Staking ApeCoin

ApeCoin (APE) staking started on November 14th, 2022. ApeCoin staking requires a user to have both ApeCoin and either an NFT from Bored Ape Yacht Club (BAYC) or Mutant Ape Yacht Club (MAYC). Bored Ape Kennel Club (BAKC) 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 able to use your NFTs through your Cyan Wallet. You are able to stake APE with your NFT through Cyan during the loan.

There are three methods for staking with APE:

1. Staking APE into the Cyan ApeCoin Staking Vault
2. Staking APE into auto-compounding, and keeping voting rights
3. Staking APE with your BAYC, MAYC, or pair with BAKC with borrowed APE
4. Staking APE with your BAYC, MAYC, or pair with BAKC with your own APE

Below are guides on how to stake through each of the methods! The simplest form is #2 as if you already own or have purchased through BNPL a BAYC or MAYC, you can stake to earn APE for free.

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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 APE into the Cyan ApeCoin Staking Vault

In order to stake APE into the Cyan ApeCoin Staking Vault, either head to the ApeCoin dashboard or click on the "Vaults" tab in the top menu.

Once you're on the Cyan ApeCoin Staking Vault, you can select the amount of APE to stake.

The benefit to staking into the Vault is not only the native ApeCoin staking yield, but the prioty set on APE to be paired with users who are looking to borrow APE to stake with their NFTs. NFT pair staking yields higher returns, usually almost twice that of straight APE staking. The extra yield generated from lending APE to users who pair stakes benefits both parties and increases the yield otherwise earned through native APE staking. Yields on the Cyan ApeCoin Staking Vault will always be at least the same as native staking, but will almost always be higher.

Staking APE into auto-compounding, and keeping voting rights

First, head to the ApeCoin dashboard.

Click on the green box within the ApeCoin Staking card.

From here, input the amount of $APE you'd like to stake from both your Main Wallet and Cyan Wallet. You can also select the option to have reward $APE go into the Cyan ApeCoin Staking Vault by turning on Reward APE to Cyan Vault. By keeping this option off, your rewarded APE will continue to stake into the native Horizen Labs contracts so it automatically compounds and you retain the APE for voting rights.

Staking APE with your BAYC, MAYC, or pair with BAKC with borrowed APE

First, head to the ApeCoin dashboard.

Click on the middle box, labeled Borrowed ApeCoin NFT Staking.

From here, a pop-up will show you all the NFTs you are able to stake with, and the amount of APE to stake will automatically generate. Borrowing APE to stake with is free, as you share the yield with the Cyan ApeCoin Staking Vault.

Leaving on the option for Reward APE to Cyan Vault will convert the rewarded APE into the Cyan ApeCoin Staking Vault on a bi-weekly basis. Turning off the option will give Cyan the permission to automatically unstake your reward APE on a bi-weekly basis and staking this into the Horizen Labs Apestaking contract, thus compounding your returns over the long run. Gas fees will be covered by the protocol. You will retain voting rights for the rewarded APE when the option is turned off.

Your NFT will be moved into your Cyan Wallet, which will be created if this is your first time using Cyan. You'll be able to use your NFT for any action you'd normally carry out, outside of transferring and selling. If you already have a Cyan Wallet, the processing will only ask for your permission and a small amount of gas to approve your NFT for staking.

Lastly, you can verify the successfully staked NFT by clicking on the My Rewards tab, and finding the correct card. You can also unstake (claim both earned and principal APE) by clicking on the card.

Staking APE with your BAYC, MAYC, or pair with BAKC with your own APE

First, head to the ApeCoin dashboard.

Click on the top boxes for free borrow staking:

From here, please choose the desired NFT to stake with, and input the amount of APE you'd like to stake. You can stake with either APE in your main wallet or your Cyan Wallet.

Leaving on the option for Reward APE to Cyan Vault will convert the rewarded APE into the Cyan ApeCoin Staking Vault on a bi-weekly basis. Turning off the option will give Cyan the permission to automatically unstake and re-stake your principal and reward APE on a bi-weekly basis, thus compounding your returns over the long run. Gas fees for will be covered by the protocol.

You will retain the voting rights during the staking period on your principal amount. If the option for Reward APE to Cyan Vault is turned off, reward APE will also be available for voting rights.

There are four steps until the process is complete:

Once staked, you can verify the position by clicking on the My Rewards tab, and finding the correct card. The card will read "Type: Auto-Compound" when staked with your own APE and selecting Auto-Compound. Otherwise, it will read "Type: Direct".

To unstake, please click on the card and hit the "Unstake" button. A small amount of gas is required to unstake.

Why do this at all?

By using Cyan's Buy Now Pay Later (BNPL) feature, you can start staking your ApeCoins from today with only a 25% down payment on either a BAYC or MAYC. The yield from ApeCoin staking would help with paying for interest on the loan.

If you already own a BAYC or MAYC, you can unlock liquidity from the NFT while you simultaneously stake APE. So you can get liquidity, anytime, instantly, while your APE accumulates with your respective BAYC or MAYC. All while having the full utility of the NFT at the same time.