NFT lender BendDAO mulling creation of ApeCoin staking platform

NFT

NFT finance protocol BendDAO is contemplating a proposal to allow ApeCoin (APE) staking on its platform by way of a brand new yield aggregator product known as BendEarn.

A BendDAO neighborhood member known as vis.eth made the proposal on Sept. 29, offering an in depth breakdown for the way it might work. The BendDAO crew has additionally made a growth plan for implementing the platform, estimating it might take two to 3 weeks to construct. If the neighborhood backs the concept, it would go to a vote to be applied.

BendDAO is an NFT lending platform. Customers can deposit accepted blue-chip NFTs like Bored Apes and CryptoPunks to borrow ether (ETH).

ApeCoin is the the governance coin of ApeDAO and the native token of the Yuga Labs NFT ecosystem. The DAO voted in Could to introduce APE staking. Horizen Labs was chosen on the time to construct an ApeCoin staking platform. This platform is scheduled to go reside by the tip of October permitting APE holders to stake their tokens in 4 proposed swimming pools.

BendDAO discussion board

BendEarn can even have the identical 4 staking swimming pools. One will probably be a solo staking pool the place customers can stake their APE tokens alone. The opposite three will contain pairing one in every of three main Yuga NFTs — Bored Ape Yacht Membership, Mutant Ape Yacht Membership, and Bored Ape Kernel Membership — with APE tokens.

BendDAO builders are contemplating a two-stage plan for the creation of the BendEarn platform. The primary stage will cowl the event of the sensible contract for APE staking whereas the second stage will concentrate on constructing out the BendEnd contracts and distributing NFTs and APE tokens to the completely different staking swimming pools.

The NFT lending platform is seeking to develop incomes methods on high of BendEarn. Because of this BendEarn will act as a yield optimizer for APE staking. As such, all Yuga NFTs used as collateral for acquiring loans on BendDAO may be staked on BendEarn. The identical can even apply to ApeCoin lenders on BendDAO.

There’s additionally a plan to cost a 3% staking payment on the income generated by the platform however the DAO should agree on what to do with the funds. This resolution will possible be a part of the motions voted on by the DAO to approve the deployment of the BendEarn staking platform.