bankless or sign in ApeChain, a Layer 3 from Apecoin built on Arbitrum One, launched Sunday, adding NFT minting, trading, and staking support.What's the scoop?Token Value Increase: ApeCoin's price doubled over the weekend, crossing $1.5 for the first time since April, as APE can now be staked for rewards.LayerZero Integration: ApeChain integrated with LayerZero for cross-chain transfers.Bankless Take: The launch of ApeChain marks a significant milestone for community-specific chains. While in many cases, these chains may just be attempts to maintain relevance or increase token utility, they do offer a custom environment to dedicate to particular user cases for the community, whether that be NFTs, gaming, or anime. Realistically, though, they currently just offer a new environment for speculation and, looking at DEGEN chain’s rise and fall, will need to develop unique feature sets — beyond staking rewards — to stay relevant.Over the last few months we’ve been highlighting integrations from industry leading protocols ON APECHAIN, but there’s more…Our commitment to bringing distribution opportunities to the community means worldwide visibility for developers and creators in the APE ecosystem.— ApeCoin (@apecoin) October 19, 2024 Written by David C 338 Articles • View all David is a writer/analyst at Bankless. Prior to joining Bankless, he worked for a series of early-stage crypto startups and on grants from the Ethereum, Solana, and Urbit Foundations. He graduated from Skidmore College in New York. He currently lives in the Midwest and enjoys NFTs, but no longer participates in them.