ApeCoin Migrates Three NFT Staking Pools to ApeChain on April 15th, Opening Access to U.S. Users

ApeCoin, the cryptocurrency associated with the Bored Ape Yacht Club, is set to migrate its three NFT-based staking pools from Ethereum to ApeChain on April 15th, coinciding with Tax Day in the United States. This migration will involve the Bored Ape-only, Mutant Ape-only, and Bored Ape Kennel Club staking pools, which will close on Ethereum and reopen on ApeChain using Yuga Labs' new Shadow technology.

To participate in staking on ApeChain, users must unstake and claim their ApeCoin from the Ethereum mainnet, bridge their tokens to ApeChain, and then restake using their NFT Shadows as the key. The NFT Shadows can be delegated via Delegate.xyz. Yuga Labs VP of Blockchain, 0xQuit, has advised users to bridge their ApeCoin as close to the migration date as possible. The ApeCoin DAO plans to release instructional videos to guide users through this process.

The new staking platform on ApeChain will not be geo-blocked, allowing users from the U.S. to participate, unlike the previous platform. The staking rewards will be paid hourly, with currently 1,069 APE per day being distributed for staked BAYCs. The ApeCoin DAO has not yet provided detailed information about the new staking site but has confirmed it will function similarly to the current ApeStake.io.

This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz.