The ApeCoin ecosystem, related to the well-known Non-Fungible Token (NFT) series BAYC, announced on Sunday that the mainnet native cross-chain bridge of its ecosystem-dedicated chain ApeChain has gone live, allowing users to transfer tokens from the Ethereum mainnet or the Arbitrum layer-2 network to ApeChain to earn native yields in APE, ETH, and various stablecoins.
ApeCoin (APE) is the primary token of the BAYC ecosystem and its development company Yuga Labs' related products, while ApeChain is an Arbitrum-powered Optimistic Layer 3 blockchain developed specifically to support the ApeCoin ecosystem, using APE as the native gas token.
The ApeCoin team stated that multiple partner projects and applications have gone live on ApeChain, and users holding APE tokens on this blockchain can also earn yields through an "auto-staking" mechanism.
According to ApeCoin, the APE token balance of user EOA (Externally Owned Account) addresses will automatically increase with the corresponding yield amount in each block, without the need for manual operation, with the yield coming from ApeStake, which had a 12% yield as of October 19.
After the news of the ApeChain cross-chain bridge launch, the APE token price saw a massive surge, gaining up to 130% within 16 hours. As of the time of writing, the trading price of APE is $1.468.
A trader lucky enough to catch a meme token's massive pump, profiting 300x
According to information shared by the on-chain data analysis platform Lookonchain, a trader made trades on 18 different meme tokens on ApeChain within the past 30 hours, and despite a 50% win rate, they managed to obtain a 300x profit on one of the tokens that saw a massive pump.
According to Lookonchain's chart, a trader with an address starting with "0x4F5" spent 600 APE (around $876) to buy the CURTIS token yesterday, earning a profit of up to $259,500, with $193,000 already realized. Lookonchain pointed out that this trader's win rate on meme token trades is 50%, while most traders typically have a win rate below 50%, and it is difficult to catch pumps like that of $CURTIS.
