key takeaways
- ApeStake has enabled rewards in BAYC, MAYC, APE, and BAKC.
- The platform currently offers returns ranging from 201% to 358% on these assets.
- Unlike Ethereum and other crypto projects, the Bored Apes staking service does not help secure any proof-of-stake blockchain.
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The Otherside metaverse now has its own staking platform, ApeStake, offering high returns to any BAYC, MAYC, BAKC, and APE holders looking to secure their assets.
BAYC staking is live
It’s a good day to be a BAYC enthusiast.
Today Horizen Labs activated staking rewards on Otherside’s assets on their recently launched platform, ApeStake.io. The app allows holders of Bored Apes Yacht Club NFTs, Mutant Apes Yacht Club NFTs, Bored Apes Kennel Club NFTs, or Apecoin tokens to lock up their assets on the platform in exchange for performance.
according to a dune board for ponzidone, the various ApeStake pools initially had rates set in the four-digit APYs. However, returns quickly plummeted as owners rushed to stake their assets. At the time of writing, the APE group was performing 201%, the BAYC group 321%, the MAYC group 358%, and the BAKC group (requiring pairing a BAKC with either a BAYC or a MAYC) 324%. Pairing a monkey with a dog does not prevent holders from also betting their BAYC or MAYC independently in their respective pools. Rewards are paid in APE.
Although staking was only enabled a week ago, ApeStake indicates that more than 54,211,253 APEs (more than $228 million at current prices) have already been locked into pools across all assets.
Other platforms, like stupid, have also jumped on the hype to launch their own BAYC betting products. Since ApeStake does not combine staked assets, Pendle created an automatic compound that allows APE holders to automatically put their rewards to work alongside their base amount. According to the team, the product can allow APE’s stake to reach an APY of 600%. At the time of writing, Pendle’s auto compound was only available for the APE token.
Enabling APE participation has been a long awaited goal of the Apecoin community. However, members of the broader crypto community have criticized the service. In April, the crypto whale Cobie indicated that APE holders were not actually securing any proof-of-stake blockchain by staking their tokens. Rather, participants simply receive more APE tokens for not selling their shares.
Disclaimer: At the time of writing, the author of this article owned BTC, ETH, and various other crypto assets.
