ApeCoin (APE) is still on track to launch its staking contract next week, alongside its own front-end website, despite delays caused by its bug bounty program.
However, North American users will be blocked from the ApeStake.io website, even though ApeCoin is based in the US, because of “today’s regulatory environment”.
APE, the native cryptocurrency for the Bored Ape Yacht Club NFTs (non-fungible tokens), launched earlier this year. Its staking platform and contract is being developed by Horizen Labs, a blockchain infrastructure company, for the ApeCoin decentralized autonomous organization (DAO).
The website and pre-deposits are set to go live on 5 December, while rewards will be enabled on 12 December.
APE to USD
Apecoin staking details
After launching earlier this year, the apecoin governance and utility token is turning to staking to incentivise members of its DAO.
There will be various pools for apecoin holders to gain rewards, some of which require holding Yuga Labs’ NFTs. Along with a standard apecoin pool, there will be pools for Bored Ape Yacht Club and Mutant Ape Yacht Club holders.
Horizen Labs’ open source smart contract has already launched its testnet using the Goerli Faucet on Ethereum (ETH). The contract is then expected to start its launch procedure on the Ethereum mainnet on 5 December.
The infrastructure company is also developing a website, under the name ApeStake.io, to act as a front-end interface. This will give investors a chance to access the smart contract with ease.
Geoblocking US users
In a recent announcement, Horizen Labs has confirmed that the ApeStake website will be geoblocking some counties and regions. Alongside the United States and Canada, other countries that will be blocked from the site include Russia, North Korea, and Syria.
Ape Staking Update: Big thanks to the talented community devs for their helpful improvements. Bug Bounty AIP delayed us a bit, so we shortened the pre-deposit period by a week to keep our original 12/12 go-live. Alternate front-end sites going live. See card. pic.twitter.com/mgmP7X3SwQ— Horizen Labs (@HorizenLabs) November 24, 2022
The statement said: “We are aware that geoblocking some users in North America is inconvenient for many members of the ApeCoin community. Unfortunately, in today’s regulatory environment, we had no good alternative.”
However, the staking contract is open source. This allows other third-party interfaces to build their own apecoin staking platforms, including “high profile, centralised exchanges as well as a number of DeFi platforms”.
Apecoin is rallying on the lead up to the launch of this staking smart contract. After falling to a 90-day low of $2.63 on 14 November, it recently gained momentum and hit a high of $4.23 on 28 November.
At the time of writing, APE was trading at $4.13 and was up 41% in the past seven days.
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