You do not have to hodl your $APE token anymore. Nexo now provides $APE token holders with the perfect opportunity to earn passive income on your $APE assets.
Interestingly, Nexo is a well-known digital asset lending platform. This article covers important details about a step-by-step process on how to earn passive income APE on Nexo.
What is APE?
APE is an ERC-20 token based on the Ethereum blockchain. Interestingly, ApeCoin ($APE) was inspired by the Bored Ape Yacht Club project. Also, serving as a utility and governance token for the entire APE ecosystem.
Voting for ApeCoin DAO is officially open! Go to https://t.co/VQEtMwsh98 to view and vote on the first proposals for how the DAO should be governed. See 🧵 for the tl;dr on voting.
— ApeCoin (@apecoin) March 23, 2022
Interestingly, $APE is now acceptable on Nexo. This means that interested persons can earn passive income from their $APE tokens instead of simply holding them. Here is how you can do it.
Step by Step Process of Putting Your APE on Nexo
- Purchase Apecoin ($APE). You can do this on top exchanges like Binance, ByBit, CoinTiger, FTX, or on decentralized exchanges like SushiSwap, etc. Also, you can purchase $APE on Nexo:
- Click on the “Exchange tab” on Nexo
- Click the “Pay With” icon and select “Card
- Select “$APE” as the token you want to receive.
- Select your desired amount.
- Preview the transaction by clicking on “Preview Exchange”
- Input your card details and confirm your transaction.
Moreover, buying APE on Nexo will attract a 0.5% cashback reward. Also, it is important to note that to carry out transactions on Nexo, you need to have a verified Nexo account.
2. With $APE tokens in your Nexo account, users can earn passive income as high as 12% APR.
Your $APE is bored just sitting around?
Why not transfer it to Nexo and let it break loose granting you yields of up to 12% APR? Courtesy of our @ApeCoin promo.https://t.co/lFfAuAaV12
— Nexo (@Nexo) April 1, 2022
Notably, earning up to 12% APY on your $APE holdings is only within a limited timeframe. The timeframe will span from March 29, 2022, to April 29, 2022. Therefore, to earn rewards, you need to either hold or borrow against your $APE tokens.
Also, there are currently different tiers on Nexo with each tier having a specific maximum yield rate for $APE holdings. The tiers include:
- Platinum Tier with a maximum rate of 12% and a standard rate of 9%.
- Gold Tier with a 10% maximum rate.
- Silver Tier with a 9% maximum rate.
- Base Tier with a maximum rate of 8% and a standard rate of 7%.
More About Nexo
In addition, as previously indicated, Nexo is a decentralized crypto lending and borrowing platform. It has also been touted as the world’s largest crypto lending institution. Nexo provides crypto enthusiasts with the opportunity to earn passive income with their idle crypto assets. The platform provides the opportunity to earn rewards as high as 17% APR on their crypto holdings. Also helps to protect against volatility and provides the opportunity to earn with zero risk.
In conclusion, Nexo currently boasts over 4 million users from over 200 countries. Also, the platform has paid out an estimated $200 million and currently supports over 34 cryptocurrencies.
$APE Price Outlook
Finally, at the time of writing, $APE was trading at $11.18 with a market cap of $3,1 billion and a 24-hour trading volume of $457 million. The token price was down by 0.2% in the last 24 hours. The token also has a circulating supply of 277.5 Million $APE tokens and a total supply of 1 Billion $APE.
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