In an effort to gain a foothold in the market, Nexo announced that investors can earn yields on the newly launched ApeCoin (APE). By just holding ApeCoin, users can earn up to a 12% annual percentage rate (APR) and also use it as collateral for loans. The Nexo exchange is offering a 0.5% cashback incentive on APE purchases.
Creators describe APE as an Ethereum utility token that is governed by the ApeCoin DAO. APE, as per information on its official portal, will serve as a decentralized protocol layer for new services that drive culture forward into the metaverse. It will provide access to exclusive merchandise, games, and events occurring in the ecosystem itself.
Since its initial price discovery, ApeCoin has traded between $9.60 – $15.35. At the time of writing this article, ApeCoin was trading at $14.18. According to CoinMarketCap, APE’s price is up by 18.17% in the last seven days. The token has a market capitalization of about $2.4 billion. Antoni Trenchev, the co-founder of Nexo, said APE allows users to own land and resources, and create assets in an interoperable gaming metaverse. He highlighted that Yuga Labs is going full metaverse. It is not just a viral NFT collection.
It should be noted that after the promo, ApeCoin’s rates will be high as it is one of the platforms which consistently offers some of the best rates in the industry. Users just need to set up their APE holdings for a fixed term and select to receive their yield in NEXO tokens.