Apecoin was launched in March 2022, which acts as the governance and utility token for the BAYC (Bored Ape Yacht Club) community. Initially it was airdropped to the BAYC NFT holders and its associated projects such as Mutant Ape Yacht Club and the Bored Ape Kennel Club. In today’s article we look at the staking mechanism introduced for Apecoin.
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Yuga Labs, the firm behind the BAYC, Cryptopunks, Meebits Community formed ApeCoin DAO, which aims to ensure governance as the community burgeons. Apecoin DAO is a decentralized autonomous organization and additionally they formed Ape Foundation, to help manage the DAO’s governance process. Holding apecoin is the only requirement for membership in the Apecoin DAO.
Apecoin has a limited supply of 1 billion tokens of which 62% were allocated to the ecosystem. This is further broken down as 47% earmarked for the ApeDAO treasury and resources while 15% were airdropped to the BAYC/MAYC NFT holders. The remainder of the tokens is split between Yuga Labs (10%), Charity (Jane Goodall Institute) (6%), launch contributors (14%), and BAYC founders (8%).
In terms of airdrops, Bored Ape Holder received 10,094 tokens while Mutant Ape Holders received 2,042 tokens. 10,950 tokens were issued for each Bored Ape + Kennel Club pair, and 2,898 were issued for each Mutant Ape + Kennel Club pair.
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The token is currently trading at $3.97 as of today. In terms of historical performance, apart from their historical surge in April when they were trading at $22-$23, the token has been moving parallelly with the market and appears to have lost close to 55% from their initial launch. However, in terms of % loss this year, APE appears to have fared better compared to other alt coins.
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On December 5th the foundation introduced a staking facility for apecoin. There are four different ways in which you can stake your precious APE tokens at apestake.io. Currently for all 4 pools, the APR stands north of 100%, which in long term, it will be reduced to “normal” levels as more people have incentive to stake given otherwise they will get diluted
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Disclaimer: This article was authored by Giottus Crypto Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.