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ApeCoin (APE) has seen its price rise more than 100% today, largely driven by the rollout of advanced technologies and newly implemented incentive programs. These initiatives aim to increase user participation and broaden the token’s usability across multiple networks, fueling its recent appreciation.
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Layer Zero integration and interoperability
Layer Zero’s Omnichain Fungible Token (OFT) standard is now integrated with ApeCoin via the latest update to its smart contract. This version greatly improves the capabilities of ApeCoin, allowing it to be more than just a utility token and a governance token, but it is now also the native gas token on its own blockchain. Monkey chain. In doing so, it establishes the integration of ApeCoin as a fundamental part of the Yuga Labs ecosystem.
🔵 @apecoin goes omnichain!
APE, ApeChain’s native gas token and a core asset in the @yugalabs ecosystem, is used for transaction fees, voting in ApeCoin DAO, and as a payment method for Yuga Labs titles and IRL purchases. It is now an OFT that can be transferred seamlessly… pic.twitter.com/azgIlAUW3B
— LayerZero (@LayerZero_Core) October 17, 2024
Another key feature of this token is its Layer Zero integration, which simplifies the transfer of APE across multiple blockchains: ApeChain, Ethereum, and Arbitrum. This was a much-needed improvement to the token in terms of setting a new benchmark for token interoperability and increasing user appeal to developers, while the excellent development process also eases the transfer of assets between networks.
Indigenous return mechanism and market response
Another aspect responsible for ApeCoin’s recent price increase concerns the implementation of a Native Yield mechanism co-developed with Decent.xyz. This means that ApeCoin holders will receive a passive income on their holdings without requiring any input from the user. The proceeds are credited to the wallets at the end of each block without any hassle, leaving a very rewarding proposition for the token holder.
The updates were widely welcomed in the market, as ApeCoin traded at a price of over 6,400%, breaking out to a trading volume of approximately $1.84 billion. one cycle of 24 hours.
Greater liquidity and future prospects
Today, the cross-chain bridges support the transfer of APE, ETH, and stablecoins between the chains. This has allowed the network to maintain relatively high liquidity, attracting investor attention and developer involvement. It has made transfer operations within the network smoother and more efficient.
ApeChain is off to a strong start, trading volume of $25 million in the first 12 hours 🍌
More than 148 pools have been created with 62,700 transactions. Memes launched @ape_express_ are then traded on Camelot.
Be a knight and start monkeying now 👇https://t.co/aRc3dH1Iry pic.twitter.com/QOCBvjeKzn
— Camelot (@CamelotDEX) October 20, 2024
Since the upgrade, ApeChain’s performance has been impressive, with trading volume exceeding $25 million in just 12 hours. The creation of 148 liquidity pools and more than 62,000 transactions highlights the strong user activity and growing interest in the platform.
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ApeCoin’s core incentive program for users will be launched in the near future so that it will gain more value and increase market demand. Some details about the program have yet to be announced, but the market is already in on it.
Currently, ApeCoin is trading at $1.58 and is up about 109% in the last 24 hours. Despite the great momentum and rising utility, the prospects for ApeCoin’s growth in the decentralized environment appear quite good.
Featured image from Techopedia, chart from TradingView
