Horizen Labs Released A Seven-Part Document On ApeCoin Staking Today. Find Out More About The Pools:
Horizen Labs, the company tasked with creating the ApeCoin DAO’s staking system, released a seven-part document today that covered the DAO’s staking system.
“We released the technical documentation so that third party developers can review the code and start incorporating $apestaking into their platforms,” Horizen Labs Co-Founder and ApeCoin Special Council Member Dean Steinbeck told the Bored Ape Gazette. “We hope that a flurry of development will take place, so the community has plenty of options to choose from.”
One of the main points of the document laid out the four staking pools that will be live when $Ape staking begins. These four pools will be:
1. A general ApeCoin pool that anyone holding $Ape can stake in.
2. A BAYC pool where BAYC holders can stake up to 10,094 $Ape per Bored Ape they own.
3. A MAYC pool where MAYC holders can stake up to 2,042 $Ape per Mutant they own.
4. A paired pool where BAKC can be staked when combined with a Bored or Mutant Ape.
Horizen Labs continued this section with a FAQ portion of the document where the company explained an important aspect of the ApeCoin DAO’s staking system.
“Think of your BAYC or MAYC like a box that holds your ApeCoin,” Horizen Labs wrote. “If you sell the box, the new owner gets the box plus all of its contents. So, if you’re about to sell your BAYC or MAYC, WE STRONGLY RECOMMEND THAT YOU UNCOMMIT YOUR NFT PRIOR TO THE SALE. This will ensure a clean deposit into your wallet of both your staked and earned rewards. If you happen to sell your NFT and forget to uncommit it, the new owner has the ability to uncommit it, and as the NFT is transferred to the new owner, so too will transfer your staked ApeCoin and rewards.”
You can read Horizen Labs’ full FAQ here:
In an interview with the Gazette, Steinbeck echoed the importance of this section.
“There is one product feature that was expressly approved in the AIP that I think is worth mentioning,” Steinbeck said. “A user’s staked $Ape belongs to the owner of the corresponding NFT. If you sell your NFT before removing it from the platform you are essentially selling your NFT along with your staked $Ape. I really hope users are careful and pay attention to this feature. We’re doing our best to educate users but hopefully others can spread the word too.”
This is a developing story, and the Bored Ape Gazette will continue to cover this document later this week. Stay tuned for updates! In the mean time, you can check out Horizen Labs full report here: https://docs.apestake.io/#/README