Binance Limits Bored Ape Staking as Demand Soars

Share This Post

If you ever had doubts that people are eager to unlock the power of their NFTs, just consider the response to Binance’s Bored Ape staking program. Last week, Binance rolled out a new program that allowed users to stake certain assets under the Yuga Labs umbrella in exchange for APE coins. 

Now, barely a week later, Binance has had to limit the number of assets that a single user can stake due to high demand.

Ape Holders Drive Demand

As per an official statement from Binance on December 20, 2022, users can only stake a maximum of 3 Ape NFTs each. 

Ever since the program kicked off, Ape NFT holders flocked to stake their assets and the APRs for the different staking periods have even reduced as a result. Given the relatively low risk of staking, it comes as no surprise that so many consumers want to lock their assets. Unfortunately, they will now have to make do with only 3 assets staked at a time.

Source NFT Plazas

spot_img

Related Posts

Fraggle Rock NFT Trading Cards Storm onto the Flow Blockchain

In a new partnership with Web3 company, ‘Tibles,’ the...

California DMV Drives NFT Car Titles onto the Blockchain

Though still novel, blockchain is being used more within...

Solana NFT Standard Lines Up a Major Overhaul

Some big changes are reportedly coming to Solana. As...

Love hits the Metaverse in The Sandbox Valentine’s Contest

The season of love is upon us and The...

NFTs Set to Shine as the Blockchain Economy Summit Heads to London

Over in the beating heart of the World’s financial...

Yuga Labs Clears the Murky Waters of its NFT Copyright

Yuga Labs is home to some of the most...
- Advertisement -spot_img