BendDAO Considers Proposal To Create ApeCoin Staking Platform

Finance protocol based on NFT BendDAO is exploring a proposal to allow ApeCoin (APE) staking on its network via BendEarn, a new yield aggregator product.

On September 29, a BendDAO community member named vis.eth presented the proposal, detailing how it would function in detail. BendDAO has also created a development strategy for installing the platform, predicting that it would take two to three weeks to complete. If the community supports the concept, it will be put to a vote to see if it will be adopted.

BendDAO is an NFT lending platform. Users can borrow Ether by depositing accepted blue-chip NFTs such as Bored Apes and CryptoPunks.

ApeCoin is ApeDAO’s governance currency and the Yuga Labs NFT ecosystem’s native token. In May, the DAO voted to implement APE staking. Horizen Labs was chosen to construct an ApeCoin staking platform at the time. This platform, which is set to launch by the end of October, will allow APE holders to stake their tokens in four planned pools.

BendEarn will have the same four staking pools as well. One will be a solo staking pool where users will be able to stake their APE tokens on their own. The other three will include combining APE tokens with one of three main Yuga NFTs – Bored Ape Yacht Club, Mutant Ape Yacht Club, and Bored Ape Kernel Club.

BendDAO developers are exploring a two-stage strategy for developing the BendEarn platform. The first step will involve the creation of the smart contract for APE staking, while the second will involve the creation of the BendEnd contracts and the distribution of NFTs and APE tokens to the various staking pools.

On top of BendEarn, the NFT lending platform is trying to build income options. BendEarn will therefore serve as a yield optimizer for APE staking. As a result, all Yuga NFTs used as collateral for BendDAO loans can be staked on BendEarn. The same is true for ApeCoin lenders on BendDAO.

There is also a proposal to impose a 3% staking fee on platform income, but the DAO must agree on what to do with the proceeds. This decision will most likely be included in the DAO motions to authorize the launch of the BendEarn staking platform.

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