Cryptocurrencies
ApeCoin Owners Consider Locking Up Coins to Keep NFT Mania Going
- Token owners will be awarded new ApeCoin for locking up coins
- Ratified proposals give owners the option of app staking
The physical artwork of “Bored Ape #2967” created by Bored Ape Yacht Club, left, and “Mutant Ape #1933” created by Mutant Ape Yacht Club
Source: BloombergThis article is for subscribers only.
Holders of ApeCoin approved two measures that may help to sustain the momentum around the cryptocurrency launched to support the Bored Apes NFTs.
The “ape improvement proposals” ratified in a vote that closed late Wednesday by the so-called decentralized community, giving owners the option to lock up their tokens for a period of time in exchange for more ApeCoin in the future. While the logic of such an agreement may seem circular, handing out incentives to remain invested has become a fairly common strategy in crypto.