Apecoin Dao Considers Delaying Ape Staking And Introducing Bug Bounty Scheme

When staking cryptocurrency assets, APR/ APY is one of the most crucial factors to consider for optimal efficiency. Staking reward comprehensively includes income from inflation and transaction fee distribution. ApeCoin Yuga Labs hasn’t allowed What is ApeCoin (APE) for now, but it could change quickly, depending on its community proposals. The Apecoin forum has lots of AIPs that propose ApeCoin staking ideas. • Access – Apecoin token provides limited access to certain parts of the ecosystem, such as merchandise, games, and exclusive events.

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Generally, you can see your earnings on your dashboard as early as the very next day. Binance Earn is a one-stop hub on Binance where you can see all your earning possibilities open for you and the cryptocurrency you hold. Provide liquidity to earn transaction fees and farm rewards.

Join Technically Crypto to stay ahead of the latest news and trends in the crypto space. Learn the ins and outs of blockchain technology and how you can profit from it. ApeCoin partnered with Horizen Labs to build the ApeCoin staking platform. According to a short “sneak peek” clip shared on Twitter on September 3, 2022, by Horizen Labs, there will be four different pools in which APE and ApeCoin-related NFTs would be staked. Yuga Labs is rapidly evolving from an NFT collection creator into a full-fledged Web3 ecosystem developer.

As the community awaits the launch of ApeCoin’s staking program the NFT token has witnessed a spike, yielding 30% gains for holders in under 30 days. The proposal’s main argument is that, in light of recent smart contract exploits, a bug bounty program would give ApeCoin holders more confidence that the staking implementation will proceed smoothly. In March 2022, owners of NFT from the BAYC collection were airdropped approximately 10,000 APE each, while MAYC owners were airdropped approximately 2000 APE each. At launch, APE was traded for around $10 per token and got listed on major exchanges, including Binance (BNB-USD) and Coinbase , within a few days of launch. A total of 150,000,000 APE tokens were airdropped, making up 15% of the total supply.

A new AIP will need to be drafted and voted on to determine the future staking mechanism, putting this decision in the hands of the community. Ideally, by the end of the total staking period of 3 years, the DAO will have sustained revenue to keep incentivizing staking and rewarding ecosystem participants. I imagine the Gensler-police are very pleased that the conflation has occurred, since the term is now inherently misleading and can mean several different things. It should use it to incentivise people to take risks, do work, and grow the community — rather than giving it away to existing holders as an interest rate bribe for not selling. I have extremely little faith that coin-voting communities of retail investors will vote for the best medium-term outcomes, and in fact will more likely vote for damaging medium-term outcomes.

APE is now ranked #32 in the market, with a current market capitalization of $1,662,801,606. There are currently 306,875,000 APE coins in circulation, with a total supply of 1,000,000,000 APE coins available. The coin’s declines were aided by a bearish crypto market and a stronger US dollar, both of which tend to undermine digital currencies like ApeCoin. The current price of ApeCoin is $5.71, with a 24-hour trading volume of $149,392,168. The ApeCoin gains were fleeting, as the cryptocurrency market fell all day and could not recover.

Earn Staking Rewards

By adjusting these rewards over time, ApeCoin will have a new way to stimulate demand for both the coin and the NFTs. Another important factor impacting the ApeCoin token’s price was the US dollar’s growth. The broad US dollar rose to a fresh 20-year high, extending gains after the Federal Reserve raised interest rates and struck a more hawkish tone than expected at its most recent meeting. Last week, the company announced a Twitter space on September 22 to keep the community up to date on the latest developments. The aggressive inflation-fighting policy of the United States Federal Reserve lowered morale even further.

apecoin staking

The recovery was initiated when APE price climbed above a support trendline on September 7. However, after two weeks of struggles, the buyers have managed to push ApeCoin price further, breaking above a key $5.6-$5.7 supply zone. Bajwa apologized on Twitter for the timing of her proposition, given that it is less than two weeks left before the staking system goes live. However, Bajwa emphasized the importance of the smart contract’s security, knowing how many hacks and exploits occurred in the past year. Earlier this month, Binance halted transactions due to a potential $600 million exploit. Note that the content on this site should not be considered investment advice.

This means that on your first deposit of ApeCoin tokens, you will get 3% on a 30-day staking period. On Gemini, you will earn a 6.10% APY on the 60-day staking period. ApeCoin holders govern themselves via the decentralized governance framework controlling the ApeCoin DAO, and vote on how the ApeCoin DAO Ecosystem Fund should be used. In addition to this, Apecoin is adopted by Yuga Labs as the primary token for new products and services. However, Yuga Labs is the creator of Bored Ape Yacht Club NFT collections and owns popular NFT projects such as Cryptopunks and Meebits IP.

The ApeCoin DAO is considering whether to push back the launch of NFT and https://xcritical.com/ in order to allow for a bug bounty program. The delay would be relatively short considering that bounty programs sometimes last for several months. Bajwa said the delay would provide enough time to identify vulnerabilities “while still allowing staking to go live in a timely manner.” If no bugs are spotted, staking would launch right after the program, she added. During the last week, the total number of unique wallet addresses holding APE increased by 0.008% to 90,305, according to Etherscan statistics.

I would supplement this staking program with an aggressive, and much larger, program of purchasing value. No new coins can be minted or burned, so the total suppy will always be 1 billion APE. But these “staking” mechanisms are giving away equity for nothing except to reduce potential sellers’ liquidity. They are a shell game, using the name of a different thing to obfuscate their actual purpose, which is to encourage less selling. Binance Coin price remains in bullish territory on the Relative Strength Index after pumping to extreme overbought territory.

