Over $30M Pours Into ApeCoin Staking on the First Day

Source: www.coindesk.com

A day after the APE Foundation launched staking for its APE currency, more than $30 million worth of APE tokens was deposited into the contract.

APE, which is the native token of the Yuga Labs ecosystem, was airdropped to the holders of Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFT collections in March.

The APE price has not recorded much change in the weeks before and after the staking. At the time of writing, the APE coin was trading at about $3.89. This is according to data obtained from CoinMarketCap and CoinGecko, two popular cryptocurrency exchanges. The coin price had dropped by about 1.6% in the 24 hours. The price of the APE token was about $22 during its peak last April before the Yuga Labs’ Otherside Metaverse land sale.

APE coin holders, or those holding Bored Ape and Mutant Ape NFTs, can stake them on ApeStake.io and start earning rewards on December 12. The company’s website shows that 96.2 million $APE (worth about $391 million) has been allocated to reward users who take part in the staking program.

However, some regions are classified as restricted, meaning that they cannot participate in the staking program. A good example is the U.S. where the majority of the Bored Ape holders reside. The APE Foundation cited regulatory concerns as the reason behind the restrictions. APE Foundation is a decentralized autonomous organization led by prominent community members.

“Unfortunately, in today’s regulatory environment, we had no good alternative,” the company wrote in a statement.

All my APE gone

Before you venture into the staking program, it’s worth noting that in case you sell your Bored Ape NFT when staking it, you will be giving up your staked Ape to the new buyer. Many Bored Ape NFT holders have fallen victim to this problem. Some community members have tried to alert the holders of this caveat via Twitter.

Source: Twitter

On Tuesday, Binance, the leading cryptocurrency exchange in the world by volume, announced that they will be introducing the Ape staking program on the Binance NFT marketplace after rewards begin to accrue on December 12. The crypto exchange had earlier released the Ape staking program to the users.

The craze surrounding the staking program has done very little to increase the Bored Ape NFT prices and their prices are significantly down by about 50% from the all-time high. At the time of writing, the Bored Ape Yacht Club NFTs had a floor price of 66.25 ETH. This is according to data obtained from NFT Price Floor.

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By darnell
December 8, 2022