ApeCoin hit the world by storm in 2022 when it was announced by Yuga Labs, the known developer of the popular NFT project, Bored Ape Yacht Club (BAYC). This ERC-20 cryptocurrency was going to become the native coin of BAYC. It would also become the token of the ApeCoin DAO and other Yugo Lab projects, such as their groundbreaking metaverse game, Otherside. The idea is to slowly scale ApeCoin into the metaverse where you can use it to play games, buy music and do anything you want.
ApeCoin was initially marketed as the complement cryptocurrency of the BAYC and Mutant Ape Yacht Club and was given to the owners of these NFTs through an airdrop. However, as time has passed and true to the vision of the creators of ApeCoin, it has become available to the public and not just a select few. Thus, if you want to ride the ApeCoin wave, you can buy this cryptocurrency and stake it on crypto platforms such as Binance, BlockFi, and Uphold. So, sit back as we dive deep into all you need to know about staking ApeCoin.
Best Staking Exchanges In 2022 – Summarized List
- BlockFi – Visit Site
- Nexo – Visit Site
- Uphold – Visit Site
- Crypto.com – Visit Site
- Binance US – Visit Site
Benefits To Staking ApeCoin
Staking in crypto is a way to get a return on your crypto investments, especially if you are not scared of the volatile nature of the market. In essence, you lock your digital asset to earn interest after a specified time. So why should you stake your ApeCoin? What benefits can you get?
Well, first and foremost, ApeCoin is one of the best shitcoins out there right now. By definition, shitcoins serve no purpose in the market other than to exist. However, ApeCoin does serve a purpose because it is affiliated with the infamous BAYC NFTs owned by big names such as Tom Brady, Justin Beiber, Eminem, and even the acclaimed queen of pop, Madonna. So, by staking ApeCoin, you kind of become a celebrity by association (This is not financial advice).
Additionally, apart from being affiliated with Yuga Labs, the coin is controlled by the ApeCoin DAO, which you become a part of when you buy the coin. Thus, by staking ApeCoin, you literally have the power to control any decision pertaining to it. Also, staking ApeCoin is very easy. It can be quickly done on various platforms without any hassle or prior knowledge. Having ApeCoin can give you access to crypto events. Finally, staking ApeCoin is a long-term investment, and you can receive rewards when ApeCoin experiences an increase in value. So to prevent any FOMO, stake that ApeCoin today!
5 Best Exchanges to Stake ApeCoin
If you have decided to stake ApeCoin, here are some of the best exchanges that you can use
- Binance US
Even though each of these platforms has its peculiarities, the processes are similar. You first have to register. Then, complete their KYC with the relevant documents, after which you can start staking.
You can use BlockFi to stake your ApeCoins, where you can get up to 11% APY.
- You can use ACH as well as wire transfers to stake in your BlockFi account
- There is no trading fee for the platform. So you can stake with no added costs
- There are no maximum limits
- There is also no minimum balance you can stake
- Very responsive support
- BlockFi is optimized for staking in stablecoins
- Your funds are not FDIC or SIPC insured
- You have to wait 24 hours for your withdrawals to be processed
- Withdrawal fees are a little higher than their competitors
- Staking services are restricted in some states of the US
Another cryptocurrency platform you can use to stake is Nexo. You can get up to 8% in APY.
- The platform is easy to use for beginners
- Your funds are insured, and the platform has a high level of security
- With Nexo, you get free withdrawals per month
- There is no low cap on the crypto you can earn from
- The APY rates are not as high as their competitors
- The staking process can be complex
- Some features are locked depending on your region, especially in the United States
- There are lesser resources for education on Nexo
Uphold has some of the best rates for staking, with up to 19.5% returns.
- The steps to stake your coin on Uphold are easy
- It offers some of the best rates in staking
- You receive payouts every week
- Uphold is a secure platform. Third-party organizations perform audits
- There are a lot of educational resources you can use in your staking journey
- There is a 15% fee on all your withdrawals
- Unstaking requests take three business days to complete
- The FDIC does not insure your funds
- The mobile application doesn’t have the best user experience
4. Binance US
Even if you are new to cryptocurrency, you must have heard of Binance US. It is one of the most popular crypto-staking platforms with very high yields.
- Binance allows you to choose how long you want to lock up your ApeCoin
- You can get up to 150% in APYs
- You can receive payouts daily
- The platform for staking is very secure
- There is a provision for locked and DeFi staking
- The customer support on Binance is a bit poor
- If you choose locked staking on Binance, you must wait for a specified time before you can take out your money
- You cannot use Binance to stake in all 50 states of the US
Since Crypto.com was launched in 2016, it has become one of the largest crypto exchanges. It gives staking services through its Crypto Earn feature.
- The lock-in period is flexible. It can be between one to three months
- You can receive payouts weekly
- The platform is very secure
- The Crypto.com staking platform, Crypto Earn, has a staking calculator
- com has low deposit and withdrawal fees
- The user experience for Crypto.com staking is not the best
- The lock-ups are very strict
- Weak customer support
- Few resources for education
Added Benefits To Staking Crypto
Staking cryptocurrency is one of the easiest ways to earn while doing nearly nothing and generating passive income. This is a way to make use of any disposable income you have. Here are some other benefits
- It is an eco-friendly way to earn money through cryptocurrency. Staking does not take too much energy, unlike mining crypto, which requires a ton of energy and equipment.
- With staking, you contribute to blockchain’s efficiency as well as security.
- It helps support the validity of the cryptocurrency you’re staking. This is because cryptocurrencies generally rely on staked coins to verify transactions on the blockchain.
- Staking gives you flexibility in earning from your crypto assets because with staking, you don’t have to sell.
ApeCoin has shown that it is here to stay because it is backed by a lot of big names in the crypto world. However, the question on everyone’s mind is whether it will be worth it to stake ApeCoin. There is no straightforward answer to this as we cannot see the future, but we would look at the facts presented to us:
- ApeCoin is affiliated with one of the most significant NFT projects currently, Bored Ape Yacht Club.
- ApeCoin is controlled by the ApeCoin DAO, not one person. This means that once you buy it, you have a say in its governance.
- ApeCoin’s largest holders, which are the BAYC founders, Yuga Labs, and other launch contributors, have their ApeCoin allocations locked with the only specific amount released to them monthly. This measure is to prevent dumping, which can drive its value down.