Non-fungible token finance protocol (NFTs), BendDAO is considering a proposal to allow the staking in ApeCoin (ON FOOT) on its platform, through an income aggregator product called BendEarn.
A member of the BendDAO community, identified as vis.eth, proposed this Thursday (29), providing details of how staking would work.
The BendDAO team also drew up a development plan for implementing the platform, estimating that it would take two to three weeks to build it. If the community supports the proposal, it will be voted on to be implemented.
BendDAO is an NFT lending platform. Users can deposit NFTs from major collections such as Bored Ape Yacht Club (BAYC) and CryptoPunks, to borrow in ether (ETH).
ApeCoin is the governance cryptocurrency of ApeDAO and the native token of the NFTs ecosystem of Yuga Labs, the creator studio of BAYC.
ApeCoin staking pools
The decentralized autonomous organization (DAO) voted in May to introduce staking ApeCoin. Horizen Labs was chosen at the time to build the platform for staking ApeCoin.
This platform is expected to launch in late October, allowing APE holders to stake tokens across four different pools.
BendEarn will also have the same four staking pools. One of them will be a solo staking pool, where users themselves can stake ApeCoin. The other three pools will involve pairing one of Yuga Labs’ three biggest NFTs – Bored Ape Yacht Club, Mutant Ape Yacht Club and Bored Ape Kennel Club – with tokens. ON FOOT.
BendDAO developers are considering a two-phase plan for creating the BendEarn platform.
The first stage will cover the development of the standalone contract (“smart contract”) for staking of ApeCoinwhile the second stage will focus on developing BendEnd contracts and distributing NFTs and tokens ON FOOT for 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 staking ApeCoin.
To this end, all NFTs from Yuga Labs used as collateral for borrowing on BendDAO will be staking on BendEarn. The same will also apply to loan providers of ApeCoin in BendDAO.
There is also a plan to charge a 3% staking fee on the revenue generated by the platform, but the DAO will need to agree on what will be done with the funds. This decision will likely be part of the motions voted on by the DAO to approve the implementation of the BendEarn staking platform.
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