Following the launch of ApeChain, ApeCoin saw a 103% increase in price. The new blockchain promises to improve interoperability and utility, thus having a significant impact on the Yuga Labs ecosystem. This and more news in this handy weekly roundup so that you are always informed with the latest events occurring within the crypto world.
Yuga Labs has launched the ApeChain
📍Yuga Labs, the company behind the iconic Bored Ape Yacht Club NFT collection, has announced the launch of ApeChain, a new blockchain platform that integrates artificial intelligence (AI). The launch of this new blockchain, built on Arbitrum Orbit technology, represents an important development for the creative economy. The company seeks to offer content creators new tools to interact with their followers in a more effective, innovative and profitable way.
Positioned as the new home for Yuga Labs' flagship brands including Bored Ape Yacht Club and Otherside, the ApeChain offers full equivalence to the Ethereum Virtual Machine (EVM). Furthermore, thanks to its design, will allow creators to operate with ultra-low-cost transactions, which is crucial for the development and growth of the creative economy. This is possible because ApeChain offers high performance and scalability.
The developers introduced ApeChain as an optimistic Layer 3 chain with 0,25 second block times. The APE token, related to Yuga Labs' crypto collections such as BAYC, is the native token of this platform. On the other hand, the developers recently said that ApeChain will integrate decentralized AI capabilities through a partnership with Wire Network, a Layer 1 blockchain infrastructure designed specifically for the AI agent economy. They also announced an integration with the protocol Layer Zero, which has become its canonical interoperability provider.
Thanks to all of the above, the new network promises to provide entrepreneurs and creators with greater creative freedom, facilitating a richer experience for consumers in various areas of entertainment, from art to video games.
APE rises exponentially after the launch of ApeChain
📍The ApeCoin token experienced an impressive increase of over 100% in its price, reaching $1,71, following the announcement of the launch of ApeChain. This new blockchain, built on Ethereum, represents a significant expansion of the Yuga Labs ecosystem, allowing ApeCoin to enjoy greater utility as an ERC-20 and governance token.
ApeCoin trading volume has increased dramatically, surpassing $2.000 billion in the past 24 hours, according to data from CoinMarketCap. The current trading volume for this token is up 930% compared to the previous day.
Source: CoinMarketCap
In addition to the launch of the new network, the developers also announced the implementation of a user incentive program, which promises to further boost the value of ApeCoin in the future. Launching today, this program is designed to extend APE’s utility beyond transactions.
Sotheby's to auction AI and robot creations
📍Iconic auction house Sotheby's is hosting new art auctions this month. What is special about their new offerings is that they are innovative works of art created by artificial intelligence and robots.
On its website, Sotheby's said that a painting titled “AI God,” a portrait of the famous mathematician Alan Turing, made by Ai-Da, a humanoid robot, will be auctioned this month. The auction of this work, which is part of “Digital Art Day,” could reach a value of up to $180,000.
But in addition to Ai-Da’s work, Sotheby’s is also presenting a collection of six works by digital artist Botto, an autonomous AI system that creates art without direct human intervention. Botto’s pieces, which are auctioned between $220.000 and $310.100, have been selected by a decentralized autonomous organization (DAO), which allows more than 15.000 participants to decide which works are minted and sold. This structure not only challenges traditional notions of art, but also integrates blockchain technology into the creative and sales process of digital works.
Michael Bouhanna, head of digital art at Sotheby's, describe Botto as one of the most exciting artists in the field of digital art. With these auctions, Sotheby's is not only opening a new chapter in the history of art, but is also establishing a bridge between human creativity and artificial intelligence, inviting collectors to explore the future of art in a digital context.
UAE moves towards regulating DAOs
📍The United Arab Emirates is about to implement a legal framework that will benefit decentralized autonomous organizations (DAOs). According to reports, this regulatory initiative promises to transform decentralized governance in the country.
The creation of this legal framework for DAOs was announced by the free economic zone Ras Al Khaimah Digital Assets Oasis (RAK DAO), which is organizing a event's audience dedicated to these decentralized organizations this week.
By creating a regulatory regime for DAOs, the UAE seeks to address crucial aspects of these organisations, such as their legal structure, tax obligations and asset ownership, enabling them to operate legally and facilitating their registration and establishment in the country, even remotely. This will allow DAOs the ability to open bank accounts and establish legally binding contracts, further strengthening the UAE’s position as a global hub for blockchain innovation.
Bittensor launches Ethereum-compatible smart contracts
📍Bittensor, the innovative decentralized artificial intelligence network, has recently launched support for Ethereum smart contracts. This allows developers to deploy and interact with Ethereum-based contracts on the subtensor blockchain. The integration marks a major milestone in the fusion of artificial intelligence with decentralized finance (DeFi), expanding Bittensor’s capabilities and positioning it as a key competitor in the blockchain space.
The upgrade was announced at a public event on Token 2049 and has generated significant interest in Bittensor’s TAO token, which has seen a significant increase in value. According to data from CoinMarketCap, the value of TAO has increased by more than 50% in the past month, surpassing $600. This growth is attributed to the anticipation of new features, such as dTAO, which promises to further decentralize the network and optimize TAO issuance.
Source: CoinMarketCap
Additionally, the activation of Bittensor’s EVM Testnet on Metamask allows developers to experiment with the new functionality, facilitating the creation of decentralized applications (dApps) that leverage both artificial intelligence and Ethereum’s capabilities. Jacob Steeves, founder of Bittensor, highlighted that this evolution not only democratizes access to the network, but also introduces an incentive system that will motivate subnet owners to improve their performance.
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