- Apecoin surged 70% on Sunday as Yuga Labs introduced the Apechain mainnet and carried out staking rewards.
- The Apechain, a layer-3 community constructed on Arbitrum, will energy the Yuga Lab’s metaverse, Otherside.
Yuga Labs, the creators of the Apecoin token, Bored Ape Yacht Membership, and Mutant Ape Yacht Membership, and present house owners of the Crypto Punks and Meebits NFT tasks introduced the Apechain, a layer-3 community on Arbitrum, on Sunday.
The Apechain was once first voted on in January 2024 by means of the ApeDAO and was once constructed as a extra scalable resolution for the studio’s metaverse task, known as Otherside and Yuga Labs’ rising ecosystem.
Whilst the studio had first of all introduced its NFT collections on Ethereum, scalability problems, which marred its Otherside land deed NFT mint, proved insurmountable
The upward thrust in layer-3 networks
Apechain is likely one of the biggest NFT and metaverse tasks within the crypto house however is in the end one of the tasks that make a selection to construct a layer-3 community as a option to Ethereum’s top charges and inelasticity.
In contrast to layer-2 networks like Arbitrum that function a general-purpose scaling resolution, those layer-3 networks, of their present iterations, were project-specific, typically constructed for one ecosystem (just like the Xia community on Arbitrum which is gaming-specific or Degen on Base which is particular to content material creators on Farcaster).
In Apechain’s case, the community will give a boost to all tasks in Yuga Labs’ ecosystem, from video games to NFT collections, or even DeFi packages. A buying and selling platform known as TopTrader has already introduced and is working a buying and selling marketing campaign to draw customers.
Extra software for Apecoin
Probably the most bullish case for Apecoin, on the other hand, is the added software from actions at the Apechain. APE is the essential coin for transactions, NFT minting, and collaborating within the dapps that will likely be constructed at the Apechain.
APE closed at $1.5 on Sunday, 71% upper after the announcement of the community’s release and is up 15% on Monday as of writing.