Binance, the world’s biggest crypto exchange by volume, has announced a staking program exclusive to APE NFT holders. Users are entitled to stake their Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFTs to earn daily ApeCoin (APE) rewards.
In the near future, Binance will also launch a staking program for the Bored Ape Kennel Club (BAKC) NFTs. Furthermore, there’s a unique new activity for the owners of APE NFTs who list their assets for sale on the Binance NFT Marketplace during the activity period.
Details of the APE staking program
The exact launch date of the APE staking program is yet unknown. In the meantime, NFT holders from the mentioned collections can begin depositing the APE NFTs to Binance. It’s also possible to purchase them from the Binance NFT marketplace.
At the time of writing, a user can stake up to 30 NFTs from the APE ecosystem. The program enables users to stake NFTs for a fixed term or flexible term. Available fixed terms are 30, 60, or 90 days.
Users are allowed to redeem their staked NFTs before the end of the terms. In this case, depending on the option they chose in the first place, they have to wait between 48 hours to seven days in order to receive their NFTs. In addition, while NFTs are staked, they’re not allowed to list them on the marketplace.
Daily ApeCoin (APE) staking rewards
Users can start earning rewards the next day after they stake the NFTs. The cryptocurrency exchange will distribute ApeCoin rewards to users’ Binance spot wallets daily between 00:00 and 08:00 (UTC). The APR (annual percentage rate) will be calculated on a daily basis as well. Users will be able to follow the daily APR on the APE staking program page once it goes live.
About the APE NFT listing activity
Binance shared another announcement regarding an activity that will entice APE NFT holders into listing their NFTs for sale on the Binance NFT marketplace. Owners of all three APE collections (BAYC, MAYC, and BAKC) can take part in this activity. However, users should list during the specified period and take notice of other eligibility requirements. For one, users can only list their NFTs for sale using a fixed-price option. Moreover, they’re not allowed to list an NFT above 1.1 times the floor price of the associated collection.
The activity period is 2022-12-06 00:00 (UTC) to 2022-12-31 23:59 (UTC). Binance will take a daily snapshot of all eligible listings during this period. To qualify for these daily snapshots, users must list their NFTs for at least 24 hours on the Binance NFT marketplace.
Total rewards pool in Apecoin
Binance organized a rewards pool of 10,000 ApeCoins for this activity. It will distribute the rewards depending on the total number of eligible listings calculated every day from the snapshots. For instance, if the daily total eligible listings are between 500-2000, the total rewards pool will be 6,000 ApeCoins. Should the qualified listings exceed 5,000 in total, the pool will be 10,000 ApeCoins.
The number of permitted entries to the reward pool will depend on the number of users’ eligible NFT listings and the corresponding NFT collection. While a user with one eligible BAYC NFT listing qualifies for 10 entries, a user with one eligible MAYC NFT qualifies for two. The holders of one eligible BAKC NFT listing are entitled to one entry.
Binance will distribute the rewards within three weeks after the activity ends.
Source NFT News today