- ApeCoin launches bridges on ApeChain, enabling native yield earning on APE, ETH, and various stablecoins.
- APE becomes the first token to earn native yield and function as gas on ApeChain with LayerZero integration.
With the launch of bridges on ApeChain, ApeCoin has undergone significant development in its ecosystem. ApeCoin tweeted recently, saying, “Bridges are live. Bring your tokens to ApeChain right now to start earning native income on APE, ETH, and several stablecoins.
For the platform, this is a turning point since users may now easily migrate their assets across ApeChain and other networks, therefore improving liquidity and generating possibilities. The newly revised ApeChain website allows users to access the official bridge as well as companion apps, therefore facilitating their access into this creative network.
Bridges are live.
Bring your tokens to ApeChain now to start earning native yield on APE, ETH, and various stablecoins.
You can find our official bridge on the freshly updated ApeChain website, along with many of our partners and the apps that are already available ON APECHAIN.
— ApeCoin (@apecoin) October 19, 2024
ApeCoin Expands Utility with New Incentive Program and OFT Integration
Further expected to increase user involvement and token usage is the announcement by the ApeCoin team on a core user reward program going live soon. Emphasizing the excitement around this future feature, “Our core user incentive program will also be going live tomorrow, do with that information what you will,” they said in their tweet.
ApeCoin made news earlier when it upgraded its smart contract using Layer Zero’s Omnichain Fungible Token (OFT) standard. With ApeCoin (APE) becoming the first token able to produce native yield and also be used as gas for its own blockchain, ApeChain, this development marks a revolution.
This upgrade’s interoperability lets APE be easily passed across ApeChain, Ethereum, and Arbitrum, therefore defining a new benchmark for token capability across several chains.
Closely working together, Layer Zero and ApeChain unveiled this unique solution, laying the groundwork for further advancements in distributed banking. Originally a basic part of the Yuga Labs ecosystem, the native gas token for ApeChain now serves a more general function.
Apart from transaction fees, it is a voting mechanism inside the ApeCoin DAO and a payment choice in Yuga Labs titles and actual purchases. With this increased capability, APE finds a special place in the crypto scene since it provides governance and utility aspects on several systems.
Supported by Horizen Labs, as we previously reported, the ApeCoin community voted back in February to create the ApeChain network on Arbitrum, therefore augmenting the Ape ecosystem. This has since helped to shape the ideas we know today by further including ApeCoin into many facets of distributed apps and gaming.
The reaction of the market to these changes has been mainly favorable. Reflecting a wave of fresh interest, APE has skyrocketed by 76.32% over the last 24 hours, reaching $1.32. Its daily trading volume also surged by more than 3,600% to $1.14 billion, bringing its market cap near the $1 billion mark.
