Depending on how much $APE you hold, and whether or not you own a Bored Ape NFT (or Kennel Club Dog or Mutant Ape), your benefits could vary greatly. Starting December 5, $APE holders had the option to pre-deposit funds in preparation for rewards accrual to begin on December 12. With that period now over, rewards for staked $APE are now live and accruing, and all ApeCoin or BAYC NFT holders can join in on staking. Unfortunately, due to regulatory concerns, ApeStake is not available to residents of the United States, Canada, North Korea, and more (see the full list here). In line with the Trust Project guidelines, the educational content on this website is offered in good faith and for general information purposes only. BeInCrypto prioritizes providing high-quality information, taking the time to research and create informative content for readers.
For example, Yuga Labs’ development of the Otherside platform increases ApeCoin’s utility value. Buy, sell, and exchange $APE along with 160+ other cryptocurrency coins and tokens at Easy Crypto. Once purchased, your APE tokens can be stored in the exchange itself or be taken out and stored in a cryptocurrency wallet. ApeCoin (APE) is an ERC-20 token that was created on the Ethereum blockchain. It’s a governance and utility token, holders of which gain access to the ApeCoin DAO.
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The initial staking period will feature the following staking caps and future period caps will be voted upon by the ApeCoin DAO. But, once a user has gained access to ApeStake, staking is as easy as connecting a software wallet and validating a transaction. But while ApeCoin staking benefits can be significant, they are not created equal for all within the BAYC universe.
It is a decentralized governance unit to the ApeCoin platform and will serve to manage the APE ecosystem. The ApeCoin community members will use the ApeCoin DAO to vote and propose how the ecosystem will grow and continue its self-sustaining platform. NFT are non-fungible tokens built on the blockchains in pretty much the same way cryptocurrencies live on a https://www.xcritical.com/ distributed ledger technology. NFTs however take the whole concept of blockchain’s decentralization to an entirely new level. ApeCoin is building a marketplace that allows users to buy, sell, and trade NFTs easily and securely. The ApeCoin team is also working on integrations with popular games and platforms so that users can use their NFTs across the web.
How ApeCoin Functions
Some of them even sold for hundreds of thousands of dollars with a customer list, including Justin Bieber, Eminem, Jimmy Fallon, etc. One of the governance and utility tokens that serve the Bored Ape Yacht Club and related communities is ApeCoin (APE). Not all ApeCoins are in circulation; this phenomenon is known as “locked” tokens.
- NFT are non-fungible tokens built on the blockchains in pretty much the same way cryptocurrencies live on a distributed ledger technology.
- In the past years, she came up with many clever ideas that brought scalability, anonymity and more features to the open blockchains.
- Current exchanges can be clunky and frustrating to use, so the team developed an easy-to-use solution for users of all skill levels.
- The Bored Ape community is growing continuously at a favorable rate.
- One of the biggest highlights of ApeCoin points to how it achieved a massive market capitalization of around $2 billion.
As they progressed through the serum levels, BAYC bearers might create a wide range of mutant apes. They have the authority to allocate the Ecosystem Fund and establish governance rules, special projects, and partnerships. Another key point is after the DAO members have voted on the proposals, the APE Foundation will implement the community-driven governance decisions. As a result, DAO will have a special council comprising web3 veterans and gaming and technology thought leaders (the Board).
What is ApeCoin Token?
Finally, make sure to transfer your APE tokens from the exchange to your personal, non-custodial crypto wallet that supports ApeCoin. By securing your tokens in your own wallet as https://www.xcritical.com/blog/what-is-apecoin-ape/ opposed to on an exchange, you can avoid losing your assets in case of an exchange bankruptcy or a hack. Buying ApeCoin works in the same way as buying any other cryptocurrency.
ApeCoin has a number of other advantages over traditional fiat currencies. For example, APE is not subject to inflation, as there are a fixed number of coins in circulation. This means that your savings will not be eroded over time by inflation. It provides a much-needed solution for investing in NFTs and has a strong community behind it. With its roadmap and plans for the future, ApeCoin is one to watch out for. While staking $APE directly is relatively straightforward, those hoping to stake their BAYC or related NFTs will need to take part in a commitment process beforehand.
