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ApeCoin (APE) is collaborating with Sushi Labs to unveil the first native decentralized exchange dubbed ‘Saru’ on ApeChain. The APE price is up 7% amid wider market gains, but will the news strengthen into a comeback?
Sushi to build DEX on ApeChain
The ApeCoin (APE) team announced this development on August 8 via a post on X, noting that Saru is Japanese for “Ape”. According to the two firms, the DEX represents Sushi Labs’ commitment to the broader ApeCoin ecosystem.
APECHAIN x @SushiSwap
— ApeCoin (@apecoin) August 8, 2024
We are excited to announce that Sushi Labs will build the first native DEX, @saru_ex, on ApeChain!
Saru means Ape in Japanese, reflecting a commitment to the broader APE ecosystem. pic.twitter.com/pbV9fbcQCy
Sushi Labs plans to incentivize the crypto community around the ApeChain and SushiSwap communities. Apart from early contributors, the platform will also reward active Sushi users. The ApeCoin community and builders will also benefit.
🦧 We are excited to announce that Sushi Labs will build the first native DEX, @saru_ex, on ApeChain! 🌐 Bringing the exceptional DEXperience to the ApeChain ecosystem.
— Sushi Labs (@sushi_labs) August 8, 2024
Saru means Ape in Japanese, reflecting our commitment to the @apecoin community. 🇯🇵 🦍 1/ 👇 pic.twitter.com/oua3clP1AB
Saru to benefit from shared liquidity
According to Sushi, the launch of Saru on ApeChain will bring a broader liquidity strategy. Users will be able to swap, earn, and build on the DEX.
Sushi boasts a multi-chain ecosystem of over 35 deployments, including across Ethereum and Arbitrum. As for Saru, the platform has teased both unique DEX infrastructure and liquidity pool features, including RP4 (soon RP5), SushiXSwap, order routers aggregators and Smart Pools.
“Following our franchise DEX model to customize each DEX for specific blockchains to maximize their unique capabilities and user bases. Saru will work cohesively within the Sushi ecosystem, sharing liquidity and benefiting from innovative features developed by Sushi Labs,” the Sushi Labs team said in their announcement also posted on X.
ApeCoin and Yuga Labs integration
The new trading protocol will also offer further growth with strategic integrations and partnerships, including with Yuga Labs.
Yuga Labs is a Web3 company behind popular NFT and metaverse Bored Ape Yacht Club and Otherside, CryptoPunks and others. The project raised $450 million from investors in 2022 and its Yugaverse is powered by APE, the token by ApeCoin DAO.
APE serves as the native token across all Yuga Labs projects and provides for governance and utility within the ecosystem. Other than participation in the ApeCoin DAO, APE also allows holders to transact, access exclusive games or earn rewards.
APE price: largely bearish despite 7% surge
ApeCoin has traded lower since hitting highs of $2.70 in March as Bitcoin stormed to its all-time high of $73k. The recent sell-off for BTC and altcoins added to the downward pressure, which pushed APE to lows of $0.47 on Aug. 5.
While the price has climbed to above $0.60 amid the broader crypto recovery that saw Bitcoin break to $59k, APE remains largely bearish.
The daily chart above shows the Relative Strength Index (RSI) is in negative territory, while the Awesome Oscillator is bearish below the zero line.
Source: TradingView
Despite a 23% rebound from Aug. 5 lows of $0.47, ApeCoin is still more than 12% in the red over the past week. APE is down 67% in the past year and -97% from its all-time high reached in April 2022.
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