ApeCoin Jumps as ApeChain Introduces 'Top Trader' Game

ChainPlay

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8 hours ago

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ApeChain, a new Ethereum layer-2 network, was introduced by the ApeCoin DAO during ApeFest in Lisbon this Sunday. This launch sparked a major rise in the price of APE, the native currency of ApeChain, with its value doubling soon after. The long-anticipated mainnet launch brought with it a variety of apps and games, including a meme coin launchpad, a leverage trading simulator, and other games focused on creating fun, engaging experiences for users.

DAO Votes for Arbitrum Technology

Earlier in the year, the ApeCoin DAO made a key decision to choose Arbitrum technology to power ApeChain. Over half of the DAO’s voting power supported Arbitrum, putting it ahead of other popular Ethereum scalers like Polygon and zkSync. This choice followed recommendations from Yuga Labs, the creator of the Bored Ape Yacht Club. Yuga Labs suggested that the DAO create its own blockchain in order to prevent high fees on Ethereum’s mainnet during times of increased activity. By opting for its own chain, ApeChain can offer faster and cheaper transactions for its users.

Eight months later, ApeChain has finally gone live. The new network offers user-friendly features like abstracted account creation and gas-sponsored transactions, making it easier for people to navigate the crypto space. These developments aim to attract a wider audience, including those who may not be familiar with complex crypto transactions. Additionally, ApeChain has integrated LayerZero’s Omnichain Fungible Token (OFT) standard, which allows tokens to be transferred across various blockchains, increasing its flexibility and functionality in the multi-chain environment.

Source: X

ApeCoin, now the native currency of ApeChain, experienced a massive price increase after the network's official launch. The token’s value surged from $0.75 to a peak of $1.74 on Monday. Although the price has since dropped slightly to $1.48, the token still saw a 96% increase over the past week. This marked a six-month high for ApeCoin, which had struggled in value following its all-time high in 2022. Despite these past challenges, the token’s market cap has now climbed to over $1 billion, according to CoinGecko, signaling renewed interest in the Bored Ape ecosystem.

According to Yuga Labs’ Chief Product Officer, Michael Figge, ApeChain’s mission extends beyond just technical advancements. The focus is on creating fun and enjoyable experiences for the community while also providing accessible tools for developers and users. Figge emphasized the importance of making the tools that power ApeChain’s innovative features available to everyone, enabling more users to interact with the platform and build within its ecosystem. This combination of user-centered design and cutting-edge technology sets ApeChain apart from other Ethereum layer-2 networks.

Popular Decentralized Apps on ApeChain

ApeChain has quickly attracted attention with its growing range of decentralized apps (dapps). One standout is Ape Express, which functions as a token launchpad similar to Solana’s Pump.fun. Users with no technical background can launch their own tokens, making it highly accessible. Tokens such as CURTIS and BORED have already achieved multi-million-dollar market caps. Additionally, Yuga Labs has launched Top Trader, a trading simulator with competitive tournaments where top players can win real crypto prizes. Top Trader is known for its unique trading environment that lets users engage with 1,000x leverage using fake tokens.

Source: X

ApeChain continues to grow its library of games. Pixel Vault’s Battle Plan, an arcade-style auto-brawler, is one of the most recent releases on the network. After migrating from Arbitrum Nova to Xai earlier this year, the game has now found its place on ApeChain. Meanwhile, the highly anticipated Sugartown poker game, developed by D20 Labs—the studio behind FarmVille—will soon be launched. Other notable releases include Yuga Labs’ Dookey Dash: Unclogged and the long-awaited metaverse game, Otherside, both of which are set to add further depth to the ApeChain ecosystem.

To encourage development on ApeChain, the ApeCoin DAO has created a $70 million fund called “The Banana Bill.” This fund will provide financial support for projects building on the new network, helping to foster innovation. In addition to this, ApeChain users will benefit from a new rewards initiative called “Spotlight,” which is a points-based system aimed at encouraging user engagement. Projects that receive backing from The Banana Bill will be included in this reward system, ensuring that both developers and users have plenty of incentives to participate in ApeChain’s growing ecosystem.