Over $20M staked as ApeCoin staking goes live

Hull Invest

According to Etherscan, over $20 million worth of ApeCoin (APE) was staked within 24 hours of the staking feature going live. data.

Horizon Labs tweeted on December 5th that rewards will start accruing by December 12th. Staking updates were delayed early due to the Bug Bounty AIP, which led him to decide to limit the pre-deposit period to one week.

Apecoin has 4 staking pools

ApeCoin has four staking pools designed to accommodate all classes of holders.

The first staking pool is for those who hold APE tokens but do not own Bored Ape related NFTs. His other three pools are for Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and Bored Ape. kennel club (BAKC) Holder.

BAYC and MAYC holders can stake NFTs individually, while BAKC holders must be paired with one of the previous NFTs to get the staking benefits.

at the time of reporting time2.7 million tokens were staked in the BAYC pool, 1.5 million in the APE pool, and 858,651 and 211,442 staked tokens in the MAYC and BAKC pools respectively.

in the meantime, PeckShield reported that anyone who bets on any of the three NFT pools and then sells the NFT will lose the tokens they bet. The blockchain analytics firm took advantage of this to highlight his one address where he borrowed his 82 ETH from dYdX and bought his staked BAYC.

The company revealed that traders took 6,400 staked coins attached to NFTs, exchanged them for around 20 ETH, and sold BAYC for 68 ETH before paying off the loan.

US ApeCoin holders are blocked

according to available informationUnited States, Crimea, North Korea, Russia, Cuba, Crimea, Donetsk, Luhansk, and Iran ApeCoin holders are geoblocked and cannot stake their tokens.

The company cited regulatory concerns as the reason, but the crypto community Deadly This is because most APE holders are in the United States.

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