Over $20M staked as ApeCoin staking goes live Over $20M staked as ApeCoin staking goes live

Over $20M staked as ApeCoin staking goes live

North American ApeCoin holders have been geoblocked from staking their tokens because of regulatory concerns.

Over $20M staked as ApeCoin staking goes live

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

Over $20 million worth of ApeCoin (APE) has been staked less than 24 hours after its staking feature went live, according to Etherscan data.

Horizen Labs tweeted on Dec. 5 that the rewards would start accruing by December 12. The staking update had experienced early delays due to a Bug Bounty AIP, which led to the decision to keep the pre-deposit period to one week.

Apecoin has four staking pools

ApeCoin has four staking pools designed to cater for all classes of its holders.

The first staking pool is meant for those who hold the APE token but do not own any of the Bored Ape-related NFTs. The other three pools are meant for Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and Bored Ape Kennel Club (BAKC) holders.

While BAYC and MAYC holders can stake their NFTs independently, BAKC holders have to pair theirs with one of the former NFTs to get the staking benefits.

As of press time, 2.7 million tokens have been staked in the BAYC pool, 1.5 million in the APE pool, and 858,651 and 211,442 staked tokens have been staked in the MAYC and BAKC pools, respectively.

Meanwhile, PeckShield reported that anyone who stakes in any of the three NFT pools and then sells their NFT would lose their staked tokens. The blockchain analytical firm highlighted one address that took advantage of this to borrow 82 ETH from dYdX and buy a staked BAYC.

The firm revealed that the trader got the 6,400 staked coins attached to the NFT, swapped them for about 20 ETH, and sold the BAYC for 68 ETH before repaying the loan.

U.S. ApeCoin holders areย  blocked

According to available information, ApeCoin holders in the United States, Crimea, North Korea, Russia, Cuba, Crimea, Donetsk, Luhansk, and Iran canโ€™t stake their tokens because they are geoblocked.

While the firm cited regulatory concerns as its reasons, the crypto community was critical of the decision because most APE holders are in the United States.

Mentioned in this article
Posted In: Staking