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breaking news How to Stake ApeCoin in 2022 • Full Walkthrough • Benzinga

Want to skip straight to how to stake Apecoin? You can stake $APE in 3 clicks using Omni Wallet’s seamless user interface.

Recent developments in ApeCoin staking have excited Ape NFT holders and ApeCoin investors alike. Interest rates are dramatically increased for yacht club members, offering extremely attractive APYs that are projected into triple digits. This comprehensive guide will show you how to take advantage of ApeCoin staking no matter what country you reside in.

Staking ApeCoin is a phenomenal way to generate yield on idle APE. To earn interest, all you have to do is deposit your tokens. Although there are risks associated with staking, done correctly it can be a fantastic source of passive income. The following discussion will explore the easiest ways to stake ApeCoin in whatever country you reside.

ApeCoin Staking TL;DR:

The Omni multi-chain crypto wallet app is currently the easiest way to stake ApeCoin. Omni is available on iOS and Android, providing the most seamless mobile experience for web3 users.

The wallet has simplified crypto staking – it only takes 3 taps to stake your ApeCoin with Omni. It should also be noted that its highly secure and NFT-oriented interface provides an excellent user experience. Omni can also be integrated with Ledger hardware wallets, further enhancing security.

Another notable method for staking ApeCoin is using ApeStake.io. However, this website geo-blocks users based in the United States and Canada. Another option for ApeCoin staking is Binance, but this will take some of your rewards, so the easiest approach to getting the most out of APE staking is Omni.

How to stake ApeCoin

ApeCoin staking will largely take place on ApeStake.io. Currently, there are 3 ways to stake APE, as indicated by a update from Horizen Labs––the blockchain infrastructure company responsible for building the ApeCoin staking system. These methods are:

  1. Open source smart contracts
  2. Front interfaces
  3. Third-party interfaces

Horizen Labs open source smart contracts on Ethereum will allow anyone to directly interact with the smart contract and build solutions. This means that third parties can provide services directly to the ApeCoin community by developing their own solutions that take advantage of the smart contract.

The front end will be built on ApeStake.io. It is designed to be accessible to users who may not have the technical skills to directly interact with the smart contract but still want to stake their APE. According to Horizen Labs, this site will host all the features of AIP 21 & 22.

Finally, several front-end user interfaces are being developed by third parties to allow users to access the smart contract regardless of their geographical location. This includes a high number of centralized exchanges as well as a number of DeFi platforms.

The most impressive of these solutions is Omni. The mobile software wallet does not geoblock users, so anyone can stake ApeCoin through Omni. Simply send your Ape NFT, if you own, and your ApeCoin to Omni, and you can bet in 3 taps.

Once your Omni wallet is funded, select ApeCoin under assets, choose the staking pool you wish to stake your tokens into and confirm the transaction.

What is ApeCoin Staking?

ApeCoin staking allows token holders to earn a high return on their ApeCoin by earning tokens issued by ApeCoin DAO over the next few months. There are separate pools for those who stake ApeCoin alone and those who stake ApeCoin with BAYC, MAYC and Bored Ape Kennel Club NFTs. Notably, APYs are expected to be significantly higher for those who stake ApeCoin alongside an NFT.

APE staking is a great way to generate passive income in APE without losing ownership of the underlying crypto. Also, if the value of the APE increases while you bet it, you are essentially doubling the returns. However, it is not without risk. There is always a risk of vulnerabilities in the staking contract, although that risk is less with a brand as big as Yuga Labs.

According to the company’s official website, the first rewards will be accrued on December 12, 2022. Staking rewards will be highest during the 1st quarter of staking, starting at 35 million and decreasing to 15 million over the next 4 quarters.

Note that due to regulatory issues, ApeStake.io will not be available to US residents, according to a recent update from Horizen Labs. However, technically savvy users will be able to stake directly via smart contracts. Additionally, users who do not wish to wager using the smart contract have the option of using Omni to wager ApeCoin.

