The Otherside metaverse now has its very own staking platform, ApeStake, which offers high yields to any BAYC, MAYC, BAKC, and APE holder willing to lock in their assets.
It’s a good day to be a BAYC enthusiast.
Today Horizen Labs enabled staking rewards for Otherside assets on its recently launched platform, ApeStake.io. The application allows holders of Bored Apes Yacht Club NFTs, Mutant Apes Yacht Club NFTs, Bored Apes Kennel Club NFTs, or Apecoin tokens to lock their assets on the platform in exchange for yield.
According to a Dune dashboard by ponzidone, the various ApeStake pools initially had rates set to four-digit APYs. However, the yields quickly plunged as owners rushed to stake their assets. At the time of writing, the APE pool was yielding 201%, the BAYC pool 321%, the MAYC pool 358%, and the BAKC pool (which requires pairing a BAKC with a BAYC or a MAYC) 324%. Pairing up an Ape with a Dog does not prevent holders from also staking their BAYC or MAYC as a standalone in their respective pools. Rewards are paid in APE.
Though staking was only enabled a week ago, ApeStake indicates that more than 54,211,253 worth of APE (over $228 million at today’s prices) has already been locked in the pools across all assets.
Other platforms, such as Pendle , have also joined the hype to launch their own BAYC staking products. Since ApeStake does not compound staked assets, Pendle built an auto-compounder that allows APE holders to automatically put their rewards to work alongside their base amount. According to the team, the product can enable APE staking to reach a 600% APY. At the time of writing, Pendle’s auto-compounder was only available for the APE token.
Enabling APE staking has been a long-awaited goal of the Apecoin community. However, members of the crypto community at large have criticized the service. Back in April, crypto whale Cobie noted that APE holders were not actually securing any Proof-of-Stake blockchain by staking their tokens. Rather, stakers are simply rewarded more APE tokens for not selling their holdings.
Disclaimer: At the time of writing, the author of this piece owned BTC, ETH, and several other crypto assets.
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