21 Oct 2024 Morgan Hayze
ApeCoin Has Doubled In Price In The Past 24 Hours
An essential component of the Yuga Labs ecosystem, ApeCoin (APE), has seen a spectacular price increase of more than 100% in the last seven days. The recent introduction of new incentive schemes and technological developments that will improve user engagement and increase utility throughout its network is responsible for this value increase.
Source: CoinMarketCap
The integration of LayerZero causes the price of ApeCoin to soar
Recently, ApeCoin enhanced its smart contract to incorporate the Omnichain Fungible Token (OFT) standard from Layer Zero. This advancement enables APE to serve as the native gas on its blockchain, ApeChain, as well as a utility and governance token.
An essential component of the Yuga Labs ecosystem, ApeCoin (APE), has seen a spectacular price increase of more than 100%. This advancement enables APE to serve as the native gas on its blockchain, ApeChain, as well as a utility and governance token.
Furthermore, the integration guarantees that APE can be transferred between Ethereum, Arbitrum, and ApeChain. This establishes a new benchmark for the functionality and interoperability of tokens.
Another noteworthy improvement is the addition of a Native Yield mechanism, which was created in partnership with Decent.xyz. It allows owners of ApeCoins to automatically generate yields on their tokens without having to do anything by hand.
With every new block, yields accumulated are immediately added to the user's balance in this feature, which is the default for all externally owned accounts (EOAs).
These updates have been well received by the market, as evidenced by ApeCoin's trading volume rising more than 6,400% to $1.84 billion. Its market capitalization, which has surpassed $1 billion and increased by more than 100%, reflects the favorable market reaction and ApeCoin price spike.
Additionally, the addition of bridges that make it easier for APE, ETH, and other stablecoins to move between networks has increased liquidity on ApeChain. This ability has improved asset movement's fluidity, drawing developers and investors to the ecosystem.
In a similar vein, ApeChain has performed admirably since the update, trading over $25 million in the first 12 hours. The establishment of 148 liquidity pools and the completion of 62,700 transactions are examples of this activity, which shows strong engagement.
Along with technology advancements, ApeCoin has revealed that a core user incentive program will launch shortly. The program's specifics are still being finalized, but its anticipated implementation could raise the price of ApeCoin even more.
APE value is increased by the extension of ApeCoin's usefulness beyond transactional uses, including governance within the ApeCoin DAO and usability in actual transactions. Furthermore, the expanded functionality brings the token closer to the requirements and demands of its user base.
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