BendDAO Submits Proposal To Enable ApeCoin Staking

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Photo Source: Yuga Labs

A BendDAO developer submitted a proposal to integrate support for ApeCoin staking via BendEarn starting October 31.

According to the author Vit.eth, the aim of this venture is "transforming Yuga-system NFTs in BendDAO into miner and deploying Vaults to help users maximize revenue in the full market domain."

The ApeCoin DAO voted to implement a staking platform in partnership with Horizon Labs in May. BendDAO's new staking product, BendEarn, will feature the same staking pools as Horizon Labs. 

The first pool will allow users to stake their APE tokens. The other three will require Yuga Labs’ BAYC, MAYC or BAKC NFTs to be paired with APE tokens. The yields from all four pools will vary based on the amount of assets staked.

The BendEarn project will be developed in two stages. The first phase will focus on the creation of the "BendApeStaking" contract. This will allow ApeCoin holders to manually choose their preferred lenders. The proposal adds that the first phase will be developed before $APE staking goes live.

For the second phase, the developers plan to fine-tune the machine gun pool and maximize profit for users by distributing the NFTs and APE tokens to different pools. It will finish development by November 31.

Additionally, BendDAO plans to charge a 3% fee for staking BAYC, MAYC, and BAKC NFTs. The community can alter the service fee once the proposal goes up for voting.

Written by
Ayush Pande

A BendDAO developer submitted a proposal to integrate support for ApeCoin staking via BendEarn starting October 31.

According to the author Vit.eth, the aim of this venture is "transforming Yuga-system NFTs in BendDAO into miner and deploying Vaults to help users maximize revenue in the full market domain."

The ApeCoin DAO voted to implement a staking platform in partnership with Horizon Labs in May. BendDAO's new staking product, BendEarn, will feature the same staking pools as Horizon Labs. 

The first pool will allow users to stake their APE tokens. The other three will require Yuga Labs’ BAYC, MAYC or BAKC NFTs to be paired with APE tokens. The yields from all four pools will vary based on the amount of assets staked.

The BendEarn project will be developed in two stages. The first phase will focus on the creation of the "BendApeStaking" contract. This will allow ApeCoin holders to manually choose their preferred lenders. The proposal adds that the first phase will be developed before $APE staking goes live.

For the second phase, the developers plan to fine-tune the machine gun pool and maximize profit for users by distributing the NFTs and APE tokens to different pools. It will finish development by November 31.

Additionally, BendDAO plans to charge a 3% fee for staking BAYC, MAYC, and BAKC NFTs. The community can alter the service fee once the proposal goes up for voting.

Written by
Ayush Pande