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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.
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Oct 21, 2024 • 1 min read

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.

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

Published in Bankless

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