Staking ApeCoin
Stake APE through Cyan when you BNPL or Pawn your Bored Ape or Mutant Ape
ApeCoin staking is estimated to start on November 14th, 2022 after an upcoming bug bounty. ApeCoin staking requires a user to have both ApeCoin (APE) and either an NFT from Bored Ape Yacht Club (BAYC) or Mutant Ape Yacht Club (MAYC). Bored Ape Kennel Club NFTs are also inclusive but only serve as an add-on to a BAYC or MAYC.
At Cyan, you are able to purchase a BAYC or MAYC NFT with only a down payment and pay the remainder off through a three-month loan. Or, you may pawn a BAYC or MAYC NFT and instantly get a three-month loan. For the duration of the loan, you are issued a cNFT which is a representation of the BAYC or MAYC NFT. You are able to stake APE with your cNFT through Cyan.
Horizen Labs & ApeCoin Staking
Horizen Labs are sole the providers and developers for ApeCoin Staking. Their full documentation is available here. Any issues with staking, claiming, or unstaking APE on a protocol level are the responsibility of Horizen Labs. Cyan cannot take any liability for any miscalculations, errors, or hacks resulting from the ApeCoin Staking protocol.
Staking ApeCoin
In order to stake APE with your BAYC or MAYC cNFT, first head over to your Account Page, by clicking on the wallet icon on the top right corner of the Dapp.
Click on the Wallet icon to jump to your Account Page
On the Account Page, you will find the BAYC or MAYC cNFT in your wallet. In this case, we will use MAYC #14155 as an example to stake APE. From here, click on the cNFT to open the pop-up which gives you a menu of options.
Click on the cNFT to see the menu of options available to you
To start the APE staking, click on the ApeCoin Staking button. Next, from the ApeCoin Staking menu, enter in the amount of APE you would like to stake with your cNFT. In the case of a Mutant Ape, the maximum ApeCoins you can stake is 2,042, while for a Bored Ape it is 10,094 ApeCoins.
The ApeCoin Staking menu is straight forward. Make sure to click on the Accept button as well to initiate
Once you've entered in the amount of APE to stake, click Accept to provide permission to the Cyan Protocol to move the amount of APE into the APEStake contract. Now the Stake APE button is available, which will be the transaction to start staking your APE.
You will see a success notification after the staking transaction settles
Claiming and Unstaking ApeCoin
Claiming APE is a process that only claims the interest portion of APE earned from staking APE. For example, if you stake 100 APE and after a week you have 103 APE in total with interest, Claiming APE will only withdraw 3 APE and keep the originally staked 100 APE in place.
Unstaking APE is a process that withdrawals both interest and the staked amount of APE. For example, if you stake 100 APE and after a week you have 103 APE in total with interest, Unstaking APE will withdraw all 103 APE.
To start the process for either option, head over to the Account Page again. You will see a small indicator of how much APE is staked, including interest.
You can always confirm the amount of APE staked and earned
Click on the cNFT to open the menu, and click on ApeCoin Staking to see the staking menu.
Choose between Claiming APE or Unstaking all of your APE
Depending on your preference, click on either Claim or Unstake to move APE into your wallet. A small gas fee applies to interact with the APEStake contract to either Claim or Unstake your APE and move them into your wallet.
Example of an Unstake of APE
Why do this at all?
By using Cyan's Buy Now Pay Later (BNPL) feature, you will be able to start staking your ApeCoins from today with only a 25% down payment on either a BAYC or MAYC Ape. The emissions from the ApeCoin staking would help with the interest rate of the plan itself, but judging by today's rates, staking emissions will be higher than the loan interest.
And if you already own a BAYC or MAYC Ape, you'll be able to unlock liquidity from the NFT while you simultaneously stake ApeCoins. So you can get liquidity, anytime, instantly, while your APE accumulates with your respective BAYC or MAYC.
Updated 4 months ago