AIP-98 is a community-first ApeCoin DAO marketplace proposal and AIP-113 is an extension of the proposed DAO operations. When it comes to security, the safest way to keep your crypto is to buy a hardware staking wallet or use a software wallet . Nexo, in our opinion, is the best place to earn rewards and generate passive income from your APE. APE price rallied from this region to $5.7, where it has been faced with resistance to breaking above this region to trend higher. The price of APE needs to break and hold above $6 to resume its bullish sentiment. ApeCoin is down nearly 80% from its all-time-high, the market for NFTs has cratered, and demand for Bored Ape NFTs has dried up.

If you’re a crypto investor, staking is a concept you must have heard. Staking is a way many platforms allow participants to earn rewards for their holdings. Cryptocurrency staking is a process that involves investing your crypto assets to support a blockchain network and confirm transactions. As the staking platform launch is around the corner, many expect the APE token to maintain its current upward trend and see a more decent increase in price soon. There is currently ~15% of the supply liquid on the market.

Yuga Labs Investigated By Sec, Apecoin Price Drops

We must ask ourselves, can Apecoin add value to the NFT ecosystem and its users? The Developers have put forth some interesting ideas in the last few months, and it is clear that there is still a lot of support for the NFTs and the token, even in the midst of a crypto winter. It’s easy to see ApeCoin as just another memecoin, but people often forget just how important the community aspect is when it comes to crypto, and even more so with NFTs. Ape not only has a devoted community of coin users but it also has some of the most successful NFTs out there. AIP-98 was proposed by Snag Solutions to build a dedicated marketplace for Yuga Labs’ assets, with reduced fees and a system to recycle fees into the BAYC ecosystem.

APE is now ranked #32 in the market, with a current market capitalization of $1,662,801,606. There are currently 306,875,000 APE coins in circulation, with a total supply of 1,000,000,000 APE coins available. The coin’s declines were aided by a bearish crypto market and a stronger US dollar, both of which tend to undermine digital currencies like ApeCoin. The current price of ApeCoin is $5.71, with a 24-hour trading volume of $149,392,168. The ApeCoin gains were fleeting, as the cryptocurrency market fell all day and could not recover.

Horizen Labs provided an early look at the staking program’s user interface earlier this month as the platform prepares to launch in the fall of 2022. ApeCoin is up 4% amid optimistic fundamentals from the network. However, the https://xcritical.com/ recent APE coin’s recent gain has failed to reverse its previous downward trend fully. It’s trading near $5.70 even as ApeCoin prepares to launch a staking program. ApeCoin is a cryptocurrency based on the Ethereum blockchain.

Join Technically Crypto to stay ahead of the latest news and trends in the crypto space. Learn the ins and outs of blockchain technology and how you can profit from it. ApeCoin partnered with Horizen Labs to build the ApeCoin staking platform. According to a short „sneak peek” clip shared on Twitter on September 3, 2022, by Horizen Labs, there will be four different pools in which APE and ApeCoin-related NFTs would be staked. Yuga Labs is rapidly evolving from an NFT collection creator into a full-fledged Web3 ecosystem developer.

This concept of „NFT staking” is very new, and quite simply, brilliant. In a traditional staking program, you stake a cryptocurrency. In this new, more innovative staking program, you can stake a cryptocurrency , a digital asset , or both. NFTs are just tokenized assets on a blockchain, so there is the ability to create a new reward structure for them, including the ability to profit from the intellectual property within the Bored Ape ecosystem.

The Meme Coin Of Nfts

“Few weeks delay is a small price for safety,” Bajwaaddedon Twitter. In layperson’s terms, staking is simply the ability to earn passive income with your crypto holdings. If you hold a particular crypto, you can stake it and earn rewards.

