ApeCoin launches a bridge on ApeChain, allowing native earning on APE, ETH, and various stablecoins. APE becomes the first token to earn native yield and act as gas on ApeChain through its integration with LayerZero.
With the launch of the bridge on ApeChain, ApeCoin has achieved significant development in its ecosystem. ApeCoin recently tweeted: Bring your tokens to ApeChain today and start earning native income with APE, ETH, and several stablecoins.
This is a tipping point for the platform. Because users can easily transfer assets through ApeChain and other networks, increasing liquidity and creating possibilities. The newly revised ApeChain website provides users with access to the official bridge and companion app, making it easier to access this creative network.
The bridge is live.
Bring your tokens to ApeChain today and start earning native yield on APE, ETH, and various stablecoins.
Our official bridge can be found on the newly updated ApeChain website, as well as many partners and apps already available on APECHAIN.
— Apecoin (@apecoin) October 19, 2024
ApeCoin expands utility with new incentive program and OFT integration
Furthermore, what is expected to increase user engagement and token usage is the ApeCoin team’s announcement regarding the upcoming Core User Rewards Program. Highlighting their excitement for this future feature, they said in a tweet: “Our Core User Incentive Program also launches tomorrow. Do what you want with that information.”
ApeCoin previously made news when it upgraded its smart contracts using Layer Zero’s Omnichain Fungible Token (OFT) standard. This development represents a revolution as ApeCoin (APE) becomes the first token to generate native revenue and also be used as gas for its own blockchain, ApeChain.
The interoperability of this upgrade allows APE to be easily passed between ApeChain, Ethereum, and Arbitrum, defining a new benchmark for token functionality across multiple chains.
Layer Zero and ApeChain worked closely together to present this unique solution, laying the foundation for further advancements in decentralized banking. Originally a fundamental part of the Yuga Labs ecosystem, ApeChain’s native gas token now serves a more general function.
Apart from transaction fees, there is a voting mechanism within the ApeCoin DAO and payment options for Yuga Labs titles and actual purchases. With this increased functionality, APE finds a special place in the cryptocurrency scene as it provides governance and utility aspects to multiple systems.
As we previously reported, with support from Horizen Labs, the ApeCoin community voted again in February to create the ApeChain network on Arbitrum, strengthening the Ape ecosystem. This helped shape the idea as we know it today by further incorporating ApeCoin into various aspects of decentralized apps and games.
Market reaction to these changes has been largely positive. Reflecting a new wave of interest, APE soared 76.32% in the past 24 hours to reach $1.32. Daily trading volume also increased by more than 3,600% to $1.14 billion, pushing the market cap closer to the $1 billion level.
