BendDAO is considering expanding to the ApeCoin NFT staking program
BendDAO, an NFT financial protocol, is considering a proposal to enable staking of ApeCoin (APE) on its platform through a new return aggregator product called BendEarn.
On September 29, a BendDAO community member called vis.eth came up with the proposal highlighting how it would work.
In addition, the BendDAO team also created a development plan for the implementation of the ApeCoin (APE) staking platform, estimating that it will take two to three weeks to build. If the community supports the idea, it will go to a vote to see the new platform implemented.
ApeCoin (APE) Staking is a new platform scheduled to go live on October 31st. In May, the ApeCoin DAO – a decentralized organization that uses the cryptocurrency ApeCoin as its governing token – voted to select Zero-knowledge and blockchain infrastructure firm Horizen Labs to build its ApeCoin staking platform, which will offer token rewards to users who stake (or hold) APE , Bored Ape, Mutant Ape and Bored Ape Kennel Club NFTs in their four respective pools.
Earlier this month, Horizen Labs shared the betting platform’s user interface consisting of a dashboard, four betting pools and market tools.
BendDAO also plans to have the same four staking pools on the BendEarn platform. According to BendDAO, the first staking pool will be a tool where users can stake their APE tokens on their own. The other three pools will involve pairing one of three major Yuga NFTs – Bored Ape Yacht Club, Mutant Ape Yacht Club and Bored Ape Kernel Club – with APE tokens.
BendDAO developers intend to develop the BendEarn platform in two phases. The first phase will cover the development of the smart contract for APE staking. On the other hand, the second phase will focus on building out the BendEarn contracts and distributing NFTs and APE tokens to the various stake pools.
BendDAO developers plan to develop earning strategies on top of the BendEarn NFT lending platform. Therefore, BendEarn will act as a yield optimizer for APE staking. And all of the above Yuga NFTs (Bored Ape Yacht Club, Mutant Ape Yacht Club and Bored Ape Kernel Club) used as collateral to obtain loans on BendDAO can be staked on BendEarn.
The BendDAO community also plans to charge a stake fee of 3% of the revenue generated by the BendEarn platform, but members must agree on what to do with the funds. This decision is part of the proposals awaiting BendDAO community members to vote to approve the deployment of the BendEarn staking platform.
The last two years have been successful moments for NFT enthusiasts, with unprecedented demand for digital ownership creating a new and exciting asset class right. It marked a frenetic period for buying, selling and trading NFTs as investors sought new ways to leverage their holdings.
The development later led to NFT lending, a new landscape that now enables users to lend their NFTs for instant payouts in crypto and cash.
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