“ApeCoin Price Soars 32% as Staking Rewards Set to Begin Emitting on December 12”

1: apecoin’s staking rewards are set to begin emitting on december 12. horizen labs launched the official staking contract, and it has taken in nearly $32 million worth of ape in one day. more than 7.6 million ape have been deposited into the contract to date, and the token price has been ticking up since.
paragraph 2: the staking rewards will be distributed over the next three years, with 175 million ape—or 17.5% of the total supply—allocated to staking rewards. horizen labs’ staking website, apestake.io, is unavailable to users in some countries due to regulatory concerns. however, other companies can create global interfaces to enable staking without location restrictions.
paragraph 3: security firm peckshield has highlighted two examples of bored ape nft holders who lost tens of thousands of dollars worth of apecoin. the buyer took out a defi flash loan to purchase the bored ape nft, claimed the apecoin, resold the nft, and then repaid the loan while netting a profit. this happened because staking both a bored ape nft and apecoin will tie the assets together within the staking contract, and if the owner sells the nft, then they will lose access to the apecoin tokens tied to it. apecoin fell to an all-time low of $2.63 on november 14 in the wake of ftx’s collapse.


By Evey Lovelace

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