Skyline Launches Wrapped cAP3X On Cardano To Extend Apex Fusion Ecosystem

In Brief

Skyline and Apex Fusion are launching cAP3X, a wrapped utility token on Cardano, to enable cross-chain DeFi interoperability and staking on the PRIME Chain Layer 1 network.

Interoperable blockchain developer Skyline announced plans to launch cAP3X, a wrapped version of the AP3X token, on the Cardano blockchain in collaboration with the Apex Fusion Foundation. This Cardano-native asset aims to enhance access to the Apex Fusion ecosystem by enabling cross-chain interoperability between Cardano and Apex Fusion networks

The cAP3X token will function as a wrapped utility token, allowing seamless value transfer and interaction between the two platforms. Compatible with Cardano wallets and decentralized finance (DeFi) protocols, cAP3X will be integrated into Cardano’s DeFi ecosystem, including the creation of an ADA/cAP3X trading pair and support for liquidity on Cardano-based decentralized exchanges

Following its deployment, users will be able to transfer cAP3X tokens from Cardano to PRIME Chain—the Apex Fusion ecosystem’s UTXO Layer 1—via the Skyline Bridge, facilitating secure asset transfers across blockchains. Upon bridging, cAP3X will be converted to native AP3X tokens on PRIME, which can then be staked within Apex Fusion’s staking pools, offering users up to 10% annual percentage yield through existing liquid staking features.

Cardano And Apex Fusion Advance Interoperable DeFi With PRIME Chain And Wrapped Utility Token Deployment

The initiative forms part of a larger plan to improve access to utility tokens and support interoperable decentralized finance (DeFi) applications between the Cardano and Apex Fusion networks. The wrapped token model offers a straightforward and transparent method for ADA holders to interact with the Apex Fusion ecosystem, while also establishing AP3X as a functional utility token within the Cardano environment.

By combining Bitcoin’s UTXO security framework with Ethereum’s smart contract capabilities, PRIME Chain serves as a platform designed to facilitate cross-chain applications. It aims to tackle increasing Web3 fragmentation by connecting various blockchain networks. As a Layer 1 network, PRIME Chain utilizes the Ouroboros consensus protocol to ensure secure and decentralized staking.

After the deployment of the cAP3X token and the establishment of liquidity, bridge activation and staking options will become available on PRIME. This will allow users to engage in liquid staking and other DeFi activities on Apex Fusion’s fully interoperable Layer 1 network, PRIME. Before the wrapped token is launched, comprehensive technical documentation and integration materials will be provided to assist developers and users.