Monday, September 25, 2023
HomeEthereumApeCoin Up 6% as Holders Stake $32M in Ethereum Bored Ape Token

ApeCoin Up 6% as Holders Stake $32M in Ethereum Bored Ape Token

in a nutshell

  • ApeCoin holders have staked nearly $32 million worth of tokens since Monday.
  • APE prices are up 6% on the last day and up 32% in two weeks.

ape coinstaking rewards are just around the corner and will begin releasing on December 12th. Official staking contract Already earned nearly $32 million worth of APEs in a single day. Boad Ape Yacht Club When mutant ape NFTs.

Over 7.6 million APEs have been deposited into contracts to date. NFTsIts price has been on the rise since Horizon Labs launched its official staking deal on Monday, currently at $4.16, up 6% over the past 24 hours.

ape coin, ethereumTokens based on created for the Bored Ape Yacht Club ecosystem have seen a significant price increase. in the last few weeks Before starting staking, coin gecko An increase of about 32% has been reported over the last 14 days. However, the token rallied from all-time lows and on November 14, he fell to $2.63. Collapse of FTX.

Horizon Lab’s Staking model will provide APE token rewards to ApeCoin holders who stake their tokens within the contract, and to Bored Ape and Mutant Ape NFT holders who do the same. Overall, 175 million APEs, or 17.5% of total supply, will be awarded through staking over the next three years, of which 100 million will be allocated in the first year.

The staking model has recently faced a backlash. Horizon Labs announced Its official staking website, apestake.ionot available to users in some countries (including the US) due to regulatory concerns.

However, the formula is ApeCoin account on Twitter He hinted that there are other ways to interact with staking contracts, and that other companies could create a global interface that would allow staking without location restrictions. one such platform, apecoinstaking.iodeveloped by Web3 Launch

However, one known quirk of the ApeCoin staking model seems to trip NFT holders. Users who stake both Bored Ape NFTs and ApeCoin bind their assets within a staking contract. This means that when the owner sells her NFT, she loses access to her ApeCoin tokens tied to it.

security company pec shield We have already highlighted two examples of Bored Ape NFT holders who collectively lost tens of thousands of dollars worth of ApeCoin to arbitrage.In both cases the buyer DeFi I bought Bored Ape NFTs with a flash loan, claimed ApeCoin, resold the NFTs, and paid off the loan at a profit.

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