BendDAO is a decentralized peer-to-peer liquidity platform and the community plans to pump up more APE staking to maximize the revenue of its users. The protocol aims to reform the NFT tokens following a proposal laid out by the BendDAO community.
Community calls for ApeCoin Yield
The proposal will utilize Yuga Labs NFT and $APE tokens as the paired staking tools with the users mining the paired stake at different intervals. Users will be eligible to earn passive income from this pair. BendDAO’s BendEarn aims to focus on the profit distribution with the pair seeking to utilize market mechanisms to discover higher prices, thus maximizing returns.
The activities will consider the market value of the pair thus determining the outcome of the profit, this method is thought to enhance the operation processes of the user and ensure the user’s balance is intact.
The document explaining the APE staking shows a maximum of four mining pools only which all include the Bored Apes Yacht Club(BAYC), Mutant Apes Yacht Club(MAYC),Bored Ape Kennel Club(BAKC), and APE. The four pools will include a fixed minimum reward and depending on the number of assets yield is expected to be different as well.
APE staking is a method used where users dump NFT and the equivalent amount of APE into their wallets and then visit the APE staking site to sign the contract and begin mining. This entire process has a separate name known as period valuation adjustment mechanism. The period lasts 91 days and after that users are able to maintain their exact number of assets and claim rewards. Users would need to hold their assets until the end of the waiting period before transferring or trading them however. The users would need to sign approval as well to indicate they know of the rules and agree to them.
BendDAO and NFT Staking
The initiative will make use of an NFT Oracle to predict the price outcome for staking. The method does not interfere with the proceeds nor will there bye any security concerns.
Yuga Labs official rules state that there is a possibility for soft staking , which is where you can still transfer or utilize the asset while mining. At expiration and before the user claims earnings , the paired assets need to be in the wallet before approval is granted.
BendEarn operates via a two-party method which entails one entity taking the NFT or $APE and saps it before the expiration date. The mining revenue is then obtained, if the entity fails to return the assets then the other entity fails to return the assets.