ApeCoin was created in March 2022 as a way to use gaming, culture, and commerce. APE is the primary crypto of the Bored Ape Yacht Club ecosystem. This ERC-20 token has a market capitalization of US$4.02 billion, according to CoinMarketCap. However, only 28% of Apecoin’s 1 billion tokens are in circulation.
With a growing number of cryptocurrencies adopting staking, several exchanges have provided the ability to stake their currencies, including those that are native. Many investment analysts believe that ApeCoin’s value will continue to rise.
Over the past fortnight, APE holders have seen a 30% return on their investment. In addition, the community has voiced support for two governance proposals that should streamline the DAO’s processes. Does APE allow investors to stake their cryptocurrency for passive profit as some other coins do?
What is staking in crypto?
When you stake crypto assets, you essentially agree to lock them up to support a blockchain‘s operation for a set period. In return for your act of staking, foundations or communities will often reward you with more crypto.
Your crypto earns rewards while it is staked because the blockchain uses it to help verify and secure transactions. Cryptocurrencies that allow staking use a process called Proof of Stake, which is how they make sure all transactions are verified. If you choose to stake it, your crypto helps with this process.
Participants who wish to acquire a chance to verify new transactions propose to stake portions of APE as a form of insurance. Staking is used by several well-known cryptocurrencies, including Solana (SOL) and Ethereum (ETH), as part of their consensus mechanisms.
How to stake ApeCoin on Binance
Although ApeCoin Yuga Labs hasn’t instituted staking of the coin yet, you can still stake the cryptocurrency on other websites that support it. Binance, for example, offers staking periods lasting 30, 60, or 90 days with different annual percentage yields (APYs) simply by holding APE in your account. In addition, Gemini also permits APE staking.
You can stake your APE on Binance with the “Binance Earn” feature. However, Binance Earn’s staking procedure is easy; you can choose from a variety of crypto financial solutions using the platform, move your cryptocurrency to them, and watch your money grow. Here is how to stake your Apecoin on Binance through “Binance Earn:”
1. Register an account on Binance and verify your identity
2. On the Binance dashboard, click on Earn and select Staking
3. Under your Lock Staking, search for APE.
4. Pick your preferred staking duration (Flexible) and click Subscribe
The recent price movement of APE mirrors a slight revitalization in the cryptocurrency market as a whole. This news comes as ApeCoin prepares to launch a staking program. In May, APE holders voted for Horizen Labs to build its staking platform. The platform will offer token rewards to users who stake (or hold) ApeCoin, Bored Ape, and Mutant Ape NFTs.
Earlier this month, Horizen Labs gave the community a sneak peek at the staking program’s user interface. The platform is expected to launch in Fall 2022, and last week the company announced plans to host a Twitter space on September 22nd to update followers on recent developments.
ApeCoin’s price skyrockets
The future of ApeCoin DAO’s governance and operations relies on accepting ApeCoin Improvement Proposals (AIPs), specifically AIP-98 and 113. These two proposals have been put to the vote by the community. Out of the five total proposals, these are the two that have garnered the most support.
AIP-98 is a proposition for a community marketplace as the logical next step for the ApeCoin DAO. If successful, it would: promote APE use through APE listings, and bring more traffic to apecoin.com. Also, it decreases fees charged to members by creating a marketplace rich in ape-specific user experiences.
The marketplace will include all Yugaverse – the NFT-themed gaming metaverse created by Bored Ape Yacht Club’s creators – projects, lowering transaction costs for buyers and sellers.
AIP-113 is a proposed three-month extension to the terms set out by AIP-1 for developing an effective Ape Foundation election framework and process. This would enable the DAO to function properly beyond September 30th.
As the ApeCoin community waits for the introduction of its staking initiative, the NFT token has experienced a boost, returning 30% profits to investors within less than 30 days.
In a two-day retest phase, ApeCoin price has seen gains. As APE flips the supply zone into support, bullish momentum could push ApeCoin higher. APE is likely to eye the $10 bullish target, but will need to penetrate resistance at $6.60 first.
As of now, the current ApeCoin price is $5.52 per coin. In the last 24 hours, 373,159,252 USD worth of ApeCoins have been traded.
In the past day, APE has decreased by 5.22%. Additionally, it is currently the 32nd most traded cryptocurrency globally. With a live market capitalization of 1,692,701,345 USD, there are306,875,000 APE coins in circulation with a maximum supply of 1 billion.