The APE community warmly received the release of a cryptocurrency trading simulator.
The APE token saw a significant increase in value, rising from $0.70 to $1.75.
On October 19, the team behind the Bored Ape Yacht Club and ApeCoin announced the launch of ApeChain, a main network built on Arbitrum, the L2 of Ethereum.
APE, the native sign of the APE ecosystem, experienced a price surge from $0.70 to approximately $1.75, reaching levels not seen since April 2024.
ApeChain is a third-tier network built on Arbitrum, designed to enhance efficiency, scalability, and reduce transaction costs by utilizing a more specialized architecture.
Ethereum provides the underlying security and decentralization, but due to limitations in scalability and high fees, transaction costs on the network can be expensive and slow.
Arbitrum improves transaction speed and reduces fees by processing transactions off the Ethereum main chain and then verifying and securing them on the main network.
ApeChain, an L3 network built on Arbitrum, inherits Ethereum’s security and Arbitrum’s scalability while further reducing transaction costs for specialized operations within the ApeCoin ecosystem.
This architecture enables more transactions to be processed without overburdening the main network, ultimately reducing transaction costs.
ApeChain is compatible with the Ethereum Virtual Machine, allowing users to access the Ethereum ecosystem and run smart contracts and decentralized applications.
By utilizing the “Anytrust Data Availability” technology, ApeChain aims to offer ultra-low-cost transactions while ensuring the availability and reliability of transaction data.
The Anytrust approach, used in networks like Arbitrum, reduces resources needed to maintain data integrity and availability, enabling more cost-effective transactions.
ApeChain strategically stores essential data to operate efficiently and economically, striking a balance between low cost and high security.
The security of the ApeChain network relies heavily on the integrity of the Data Availability Committee, which must ensure transaction data remains available and secure.
ApeChain’s mainnet processes blocks every second, with most containing two transactions, and some including more.
For example, Block 535943 on ApeChain processed a transaction of 1,000 APE, equivalent to $1,462.88, with a transaction fee of 0.00478419927869 APE ($0.006999).
The ApeChain mainnet has seen a significant increase in unique accounts since its launch, reaching over 103,000 unique accounts within a day.
The APE ecosystem encompasses projects and applications revolving around APE, offering utility and governance based on Ethereum.
Yuga Labs, the creator of the APE ecosystem, is known for launching the Bored Ape Yacht Club, a collection of NFTs characterized by humanized monkey caricatures.
ApeChain’s “Native yield” concept allows assets transferred to the ecosystem to automatically generate returns from sources on the Ethereum mainnet without manual intervention.
Assets such as stable coins USDC, USDT, and DAI can be used for passive income on ApeChain, generating returns in apeUSD and apeETH tokens.
ApeExpress, a project by Yuga Labs, enables users to create and participate in airdrops of cryptocurrencies and memecoins on the ApeChain network.
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