- Apecoin surged 70% on Sunday as Yuga Labs launched the Apechain mainnet and applied staking rewards.
- Apechain, a layer 3 community constructed on Arbitrum, will energy 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, launched Apechain, a layer 3 community on Arbitrum on Sunday.
Apechain was first voted on in January 2024 by ApeDAO and was designed as a extra scalable resolution for the studio's metaverse undertaking referred to as Otherside and the rising Yuga Labs ecosystem.
Whereas the studio initially launched its NFT collections on Ethereum, scalability points, which blighted its Otherside land deed, proved insurmountable.
The rise of layer 3 networks
Apechain is among the largest NFT and metaverse tasks within the crypto area, however is finally one in every of many tasks selecting to construct a layer 3 community as an answer to Ethereum's excessive charges and inelasticity.
Not like Layer 2 networks like Arbitrum which function a basic goal scaling resolution, these Layer 3 networks, of their present iterations, are undertaking particular, usually constructed for an ecosystem (just like the Xia community on Arbitrum which is devoted to video games). particular or Degen on Base which is restricted to content material creators on Farcaster).
Within the case of Apechain, the community will assist all tasks within the Yuga Labs ecosystem, from video games to NFT collections to DeFi functions. A buying and selling platform referred to as TopTrader has already been launched and is working a buying and selling marketing campaign to draw customers.
Extra Usefulness for Apecoin
Essentially the most optimistic case for Apecoin, nonetheless, is the added utility of actions on Apechain. APE is the first coin for transactions, NFT minting, and participation in dapps that can be constructed on the Apechain.
APE closed at $1.5 on Sunday, up 71% after the community's launch announcement and up 15% on Monday on the time of writing.
