If you've heard of the long-term top-ranked NFT "Bored Ape" (BAYC) from the last bull market, then you must be curious about ApeChain.
Last Sunday, the Bored Ape Yacht Club (BAYC) officially announced the launch of the ApeChain mainnet, and the market responded positively, with the price of $APE surging over 120% in 24 hours.
Bored Ape Yacht Club Announces ApeChain Mainnet Launch
01 How did ApeChain perform on its launch?
ApeChain is a Layer-2 network developed by the ApeCoinDAO, built on top of Arbitrum Orbit, with the aim of supporting the ApeCoin ecosystem, primarily focused on the Bored Ape (BAYC) community.
Its features include an "auto-yield mode" that allows users to hold ApeCoin and engage in on-chain transactions and liquidity provision.
Currently, ApeChain has attracted a large number of active applications, games, and other projects, such as the Meme token platform Ape Express, similar to Pump.fun, and the trading simulation game platform Top Trader.
Ecosystem projects displayed on the ApeChain website (https://apechain.com/)
The narrative of the chain has been a focus of development by one of the founders of Yuga Labs, Greg Solano, since he resumed the role of CEO. After the launch of the new chain, Degen players rushed in to hype the new chain's Meme tokens. Let's take a look at ApeChain's performance on the first day:
2,640 tokens were created on the Ape Express platform
55 Meme tokens successfully completed their initial offering
7 Meme tokens with a market cap of over $1 million appeared
Over $50 million in trading volume
This performance is quite impressive.
02 How can new players participate in ApeChain?
So, do new players still have a chance to get involved? The answer is: yes.
If new players want to enter the market now, the timing is still good, as the first wave of PVP has ended, and the leading Meme tokens have stabilized. Moreover, according to the ecosystem introduction on the official website, in addition to the Meme infrastructure, there will be many games launching in the future.
Here's a detailed introduction on how to participate in ApeChain:
Cross-chain: The first step to enter the new chain is definitely cross-chain. The Gas fee token of ApeChain is the $Ape token. The official bridge (https://apechain.com/portal) currently supports the Ethereum mainnet and Arbitrum, and can cross multiple tokens, but you need to be aware of the slippage. Currently, only $Ape cross-chain has no slippage. You can also choose the third-party bridge Stargate, but it only supports $Ape cross-chain.
Find Meme tokens: If it's an initial offering, you can look for new valuable Meme tokens on Ape Express. If they have already been listed on a Dex, you can use Dexscrenner, select ApeChain, and you'll be able to see the current Meme token heatmap on the chain. It's not recommended to buy tokens with a relatively low market cap.
Swap: The mainstream Dex currently is Camelot, while DYORSwap supports fewer tokens. Open Camelot, select ApeChain, and your wallet will automatically add the RPC. Then you can directly swap for the token you want to buy.
The trading interface of the $CURTIS token on Ape Express (not a recommendation, just an example)
In addition to playing Meme, the Top Trader (@Toptrader_xyz) platform has also launched in the ApeChain ecosystem. This is a trading simulation platform. The gameplay is actually quite simple:
Pay 10 $Ape to participate in the daily trading competition.
You will initially receive 10,000U of game tokens, and then you can trade the supported tokens on the trading platform, with a minimum leverage of 100x and a maximum leverage of 1,000x. If you run out of game tokens, you can continue to buy tickets to get new game tokens.
The top-ranking traders will share 50% of the competition prize pool.
Top Trader trading simulation interface, showing a click on the bottom left to pay 10 $Ape
If you are a very skilled trader, you can try to see if you can win the rewards. If you are not a very skilled trader, you can also participate to try to claim the airdrop.
03 Risk Warning
The rapid rise of ApeChain has attracted widespread attention in the market. Although the market response has been very positive so far, the demand-side of ApeChain still lags behind mainstream blockchains like Ethereum and Solana.
Considering factors such as the number of token holders and liquidity issues that may affect long-term development, whether ApeChain has the potential to create a wealth effect or will gradually cool down after the initial hype, a cautious attitude is still needed.