• AIP-98 was proposed by Snag Solutions to build a dedicated marketplace for Yuga Labs’ assets, with reduced fees and a system to recycle fees into the BAYC ecosystem.
• But on Sept. 3, ApeCoin officially unveiled a sneak peak of what the staking program would look like.
• What is absolutely fascinating about the Ape staking program is that it appears to go well beyond traditional staking programs.
• Crypto analyst Brian Bollinger, evaluated the ApeCoin price chart and noted that the NFT token rebounded from its losses in the ongoing bull cycle.
• • Governance – APE is the governance token of the APE DAO that helps holders of the token to vote for governance decisions within the DAO.

When staking cryptocurrency assets, APR/ APY is one of the most crucial factors to consider for optimal efficiency. Staking reward comprehensively includes income from inflation and transaction fee distribution. ApeCoin Yuga Labs hasn’t allowed Apecoin staking for now, but it could change quickly, depending on its community proposals. The Apecoin forum has lots of AIPs that propose ApeCoin staking ideas. • Access – Apecoin token provides limited access to certain parts of the ecosystem, such as merchandise, games, and exclusive events.

Apecoin And Nft Staking

Generally, you can see your earnings on your dashboard as early as the very next day. Binance Earn is a one-stop hub on Binance where you can see all your earning possibilities open for you and the cryptocurrency you hold. Provide liquidity to earn transaction fees and farm rewards.

So there’s obviously a lot of risk involved in buying ApeCoin right now. On the technical front, the APE/USD pair will likely gain immediate support near $5.38, which is being extended by the upward trendline. The 50-day exponential moving average probably also supports an uptrend. A break below the $5.38 level can open additional room for the selling trend until $4.93.

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A new AIP will need to be drafted and voted on to determine the future staking mechanism, putting this decision in the hands of the community. Ideally, by the end of the total staking period of 3 years, the DAO will have sustained revenue to keep incentivizing staking and rewarding ecosystem participants. I imagine the Gensler-police are very pleased that the conflation has occurred, since the term is now inherently misleading and can mean several different things. It should use it to incentivise people to take risks, do work, and grow the community — rather than giving it away to existing holders as an interest rate bribe for not selling. I have extremely little faith that coin-voting communities of retail investors will vote for the best medium-term outcomes, and in fact will more likely vote for damaging medium-term outcomes.

I would supplement this staking program with an aggressive, and much larger, program of purchasing value. No new coins can be minted or burned, so the total suppy will always be 1 billion APE. But these “staking” mechanisms are giving away equity for nothing except to reduce potential sellers’ liquidity. They are a shell game, using the name of a different thing to obfuscate their actual purpose, which is to encourage less selling. Binance Coin price remains in bullish territory on the Relative Strength Index after pumping to extreme overbought territory.

ApeCoin is a decentralized project inspired by Yuga Labs’ Bored Ape Yacht Club project. ApeCoin was founded to be used within the burgeoning APE Ecosystem, which is supported by the APE Foundation. The ApeCoin DAO aims to build and maintain the APE Ecosystem in a fair and inclusive way, providing an infrastructure for ApeCoin holders to collaborate through open and permissionless governance processes. ApeCoin is the governance token of the ApeCoin DAO. Holders can make decisions regarding Ecosystem Fund allocations, governance rules, projects, partnerships, and beyond. Your earnings may fluctuate from day to day depending on the prevailing market conditions, and the product you have selected.

Is Apecoin The Next Cryptocurrency To Explode On Ape Staking Launch

This means that on your first deposit of ApeCoin tokens, you will get 3% on a 30-day staking period. On Gemini, you will earn a 6.10% APY on the 60-day staking period. ApeCoin holders govern themselves via the decentralized governance framework controlling the ApeCoin DAO, and vote on how the ApeCoin DAO Ecosystem Fund should be used. In addition to this, Apecoin is adopted by Yuga Labs as the primary token for new products and services. However, Yuga Labs is the creator of Bored Ape Yacht Club NFT collections and owns popular NFT projects such as Cryptopunks and Meebits IP.

