The leading cryptocurrency Bitcoin (BTC) continues to rise as the US presidential election approaches. At this point, eyes are turned to $ 70,000, while altcoins are also experiencing upward movement.
However, there are some altcoins that left the market positive with their rise. One of them was Apecoin (APE).
While Apecoin has increased by 100% in the last two days, it was stated that the latest rise was due to Yuga Labs' introduction of ApeChain.
At this point, the long-awaited ApeChain went live on Sunday and provided native staking returns to APE holders.
ApeCoin (APE) experienced a major surge over the weekend as staking returns arrived, doubling in value to surpass $1.5 for the first time since April.
Commenting on the rise of APE, 10x Research President Markus Thielen said that the decision to bring native staking returns to APE increased the interest of investors.
According to Coindesk, Markus Thielen explained the catalysts for the APE price increase, saying:
“ApeCoin has introduced an automatic yield mode that allows users to passively earn yield by staking their APE tokens. This new feature maximizes yield over time by automatically reinvesting rewards.
The new platform is part of the broader ApeCoin ecosystem, which aims to increase the utility of the APE token by encouraging users to more actively engage with APE through games, staking pools, and other activities.
The platform also plans to add support for other yield-producing cryptocurrencies to attract a wider user base.”
Thielen added that another catalyst that may have aided the APE price rally was the launch of LayerZero on the ApeChain mainnet.
What is ApeChain?
A Layer 3 network developed on Arbitrum One, the ApeChain token is fully compatible with the APE token, facilitating the minting of non-fungible tokens (NFTs), trading, and decentralized applications while enhancing the user experience.
The ApeChain bridge went live on Sunday, allowing users to transfer their tokens to ApeChain and automatically earn staking returns on APE, Ethereum (ETH), and stablecoins.
At this point, users can transfer tokens between Ethereum and Arbitrum (ARB) via the ApeChain bridge, using APE as gas fees for network transactions. Users can connect their wallets to swap tokens to make transfers between networks.
*This is not investment advice.
