ApeCoin Price Continues to Surge Amid Community-led Proposal on BAYC NFT Staking

ApeCoin price continues its rally after today’s Twitter Space, where members of the ApeCoin community and DAO discussed a proposal on staking mechanics for the token. Two new proposals were submitted by the ApeCoin community, suggesting a staking process and an allocation of the ecosystem fund for staking pools. Let’s look at the proposals and why the ApeCoin price might be rising so much.

ApeCoin Proposals AIP-21 and AIP-22

Two new proposals were submitted today, April 25th, by giacolmo.eth, titled AIP-21 and AIP-22.

AIP-21 proposes a staking system for ApeCoin and the Bored Ape Yacht Club (BAYC) NFT ecosystem. The new proposal is looking to establish a staking mechanic for the Bored Ape Yacht Club NFT holders to receive ApeCoin from a preset pool over a period of time. This means NFT holders will be able to accumulate more ApeCoins, increasing the value of their NFTs.

The staking mechanics for BAYC NFTs will seed the ecosystem’s growth and incentivize early adopters and existing NFT holders. According to the discussion, the proposal focuses on incentivizing early adopters of the BAYC ecosystem, providing them with further utility for their highly sought-after digital collectibles.

Check out the AIP-21 forum post for the full details.

The second proposal, AIP-22, presents the allocation of ApeCoins for the staking pools from which NFT holders will receive rewards.

It proposes a staking period of 12 months and a total staking period of three years. The total ApeCoin staking pool discussed is 17.5% of the total ApeCoin supply. At today’s valuation of $5.5 billion, 17.5% comes out to roughly $968 million worth of ApeCoins, quite a significant amount to be distributed to NFT holders.

The staking periods are split into three years, proposing to allocate 10% in year one, 5% in year two, and 2.5% in year three.

The timeline for AIP-22 depends on the completion of AIP-21. Check out the AIP-22 forum post for the full details regarding this proposal.

Both proposals are focused on rewarding existing NFT holders with significant rewards. The project’s primary focus is on incentivizing early adopters and current holders of the BAYC ecosystem NFTs to continue to hold the token and their NFTs, which only makes sense as ApeCoin was initially launched to supplement the utility for the BAYC NFTs.

ApeCoin Price

The market continues to be bullish when it comes to APE as the cryptocurrency continues its rally, setting a new all-time high of $19, inching closer to $20.

ApeCoin’s current market capitalization is $5.5 billion with a 24-hour trading volume of $2.3 billion, signaling the tremendous excitement of the market regarding the project.

As we discussed in our ApeCoin price analysis yesterday, the key resistance levels for APE are $18.45, $20, and $23. APE broke through the $18.45 level, and by the looks of it, will soon break the $20 and $23 levels if the bullish momentum continues.

If you’re looking to bet on the future of ApeCoin, you can purchase APE on Binance, KuCoin, Coinbase Exchange, Kraken, FTX, Binance.US, Bitfinex, Uniswap, and more.

What Is ApeCoin?

Launching on March 17th, 2022, ApeCoin is the primary governance and utility asset for the Bored Ape Yacht Club (BAYC) NFT collection ecosystem. ApeCoin provides holders with voting power on proposals initiated by the DAO.

As a newly launched project, ApeCoin’s primary utility is governance, but the community supporting the project continues to find ways to expand its utility with upcoming staking proposals, partnerships with various brands, etc.

ApeCoin was launched for the Web3 economy, looking to become a leading Metaverse and Web3 coin focusing on early adopters of the BAYC NFT ecosystem to provide holders with further utility for their collections.

The APE token is an Ethereum-based digital asset built with the ERC-20 token standard. It features a maximum supply of 1 billion tokens and a current circulating supply of 284 million, according to CoinMarketCap.

Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.

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