ApeETH is a yield-generating token on ApeChain. It's obtained by transferring Ethereum-based assets, such as ETH or WETH, to ApeChain. These assets are then used in yield-optimizing vaults, like wstETH on Ethereum. When you deposit ETH or WETH, you receive apeETH, which passively earns yield. Your apeETH balance increases over time via an automatic rebasing mechanism, meaning your holdings grow without any effort. This provides an efficient way to use your otherwise idle assets on Layer 2 or Layer 3 networks.
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