Yuga Labs, the company behind the famous NFT collections like Bored Ape Yacht Club, has announced the launch of its new blockchain network, ApeChain. This event has captured the attention of both the industry and the investment community.
Launch of ApeChain Blockchain
On October 20, the ApeCoin team, led by Yuga Labs co-founders Wylie Aronow and Greg Solano, confirmed the launch of the highly anticipated ApeChain blockchain. The project development spanned ten months, marking a major advancement in expanding the blockchain capabilities of ApeCoin.
What is ApeChain All About
Initially, Yuga Labs began incubating its network in 2022 by establishing ApeCoin—a decentralized autonomous organization overseeing the Bored Ape Yacht Club and Mutant Ape Yacht Club ecosystems. ApeChain is a Layer 3 network developed on Arbitrum Orbit, a platform enabling customized Layer 3 networks on Arbitrum's Nova Layer 2 network. The project was officially announced at ApeFest2024 in Lisbon, Portugal.
Market Reaction to ApeChain
Following the ApeChain launch, the ApeCoin ($APE) token demonstrated significant growth, surpassing 100% increase within six hours. According to coinmarketcap.com, $APE surged from $0.88 to $1.62, accompanied by a trading volume jump to $2.12 billion within a day. However, the current value of $APE remains 95% below its all-time high.
The launch of the ApeChain blockchain has been a pivotal development for Yuga Labs and its ecosystem, indicating further growth and development opportunities for the project and its community.