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ApeCoin Staking: Can You Stake ApeCoin?

 


ApeCoin Staking: Can You Stake ApeCoin?



Apecoin, the BAYC metaverse's governance token, is surging in value, hitting new all-time highs as it approaches the $20 mark, but is ApeCoin staking a thing yet?



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Yuga Labs just stated that their future "the other side Metaverse" project will be released. This announcement has boosted ApeCoin values, allowing the cryptocurrency to skyrocket in late April.


Apecoin, the recently minted cryptocurrency, will fuel the BAYC ecosystem, but will it be utilized for staking?


Can Apecoin Be Used For Staking?


For the time being, Yuga Labs does not enable ApeCoin staking, although this might change soon depending on community ideas. Multiple AIPs on the ApeCoin forum offer ApeCoin staking ideas.


These AIPs (proposals) are now available for voting by holders. They will pave the road for ApeCoin staking if they pass.


These initiatives, however, have not gone easily. The community rejected AIP-5, which was the first to suggest staking. Cobie, a crypto influencer, also questioned the ApeCoin staking plan, which intended to allocate 17.5 percent of the APE supply to speakers over the following three years.


"Isn't that simply paying individuals in ApeCoin to hold ApeCoin?" he wondered, before dismissing ApeCoin staking as a "bribe" to keep the coin from being sold.


Others in the AIP-5 conversation and on Twitter Spaces raised concerns about the absence of staking limitations and the unequal incentives for BAYC holders.


Staking has been re-proposed by AIP-21 and 22, with certain amendments (staking caps) that they expect will assist pass the staking votes. The amount that can be staked against the NFTs possessed is capped by these.


If you can't wait for these AIPs to pass, there is an unauthorized alternative.


How To Stake ApeCoin


A staking pool for Apecoin has been established by vEmpire, a decentralized Metaverse, GameFi, and NFT investing organization.


By staking APE on vEmpire, the corporation will be able to utilize the investor's money to buy additional ape-related assets and participate in Ape-related games.


Given its isolation from the official ApeCoin ecosystem, this is obviously different from how typical types of staking and staking pools function. This is one of the few methods to stake ApeCoin until the official ApeCoin staking passes.

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