They released a cryptocurrency trading simulator and it was well received by the APE community.
The APE token rose from $0.70 to $1.75.
The team behind the famous boring apes Bored Ape Yacht Club and ApeCoin (APE), the native cryptocurrency of the APE ecosystem, announced on October 19 the launch of its mainnet (main network), called ApeChain. It is a third layer (L3) network built on Arbitrum, the L2 of Ethereum (ETH).
Behind him advertisementAPE, the token native to this ecosystem, registered a rise from the $0.70 to a maximum of approximately $1.75an area that it has not reached since April 2024. At the time of this article, its price is around $1.54, according to TradingView data.
That ApeChain is a third layer network built on Arbitrum means that ApeChain is designed to further optimize efficiency, scalability and transaction costs using a more complex and specialized architecture that depends on the previous layers.
Ethereum is the “base” network, which provides security and decentralization underlying. However, due to its scalability limitations and high costs, many transactions on Ethereum are expensive and slow.
Arbitrum is designed to improve the speed and reduce transaction costs of Ethereum. He does it when processing transactions off the main chain of Ethereum and then send the results to the main network to ensure their security and validity. This offloads a portion of the operations, making transactions cheaper and faster, without compromising security.
Thus, ApeChain, being an L3 built on Arbitrum, inherits the security of Ethereum (L1) and the scalability of Arbitrum (L2)but is optimized to further reduce transaction costs and improve the efficiency of specialized operations, such as those involving the economics of the ApeCoin ecosystem.
This architecture allows many transactions to be processed without congesting the main network, which also reduces transaction costs.
On the other hand, ApeChain is compatible with the Ethereum Virtual Machine (EVM), giving you access to the Ethereum ecosystem and allowing you to run the same types of smart contracts and decentralized applications (dApps) running on this network.
According to their documentsApeChain aims to offer transactions of “ultra low cost”. To achieve this goal, ApeChain states that they use “Anytrust Data Availability” technology.
This tool would guarantee the transaction data availability and that these are stored in a “trustworthy” manner so that network participants can verify operations.
In this method, not all validators need to be fully online or verifying data to process the blocks, but instead a subset can be trusted of them, which would reduce the cost of processing transactions.
This Anytrust approach is used in networks like Arbitrum (on which ApeChain is built), and its purpose is to use fewer resources to guarantee data integrity and availability.
So, instead of storing all the data on the main network, which would be more expensive in terms of storage and processing, ApeChain stores the essentials to operate efficiently and economically.
If a dispute were to arise, full information can be recovered to validate what happened, ensuring a balance between low costs and high security.
On the other hand, this technology could also involve certain risks. Among them, the security of the network depends largely on the integrity of the members of the Data Availability Committee (group of entities or nodes that must guarantee that transaction data remains available on the network).
If a significant number of members corrupts or acts in bad faithcould compromise data availability and therefore network security.
What is happening on ApeChain?
Analyzing the data on-chain from ApeChain it can be corroborated that blocks are processed every second and that the vast majority of these include 2 transactions. Although some were also found with 3, 5, 9 or 12 transactions included.
For example, checking block 535943 contains a transaction of 1,000 APE, equivalent to a value of $1,462.88 at the time of the transaction, which implied a cost for transaction fee of 0.00478419927869 APE ($0.006999).
This data could determine that it is a network with fast processing times and low tariff costs.
Additionally, this network has recorded a notable increase in unique accounts since its launch.
This statistic shows that as of October 19, when ApeChain was launched, there were more than 5,000 unique accounts. However, the next day this number reached over 103,000 unique beads.
It is possible that one of the explanations for the increase during October 20 was boosted by the number of users who interacted (and continue to do so) with the new cryptocurrency trading simulation platform, Top Trader.
During the previous months, while it was in testnet (testnet), ApeChain had a maximum of 1,300 unique accounts. ApeCoin announced the launch of the testnet by ApeChain in July 2024.
Coinciding with the increase in unique accounts, there was also a large increase in daily transactionsreaching almost 900,000 on October 20, 2024.
In his period of testnetthat statistic ranged between 2,000 and 4,000 per day, with a slight peak in early September, when 8,000 and 10,000 were observed on the 5th and 6th of this month.
What is the APE ecosystem?
The APE ecosystem is a set of projects and applications that revolve around APEa token utility and governance based on Ethereum. As CriptoNoticias reported, this ecosystem includes several collections of NFTs (non-fungible tokens), platforms and services that use APE for various functions, such as payment of transaction fees. It now has its own main network, ApeChain.
This ecosystem was created by the company Yuga Labs. Among its most relevant launches, the collection of 10,000 stands out. NFT, Bored Ape Yacht Club (BAYC), launched in 2021. These tokens non-fungible are characterized by being humanized caricatures of apes.
By purchasing any of these NFTs, at a very high price for most users, you gained access not only to exclusive possession of that unique digital asset but also to the possibility of entering a private club. on-line.
Reviewing the NFT Open Sea market, among the cheapest of the BAYC offered, a user should spend at least 13.07 ETHwhich is equivalent to almost 35 thousand dollars at the time of this article, to own one of them.
This collection gained a lot of popularity among famous people, such as actors and singers, who acquired some of these NFTs. Among themJustin Bieber and Snoop Dog.
ApeChain will enable automatic passive income on its network
The idea of “Native Yield” in ApeChain refers to certain assets that, when transferred to the ApeChain ecosystem, can automatically generate returns. These assets are redirected to sources of return (in English yield sources) on the Ethereum mainnet, without the need for manual intervention.
ApeChain automatically sends assets that have been transferred across bridges to sources of return, where they generate interest or rewards without users having to take any additional action. This is useful, especially on L2 and L3 networks.
The assets that users can use for this passive income tool are: stablecoins USDC, USDT and DAI. These stablecoins are converted to sDAI (DSR) on Ethereum, and the returns are reflected in the token apeUSD on ApeChain.
On the other hand, the tokens ETH and WETH become wstETH (a wrapped version of ETH with staking) and are reflected as apeETH.
Ultimately, the APEs that users maintain also generate performance in ApeStakeusing ApeCoin as token of gas.
Another announcement that involves a project from the Yuga Labs company is the portal ApeExpresswhere users can participate or create airdrops of cryptocurrencies or create memecoins.
There, according to advertisement the platform itself on October 19, users will be able to issue these on ApeChain tokens based on animals, characters or internet jokes “in minutes, in the style of Pump.fun”, the application of memecoins of the Solana (SOL) network.
