ApeCoin (APE), part of the Bored Ape Yacht Club (BAYC), has seen its value double over the weekend, reaching over $1.5 for the first time since April, according to CoinDesk data.

The rise is attributed to the launch of ApeChain by Yuga Labs, the company behind BAYC. The ApeCoin DAO had voted to create this blockchain back in January.

ApeChain is a Layer 3 network built on Arbitrum One that supports APE tokens, allowing for minting NFTs, trading, and decentralized apps while improving user experience. The network's staking functionality, enabling automatic yield earning on APE and other tokens, went live alongside its launch, which has greatly encouraged user engagement and interest in APE.

Markus Thielen from 10x Research notes, "ApeCoin has introduced an automatic yield mode, allowing users to passively earn returns by staking their APE tokens. This new feature reinvests rewards automatically, maximizing yield over time."

Additionally, the recent launch of LayerZero on the ApeChain mainnet has facilitated seamless cross-chain token transfers, further enhancing APE's utility across different blockchains.

Translation of the quote by Thielen: "ApeCoin has introduced an automatic yield mode, allowing users to passively earn returns by staking their APE tokens. This new feature reinvests rewards automatically, maximizing yield over time."