On October 19, the mainnet launch of ApeChain, designed for the NFT ecosystem of Yuga Labs, triggered a significant surge in ApeCoin (APE) prices, which doubled over the weekend.

The lights are on. pic.twitter.com/0JV9ImmkDA
— ApeCoin (@apecoin) October 19, 2024

The ApeChain protocol is built as an L3 solution on Arbitrum One and aims to simplify NFT issuance, trading, and decentralized application usage. It will also serve as the backbone for the Otherside metaverse, created by the developers of Bored Ape Yacht Club.

The project team introduced a bridge for token migration to the native network with automatic staking, offering users additional income opportunities.

The network is already supported by several partners and application providers. APE’s price responded by rising from approximately $0.75 to $1.625, marking its highest point since early April. However, it remains 94% below its all-time high (data from CoinGecko).

Marcus Thielen, founder and CEO of 10x Research, believes that the automatic yield option attracted investors, as reinvesting staking rewards maximizes returns.

“This feature aims to enhance ApeCoin’s utility, encouraging users to participate more actively in the ecosystem through games and other activities,” noted Thielen.

APE’s growth was further supported by the integration of the omnichain LayerZero protocol with ApeChain, facilitating cross-chain transactions and increasing token utility.

LayerZero is live on ApeChain mainnet as its canonical interoperability provider!

ApeChain, built on @Arbitrum, powers the ApeCoin ecosystem with APE as its native gas token. Integrated with LayerZero's OFT standard, APE enables seamless cross-chain transfers, enhancing utility… https://t.co/wlhh8PIkQn pic.twitter.com/vTm5NThjkZ
— LayerZero (@LayerZero_Core) October 20, 2024

Notably, the ApeCoin airdrop occurred in March 2022. At the end of 2023, Yuga Labs announced staff reductions and a focus on the Otherside metaverse.