Staking via Omni Crypto Wallet

One of the easiest ways to stake your APE is with Omni, an easy-to-use, highly functional, self-custodial web3 mobile wallet. The software has an easy to use user interface that allows users to quickly access all its functions. The account creation process is simple and can be done in minutes.

Omni launched APE staking ahead of the launch of rewards, so users will be ready to earn starting December 12, 2022. Omni also offers $APE, BAYC, and MAYC staking through a Ledger integration, allowing monkey holders to use the user’s own interface while keeping all their assets safe on their hardware wallet.

Additionally, Omni has created a concierge-like experience for #BAYC/#MAYC with custom integration where BAYC/MAYC holders can establish 1:1 calls with the Omni team to receive white-glove service helping them configure their wallet or synchronize their Ledger and stake $APE. Ape holders will even be able to get priority support via Telegram and Email for any future questions and assistance.

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How Much Interest Can You Earn By Staking ApeCoin?

ApeCoin staking rewards, otherwise known as APE staking emissions, will represent 17.5% of the total supply of the token and will be spread over a period of 3 years.

In the 1st year of staking, 100 million APE will be paid out to all staking pools. Currently, there are 4 main staking pools that APE and Yuga Labs NFT holders will have access to. These 4 pools and their respective token allocations for the 1st year are as follows:

  • APE pool only: 3,835,000 tokens (3.83%)
  • BAYC pool: 47,105,000 tokens (47.1%)
  • MAYC pool: 30,000,000 tokens (30%)
  • BAYC/MAYC + BAKC paired pool: 19,060,000 tokens (19.06%)

It is important to note that all pools require at least a certain amount of APE to participate in staking. Additionally, the ApeCoin wagering system applies wagering caps, which will be voted by the ApeCoin DAO before each wagering period. The first staking period will apply the following caps per NFT:

  • BAYC: APE$10,094
  • MAYC: APE$2,042
  • BAKC: APE$856

This means that a holder with three Bored Apes can wager and earn rewards with a maximum of 30,282 APE. Like other cryptocurrencies, staking rewards are directly proportional to the amount of APE staked in each pool. This ultimately incentivizes participants to hold the highest percentage within a pool in order to capture the maximum rewards.

APE holders are also encouraged to stake APE as soon as possible. This is because the bulk of APE will be rewarded during the first 90 days of each staking period, decreasing each quarter until the end of the three-year staking period.

APE Staking Risks

APE staking comes with significant risks. Therefore, it is essential that you understand, assess and accept the associated risks before opting for the bet.

One of the main risks with staking is that people staking APEs may experience short to medium term losses due to price changes without the ability to liquidate during a sudden stock market crash. Fortunately, there is no staking lock, so you can withdraw your tokens whenever you want.

Another key risk of staking is the risk of funds being hacked, stolen, lost or frozen. Potential reasons for this include:

  • A centralized crypto exchange or third-party interface is hacked
  • Error or error interacting with the smart contract
  • A smart contract vulnerability in staking contracts is abused
  • Network security is compromised by a 51% attack (very unlikely, but theoretically possible)

In 2021 alone, more than $200 million worth of cryptocurrencies were lost due to fraudulent activity, according to Bloomberg. Using Omni’s integration with Ledger hardware wallets can also significantly reduce the risk of using a software wallet for staking. Ledger wallets never store your wallet information online, so they are essentially invulnerable to cyberattacks. Registers can be a little clunky to use on their own, but Omni’s user interface makes the process seamless.

Is ApeCoin Staking Worth It?

All in all, staking could be a great way to earn passive income on idle APE and Yuga Lab NFTs while helping support the ecosystem, but not entirely without risk. As an advanced investor, choosing to participate in staking with ApeStake.io is a great choice. For less technically savvy users – or those based in the US – it might be a good idea to opt for a third-party solution for staking. Right now, it’s clear that the best third-party solution is Omni.

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