Apecoin Up 4% Despite Slowdown In Crypto Market

The ApeCoin DAO is considering whether to push back the launch of NFT and What is ApeCoin (APE) in order to allow for a bug bounty program. The delay would be relatively short considering that bounty programs sometimes last for several months. Bajwa said the delay would provide enough time to identify vulnerabilities “while still allowing staking to go live in a timely manner.” If no bugs are spotted, staking would launch right after the program, she added. During the last week, the total number of unique wallet addresses holding APE increased by 0.008% to 90,305, according to Etherscan statistics.

When DeFi projects offer liquidity mining programs, they are buying growth and TVL. Depending on how the program is designed, it can also be a worthwhile use of equity. Spending equity for things that makes the protocol more sustainable, larger or more secure seems worthwhile. We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

The community has voted in support of two ApeCoin Improvement Proposals that are expected to improve the DAO’s operations and governance. NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies. ApeCoin DAO is considering postponing APE staking to allow for a bug bounty program and ensure staking completes in a safe manner. The delay would allocate 1 million APE ($4.5 million) to potential bounties and last for 2 to 4 weeks, according to Maaria Bajwa, Special Council Member at ApeCoin DAO who made the proposal.

However, the general sentiment on APE is now bullish and the market could see more growth both pre- and post-staking going live, with investors rushing to buy up the coin and then take it off the market. Originally, ApeCoin’s staking system was scheduled to launch on October 31, according to Horizen Labs’ announcement. This means that a bug bounty program could potentially delay the staking launch until December 2022. Yes, there is tremendous risk involved with investing in ApeCoin. And, yes, most analysts won’t be confident in making a bullish call on ApeCoin until the NFT market turns around. There is so much exciting innovation happening around the Bored Apes right now, and I think the whole concept of NFT staking could really take off.

As the community awaits the launch of ApeCoin’s staking program the NFT token has witnessed a spike, yielding 30% gains for holders in under 30 days. The proposal’s main argument is that, in light of recent smart contract exploits, a bug bounty program would give ApeCoin holders more confidence that the staking implementation will proceed smoothly. In March 2022, owners of NFT from the BAYC collection were airdropped approximately 10,000 APE each, while MAYC owners were airdropped approximately 2000 APE each. At launch, APE was traded for around $10 per token and got listed on major exchanges, including Binance (BNB-USD) and Coinbase , within a few days of launch. A total of 150,000,000 APE tokens were airdropped, making up 15% of the total supply.

APE is currently the 32nd-largest cryptocurrency, with a market capitalization of just under $1.78 billion. When the APR calculation above considers the inflation factor on a blockchain, the total profit a user gets could be higher than the actual APR’s prediction when the transaction fee of the network is distributed. ApeCoin has a lot of potential in the fast-growing Metaverse space. It already has a use case as an in-game currency for a P2E game. Regarding security, the safest way to keep your crypto is to buy a hardware staking wallet or use a software wallet .

By adjusting these rewards over time, ApeCoin will have a new way to stimulate demand for both the coin and the NFTs. Another important factor impacting the ApeCoin token’s price was the US dollar’s growth. The broad US dollar rose to a fresh 20-year high, extending gains after the Federal Reserve raised interest rates and struck a more hawkish tone than expected at its most recent meeting. Last week, the company announced a Twitter space on September 22 to keep the community up to date on the latest developments. The aggressive inflation-fighting policy of the United States Federal Reserve lowered morale even further.

The APE Foundation administers proposals agreed upon by ApeCoin holders. ApeCoin is an ERC-20 governance and utility token used within theAPE Ecosystemto empower and incentivize a decentralized community building at the forefront of web3. While ApeCoin Yuga Labs has yet to implement staking of the coin, you can still stake the crypto on other sites that support it. Simply deposit your preferred amount of cryptocurrencies into a product.

• Impermanent loss – This is a common downside of crypto staking and a risk to the crypto industry. Knowing that crypto markets are volatile makes the value of a token rise and fall constantly. • Liquidity Risk – A crypto platform’s liquidity depends on the assets liability converted to digital coins or cash. • A long-term investment technique – Apecoin staking is a long-term investment option that allows users to earn profits if APE experiences any gain in value.