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.

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