- Using a brand-new yield aggregator product called BendEarn, a proposal to enable ApeCoin staking on the BendDAO platform is currently being evaluated.
- Vis.eth, a member of the BendDAO community, proposed it and offered a comprehensive explanation of how it would work.
- ApeCoin is the name of both the native token of the Yuga Labs NFT ecosystem and the governance coin of ApeDAO.
NFT finance guidelines a proposal to enable ApeCoin (APE) staking on BendDAO’s platform through a brand-new yield aggregator product called BendEarn is now being considered.
On September 29, a member of the BendDAO community by the name of vis.eth proposed it and provided a thorough explanation of how it would operate. The BendDAO team has also created a development plan for putting the platform into use and has estimated the build time to be two to three weeks. A vote will be taken to put the plan into action if the community approves it.
An NFT lending platform is called BendDAO. To borrow ether, users can deposit recognized blue-chip NFTs like Bored Apes and CryptoPunks.
The native token of the Yuga Labs NFT ecosystem and the governance currency of ApeDAO are both called ApeCoin. The DAO decided to implement APE staking in May. The company chosen to create an ApeCoin staking platform at the time was Horizon Labs. By the end of October, this site should be operational, enabling APE holders to stake their tokens in the four suggested pools.
According to information from Etherscan, the total number of unique wallet addresses holding APE has increased little during the last week, rising from 90,305 to 90,808.
Its most intriguing use to date is as a utility token on the Bored Ape-themed metaverse platform, Otherside. It was developed by ApeCoin DAO, a decentralized autonomous organization set up to oversee the coin and its plan.
The four staking pools will be the same for BendEarn as well. One of these will be a pool for lone users to stake their APE tokens. The other three require combining APE tokens with one of the three main Yuga NFTs: Bored Ape Yacht Club, Mutant Ape Yacht Club, or Bored Ape Kernel Club.
The development of the BendEarn platform may be accomplished in two stages, according to BendDAO developers.