By Alexander Grayson
ApeCoin is a utility token in the APE ecosystem. For those who don’t know, the APE ecosystem is a decentralized community that is leading the web3 revolution.
The ecosystem was inspired by the Bored Ape Yacht Ape (BAYC) project which is known for its leadership in the non-fungible token (NFT) industry.
Holders of the APE token can participate in the governance of the APE DAO, by voting on decisions to direct the APE DAO Ecosystem Fund. The token is also held by those who wish to earn some passive income through staking.
Staking is an activity that is encouraged not just to create passive income for the staker, but also to help in maintaining the integrity of the ApeCoin network. In this guide, we highlight the best platforms you can use to stake the token.
Binance
Binance is a leading crypto exchange, but also an excellent choice when it comes to staking cryptocurrencies, including APE. The platform offers a high APY of 63% for staking ApeCoin, and you only need 10 APE to qualify.
The exchange is an exchange for everyone, with its design making it easy to navigate and use. It is also a highly secure platform that you can trust for safely staking your APE tokens to earn some passive income.
You should note however that Binance charges a service fee for staking, which can affect your earnings depending on how much you earn. Also, the staked APE is locked up for an agreed period of time, making it unavailable for use during that time.
Also read:Nexo
Nexo is an FCA regulated crypto trading platform that is also perfect staking APE. The high security offered by the platform through its insurance for assets makes it an ideal and safe place to stake your tokens.
While the returns are not as high as that of Binance, there is no minimum requirement for the number of APE you need to stake, and you can earn up to 12% APY on your staked tokens.
Like Binance though, it deducts a small fee for administration, and interest payments can fluctuate depending on the prevailing price of APE. you may also suffer higher fees than usual on the Ethereum network during times of congestion if you wish to withdraw.
OKX
OKX is an innovative crypto trading platform that is also popular for staking different tokens, including APE. The platform is just as secure as any crypto trading platform you can think of, and offers up to 60% APY.
It also gives you the option to join a staking pool and estimate your potential returns even before you start the staking process. However, it requires a minimum of 100 APE to qualify for staking, making it difficult for most people to qualify.
It also charges a service fee, which can affect your earnings to varying degrees. Withdrawing your earnings may also be an issue if the Ethereum network is congested.
Kraken
Kraken is a leading global exchange and a crypto staking services provider. It is probably the most secure platform on this list, with no record of a security breach since its launch in 2011. Kraken offers up to 25% APY on staked APE tokens.
Like the other platforms, it also charges a service fee, and this fluctuates depending on how much you earn. Withdrawing your earnings can also be a challenge if you have a congested Ethereum network.
Bit2Me
Bit2Me is a wallet that allows users to also stake tokens. Through its Earn program, you can earn rewards for staking APE on the wallet.
You can earn up to 20% APY staking on Bit2Me, as well as daily or weekly compound interest. It is noteworthy that staking APE on this platform is completely free, and you can withdraw or add crypto assets whenever you want.
There’s also no minimum or maximum limit for the number of tokens to stake, making it open to all.
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