The Significance of APE and NFT Pool in Crypto

03/29/2023 11:59 • AI & Tech Insights • 62 views

The address starting with 0x0680 obtained 13000 APEs pledged after purchasing BAYC # 9061

The world of cryptocurrency is constantly evolving with new concepts and developments popping up every now and then. One of the relatively newer terminologies that has recently been making the rounds in the crypto world is APE or ApeSwap. This article will delve deeper into APE and its connection with NFT pool.

What is ApeSwap?

APE or ApeSwap is a decentralized exchange built on the Binance Smart Chain (BSC) that allows users to trade cryptocurrencies like any major centralized exchange. The main advantage of ApeSwap is the low transaction fees and faster transaction times as it is built on BSC, which is known for its high-speed transactions and low transaction fees.

A Glance at APE

APE is the native token of ApeSwap, which can be used for governance, staking, and trading on the platform. APE can also be used to pay for transaction fees similar to Binance Coin (BNB) on Binance Smart Chain.

NFT Pool and APE

On March 29, according to PeckShield monitoring, the address starting with 0x0680 obtained 13000 APEs pledged after purchasing BAYC # 9061, and transferred them to the address starting with 0x945B. PeckShield stated that the reason for this situation is that if a user pledges APE into the NFT pool, the ownership of APE will be transferred simultaneously after the NFT is sold.
NFT pool is a liquidity pool where users can add liquidity and earn a portion of the trading fees when users trade NFTs. The concept of NFT pool was introduced by ApeSwap, and it has been gaining popularity in recent times. When users pledge their APE into the NFT pool, their ownership is transferred simultaneously after the NFT is sold.

Why Does it Matter?

The transfer of ownership is important as it ensures that the users who pledge their APE into the NFT pool get their fair share of the profits when the NFT is sold. This is different from the traditional liquidity pools where users earn a portion of the trading fees, but the ownership of their tokens remains the same. With the NFT pool, the ownership is transferred, and this gives the users more rights and control over their investment.

How Does it Affect the Crypto World?

The rise of NFTs and the introduction of the NFT pool by ApeSwap is an indication of the growing interest in the crypto world. The integration of NFTs with the liquidity pool is expected to attract more investors and traders to the platform. The low transaction fees and faster transaction times offered by ApeSwap and Binance Smart Chain are an added advantage that cannot be overlooked.

Conclusion

In conclusion, the introduction of NFT pool by ApeSwap and the transfer of ownership after pledging APE into the pool is a significant development in the crypto world. It offers more rights and control to investors and traders, and it is expected to attract more investors to the platform.

FAQs

Q1. What is APE?
A1. APE is the native token of ApeSwap platform.
Q2. What is NFT pool?
A2. NFT pool is a liquidity pool where users can add liquidity and earn a portion of the trading fees when users trade NFTs.
Q3. Why does the transfer of ownership matter in the NFT pool?
A3. The transfer of ownership ensures that the users who pledge their APE into the NFT pool get their fair share of the profits when the NFT is sold.

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