Understanding the Recent Transfer of APE in the NFT Pool

03/29/2023 11:59 • Metaverse Matters • 121 views

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.

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

Cryptocurrencies have been around for a while, but the recent surge in the adoption of non-fungible tokens (NFTs) has taken the crypto world by storm. On March 29, PeckShield monitoring discovered a puzzling transfer of 13,000 APEs from the address starting with 0x0680 to the address starting with 0x945B after purchasing BAYC # 9061. In this article, we will delve deeper into this situation and try to understand the reason behind this transfer.

The Background of APE and NFT

Before we discuss the transfer in question, let’s understand the two important terms used in this context – APE and NFT.

APE

APE is an ERC-20 token that is native to the ApeSwap platform. ApeSwap is a decentralized exchange on the Binance Smart Chain (BSC) that allows users to trade in BSC-based tokens. APE is a governance token that allows its holders to vote on important decisions regarding the development of the ApeSwap platform.

NFT

NFTs are unique digital assets that are non-interchangeable and cannot be replicated. NFTs are based on blockchain technology, which means that the ownership of an NFT is recorded on a public ledger that cannot be tampered with. NFTs are gaining widespread adoption in the art and gaming industries, among others.

Understanding the Transfer of APE in the NFT Pool

According to PeckShield monitoring, the transfer of 13,000 APEs from the address starting with 0x0680 to the address starting with 0x945B took place after purchasing BAYC # 9061. The reason for this transfer is that when a user pledges APE into the NFT pool, the ownership of APE is transferred simultaneously after the NFT is sold.
The NFT pool is a platform where users can purchase NFTs using APE tokens. Users can also pledge their APE tokens into the NFT pool to earn rewards. The ownership of the pledged APE tokens is transferred to the NFT pool, and the user earns rewards in return. After the NFT is sold, the ownership of APE in the NFT pool is transferred to the buyer of the NFT, and the original owner of the APE tokens receives the rewards.
In the case of the transfer in question, the user who purchased BAYC # 9061 pledged their APE into the NFT pool, which led to the transfer of ownership of APE to the buyer of BAYC # 9061. Since the buyer of BAYC # 9061 must have had an address starting with 0x945B, the ownership of APE was transferred to that address.

Conclusion

The transfer of 13,000 APEs in the NFT pool might have puzzled some crypto enthusiasts. However, the reason behind this transfer is quite simple. The transfer was made by a user who had purchased BAYC # 9061 and pledged their APE into the NFT pool. The ownership of the APE tokens was transferred to the buyer of the NFT after it was sold. This is a common practice in the world of NFTs and is essential for the smooth functioning of the NFT pool.

FAQs

1. What is an ERC-20 token?

An ERC-20 token is a type of cryptocurrency that is based on the Ethereum blockchain. ERC-20 tokens are fungible, which means that they can be exchanged for each other.

2. What is a decentralized exchange?

A decentralized exchange is a platform that allows users to trade cryptocurrencies without the need for intermediaries such as banks or brokers. Decentralized exchanges are based on blockchain technology, which ensures transparency and security.

3. Why are NFTs gaining popularity?

NFTs are gaining popularity because they allow creators to monetize their unique digital assets. NFTs are also being used in the gaming industry to create rare in-game assets that can be sold for real money.

This article and pictures are from the Internet and do not represent aiwaka's position. If you infringe, please contact us to delete:https://www.aiwaka.com/2023/03/29/understanding-the-recent-transfer-of-ape-in-the-nft-pool/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.