ApeCoin Staking Program Launching Soon

ApeCoin, an Ethereum-based token that powers the growing ecosystem of projects based on the Bored Ape Yacht Club NFT PFP collection, is up over 10% as its staking program will launch soon. Horizen Labs, who was chosen to provide the staking platform, is hosting a Twitter Space to discuss updates today.

Created by ApeCoin DAO, a decentralized autonomous organization set up to govern the token and its future roadmap, the ApeCoin's most attractive application to date is as a utility token in the Bored Ape-themed metaverse platform, Otherside. The staking program will offer token rewards to users who stake (or hold) ApeCoin, Bored Ape and Mutant Ape NFTs.

According to The Motley Fool, when ApeCoin launched, it had a fixed supply of one billion tokens, but not all the tokens were sold at once. Over the weekend, when the ApeCoin treasury released 25 million APE tokens for launch contributors, such as companies and people who helped make the project a reality, the price dropped as tokens released flooded the open market. At the time, price dropped as low as $4.5983. It has since climbed to a high of $6.322 in the past few hours, as reported on Coin Market Cap, at the time of writing.