NFT lender BendDAO mulling creation of ApeCoin staking platform

Quick Take

  • A BendDAO community member has proposed the creation of an ApeCoin staking platform.
  • APE token holders and Yuga Labs NFT owners will be able to earn staking rewards from the platform.
  • BendEarn will serve as a yield optimization platform for APE staking.
 

NFT finance protocol BendDAO is considering a proposal to enable ApeCoin (APE) staking on its platform via a new yield aggregator product called BendEarn.

A BendDAO community member called vis.eth made the proposal on Sept. 29, providing a detailed breakdown for how it would work. The BendDAO team has also made a development plan for implementing the platform, estimating it would take two to three weeks to build. If the community backs the idea, it will go to a vote to be implemented.

BendDAO is an NFT lending platform. Users 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 May to introduce APE staking. Horizen Labs was chosen at the time to build an ApeCoin staking platform. This platform is scheduled to go live by the end of October allowing APE holders to stake their tokens in four proposed pools.

BendDAO forum

BendEarn will also have the same four staking pools. One will be a solo staking pool where users can stake their APE tokens alone. The other three 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 are considering a two-stage plan for the creation of the BendEarn platform. The first stage will cover the development of the smart contract for APE staking while the second stage will focus on building out the BendEnd contracts and distributing NFTs and APE tokens to the different staking pools.

The NFT lending platform is looking to develop earning strategies on top of BendEarn. This means that BendEarn will act as a yield optimizer for APE staking. As such, all Yuga NFTs used as collateral for obtaining loans on BendDAO can be staked on BendEarn. The same will also apply to ApeCoin lenders on BendDAO.

There is also a plan to charge a 3% staking fee on the revenue generated by the platform but the DAO will have to agree on what to do with the funds. This decision will likely be part of the motions voted on by the DAO to approve the deployment of the BendEarn staking platform.

 

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