- ApeCoin team is working on a staking update in line with AIP-21 and AIP-22.
- The update is a new opportunity for ApeCoin holders to earn interest or rewards on their holdings.
- Otherside game conducted the first successful load test on July 6 and the second one went live on July 9.
ApeCoin DAO forum and community members have had several meaningful discussions on the AIP-21 proposal to introduce a staking system for ApeCoin and the Bored Ape Yacht Club (BAYC) NFT ecosystem. These may set the stage for a bullish ApeCoin (APE) price movement soon.
To bring the uninitiated up to speed, staking participants will stake their holdings and use their BAYC NFT to receive APE from a preset pool over a set period of time, according to AIP-21.
On the other hand, the AIP-22 proposal presented the total ApeCoin allocation for the staking pools. It was specified that 17.5% of the total ApeCoin supply will be distributed over a period of three years. The ApeCoin team has teased APE holders a staking update in line with AIP-21/22, in a recent tweet.
BAYC NFTs have gained traction over the past week. BAYC #2089 was bought for 670 ETH, nearly $826,000, on July 8, and the following day BAYC #6388 was bought for 869 ETH, $1 million.
Despite a decline in NFT trade volume since May 2022, on OpenSea, Bored Ape Yacht Club NFTs are grossing high. Interestingly, at ApeFest ‘22, BAYC holders identified an exciting utility of their NFTs when Snoop Dogg and Eminem dropped their music video, featuring as characters from the collection.
A Polygon-based platform Teller has offered a buy now, pay later service for 10 blue-chip NFT projects, including the Bored Ape Yacht Club collection. Users can make a down payment and pay the balance later, through the DeFi lending platform.
Meanwhile, Otherside’s first test went live on July 6, and more than 2,200 people tested the game, sharing their feedback on crypto Twitter. Participants in the test consider it a remarkable feat that the game was stress tested with a relatively high participation rate and did not lag or present issues.
ApeCoin’s update (awaited by APE holders) and Otherside’s successful tests could act as a bullish trigger for the NFT token, pushing the price higher. ApeCoin price could hit the first bullish target of $5.21 in its uptrend, wiping out recent losses and move on to the next key level above $5.6. Above $5.6, key levels to watch are $6.4, $7.2, $7.4 and $8.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.