vEmpire launches staking pool for ApeCoin

ApeCoin: What you need to know

• ApeCoin is a brand new ERC-20 governance and utility token used within the wider Ape ecosystem

• The only use case for the ApeCoin is for governance, enabling the token holders to have a say in the ApeCoin DAO and to vote on how the ApeCoin DAO ecosystem fund should be used

• Due to the current frenzy surrounding the crypto business, the currency may see a short-term boost, but the reality that investing is dangerous cannot be overlooked

Mumbai: Decentralized Metaverse, GameFi and NFT investment organization vEmpire DDAO on Sunday announced the launch of a staking pool for the ApeCoin, with a triple digit starting yield. The ApeCoin is a brand new ERC-20 governance and utility token used within the wider Ape ecosystem, which has itself experienced tremendous growth throughout the past year. Currently, the only use case for the ApeCoin is for governance, enabling the token holders to have a say in the ApeCoin DAO and to vote on how the ApeCoin DAO ecosystem fund should be used. However by staking $APE with vEmpire, investors can earn interest on their holdings while also being exposed to the token launch in 2022.

Talking to Bizz Buzz, Raj Kapoor, chief advisor, Acryptoverse, said: "A point to note, however, is despite the fact that ApeCoin is associated with Yuga Labs - the company behind the intellectual property of the famous and pricey Bored Apes - ApeCoin is a product of the ApeCoin decentralized autonomous organization (DAO) which means that each token holder in the has a say in the organization's development. With a bright future ahead for the Bored Apes and BAYC associated projects, ApeCoin seems like a promising utility token for the trending ecosystem. Yuga Labs however, claims zero responsibility for ApeCoin and could benefit from an independent entity allocating tokens to them as opposed to Yuga Labs pumping their own investments."

The cryptocurrency markets are volatile and unstable. APE, which is still in its infancy in the world of cryptocurrency, speculating on ApeCoin's future market is difficult. Due to the current frenzy surrounding the crypto business, the currency may see a short-term boost, but the reality that investing is dangerous cannot be overlooked, he added.

When an investor stakes $APE, vEmpire will utilize the investors stake by purchasing other Ape-based assets and playing games within the Ape ecosystem, with assistance from vEmpire's Gaming Guild. By doing this, vEmpire can make investor's $APE holdings productive, enabling them to earn passive income, which is not yet natively possible.

"Enabling our community to stake $APE is something that we believe will be groundbreaking. It enables investors to earn financial rewards on their $APE holdings in ways that even ApeCoin doesn't have native functionality for. This will help contribute to making investment in Metaverse assets more accessible, rewarding and productive. The launch of the ApeCoin itself is revolutionary. However, being able to earn passive income on the ApeCoin before most others in the industry is what we believe will attract investors the most," said Dominic Ryder, Founder & CEO of Empire. "Empire is committed to offering the best investment opportunities to not only our community, but the wider Metaverse & NFT communities too. This is just one of many more exciting staking pools coming this year," he added.