One Year On: Inside ApeChain’s Brief Rise and Slow Fall

ApeChain, the Yuga Labs-backed Layer 3 network built for the ApeCoin ecosystem, celebrated its first anniversary last month. After a brief rise in on-chain value and activity, ApeChain has been mostly in decline since its launch, while its native token ApeCoin (APE) has also struggled to regain its NFT-era highs. When it launched at ApeFest in Hong Kong on Oct. 20 last year, the project promised a variety of features such as fast transactions, non-fungible token (NFT) staking, and multiple utility-cases for APE, which was launched two years prior to the network's debut.At first, the launch of ApeChain — which was initially proposed to the ApeCoin DAO by a team including leads at Horizen Labs, Arbitrum developer Offchain Labs, and the Arbitrum Foundation — sparked a surge in activity as the network was supported by “Banana Bill,” an initiative with over 100 million APE tokens aimed at incentivizing developers and apps.To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io