Apecoin Surges 100% As Yuga Labs Debuts Apechain, Introduces Native Staking

ApeCoin (APE) doubled in value over the weekend, hitting its highest level since April, following the launch of Yuga Labs’ highly anticipated ApeChain. The new Layer 3 network offers native staking and enhanced interoperability.

ApeCoin (APE), the ERC-20 cryptocurrency affiliated with the Bored Ape Yacht Club (BAYC) ecosystem, has seen its value soar by 100% over the weekend. APE reached its highest price since April, climbing past $1.5, according to data from CoinDesk. This surge comes on the heels of the debut of ApeChain, a highly anticipated blockchain network developed by Yuga Labs, the creators of BAYC.

ApeChain, which went live on Sunday, is a Layer 3 network built on Arbitrum One and fully compatible with APE tokens. The network is designed to facilitate the minting of non-fungible tokens (NFTs), support decentralized applications, and enhance user experiences. According to a pseudonymous analyst known as Elena, ApeChain’s capabilities will improve the overall functionality of the ApeCoin ecosystem.

ApeChain and Native Staking Yield

The most significant development contributing to APE’s price rally is the introduction of native staking yield for APE holders. ApeChain bridges went live, allowing users to transfer their tokens to ApeChain and automatically earn staking yields on APE, ETH, and stablecoins. Staking, in this context, involves locking assets in a blockchain network to receive rewards, similar to a fixed-income investment.

Markus Thielen, head of 10x Research, highlighted the new staking feature as a key catalyst for the price rally:

Investors and analysts are optimistic that ApeChain’s native staking and cross-chain capabilities will continue to drive adoption, increasing APE token engagement and strengthening the ecosystem’s overall infrastructure. With these new features, APE is well-positioned to maintain its bullish momentum, and many expect further gains as ApeCoin expands its offerings.

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