Apecoin & The Death Of Staking

However, the general sentiment on APE is now bullish and the market could see more growth both pre- and post-staking going live, with investors rushing to buy up the coin and then take it off the market. Originally, ApeCoin’s staking system was scheduled to launch on October 31, according to Horizen Labs’ announcement. This means that a bug bounty program could potentially delay the staking launch until December 2022. Yes, there is tremendous risk involved with investing in ApeCoin. And, yes, most analysts won’t be confident in making a bullish call on ApeCoin until the NFT market turns around. There is so much exciting innovation happening around the Bored Apes right now, and I think the whole concept of NFT staking could really take off.

apecoin staking

ApeCoin is a decentralized project inspired by Yuga Labs’ Bored Ape Yacht Club project. ApeCoin was founded to be used within the burgeoning APE Ecosystem, which is supported by the APE Foundation. The ApeCoin DAO aims to build and maintain the APE Ecosystem in a fair and inclusive way, providing an infrastructure for ApeCoin holders to collaborate through open and permissionless governance processes. ApeCoin is the governance token of the ApeCoin DAO. Holders can make decisions regarding Ecosystem Fund allocations, governance rules, projects, partnerships, and beyond. Your earnings may fluctuate from day to day depending on the prevailing market conditions, and the product you have selected.

The APE Foundation administers proposals agreed upon by ApeCoin holders. ApeCoin is an ERC-20 governance and utility token used within theAPE Ecosystemto empower and incentivize a decentralized community building at the forefront of web3. While ApeCoin Yuga Labs has yet to implement staking of the coin, you can still stake the crypto on other sites that support it. Simply deposit your preferred amount of cryptocurrencies into a product.

$100 Million Rug Pull On Freeway Leaves Defi Users Torn

Horizen Labs provided an early look at the staking program’s user interface earlier this month as the platform prepares to launch in the fall of 2022. ApeCoin is up 4% amid optimistic fundamentals from the network. However, the recent APE coin’s recent gain has failed to reverse its previous downward trend fully. It’s trading near $5.70 even as ApeCoin prepares to launch a staking program. ApeCoin is a cryptocurrency based on the Ethereum blockchain.

AIP-98 is a community-first ApeCoin DAO marketplace proposal and AIP-113 is an extension of the proposed DAO operations. When it comes to security, the safest way to keep your crypto is to buy a hardware staking wallet or use a software wallet . Nexo, in our opinion, is the best place to earn rewards and generate passive income from your APE. APE price rallied from this region to $5.7, where it has been faced with resistance to breaking above this region to trend higher. The price of APE needs to break and hold above $6 to resume its bullish sentiment. ApeCoin is down nearly 80% from its all-time-high, the market for NFTs has cratered, and demand for Bored Ape NFTs has dried up.

Where Is The Best Place To Stake Apecoin?

APE is currently the 32nd-largest cryptocurrency, with a market capitalization of just under $1.78 billion. When the APR calculation above considers the inflation factor on a blockchain, the total profit a user gets could be higher than the actual APR’s prediction when the transaction fee of the network is distributed. ApeCoin has a lot of potential in the fast-growing Metaverse space. It already has a use case as an in-game currency for a P2E game. Regarding security, the safest way to keep your crypto is to buy a hardware staking wallet or use a software wallet .

The price of APE on the weekly chart got rejected as the price tried breaking above $7.5, with the price falling to a weekly low of $4. The price of APE bounced from that level with what seems to be an area of high demand for the price of APE. There have already been several delays in the entire staking process.

• Impermanent loss – This is a common downside of crypto staking and a risk to the crypto industry. Knowing that crypto markets are volatile makes the value of a token rise and fall constantly. • Liquidity Risk – A crypto platform’s liquidity depends on the assets liability converted to digital coins or cash. • A long-term investment technique – Apecoin staking is a long-term investment option that allows users to earn profits if APE experiences any gain in value.

Uniswap Shows Bullish Pattern As Price Fails To Break $6 8; Are Bears In Control?

BTC seems to be reacting extremely well to the Fed’s decision to raise interest rates. This connection can be attributed to the high correlation with the stock market. High-impact macroeconomic news which affects the traditional markets is also having a noticeable impact. Polkadot price is shown significant bearish signals during the final trading week of October. Invalidation of the bearish thesis is a breach above $6.27. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned.

How To Stake Apecoin: 6 10% Apy On A 60

So there’s obviously a lot of risk involved in buying ApeCoin right now. On the technical front, the APE/USD pair will likely gain immediate support near $5.38, which is being extended by the upward trendline. The 50-day exponential moving average probably also supports an uptrend. A break below the $5.38 level can open additional room for the selling trend until $4.93.

Crypto Market Highlights October 17, 2022

The community has voted in support of two ApeCoin Improvement Proposals that are expected to improve the DAO’s operations and governance. NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies. ApeCoin DAO is considering postponing APE staking to allow for a bug bounty program and ensure staking completes in a safe manner. The delay would allocate 1 million APE ($4.5 million) to potential bounties and last for 2 to 4 weeks, according to Maaria Bajwa, Special Council Member at ApeCoin DAO who made the proposal.

“Few weeks delay is a small price for safety,” Bajwaaddedon Twitter. In layperson’s terms, staking is simply the ability to earn passive income with your crypto holdings. If you hold a particular crypto, you can stake it and earn rewards.

This concept of “NFT staking” is very new, and quite simply, brilliant. In a traditional staking program, you stake a cryptocurrency. In this new, more innovative staking program, you can stake a cryptocurrency , a digital asset , or both. NFTs are just tokenized assets on a blockchain, so there is the ability to create a new reward structure for them, including the ability to profit from the intellectual property within the Bored Ape ecosystem.

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