BNB

Binance NFT Marks Day 1 of Ape Staking; Users Question Dropping APRs

Users can stake their Bored Ape Yacht Club and Mutant Ape Yacht Club NFTs at Binance NFT, with current APRs of about 60%, down from the max of 199%.

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December 14, 2022

Stake Bored Ape Yacht Club, Mutant Ape Yacht Club NFTs

Binance NFT concluded the first day of its Ape Staking feature, where holders of Bored Ape Yacht Club and Mutant Ape Yacht Club can stake their valuable and popular NFTs to earn rewards in ApeCoin.

More than $40,000 worth of $APE was distributed to stakers on the first day, as the Binance NFT Twitter account promoted Annual Percentage Rates (APRs) as high as 199%.

APR of up to 57.99%

Very misleading to advertise 199%, let 410 apes stake and drop the returns to 57.99% then point at your terms of business as a get out clause🤮
— gonku (@therealgonku) December 14, 2022

As some Twitter users noted, however, the current APRs listed on the Binace NFT Ape Staking page are much lower, at 58% for Bored Ape and 63% for Mutant Ape.

Appreciate it to bring the ape staking program to binance users, however the APR has fallen drastically from 190 to around 60.
We know that you guys are staking at https://t.co/J0k3Lgi6Ps on behalf of us using binance ape funds,can the apr be increased?
— V (@PVKVIR) December 14, 2022

Binance also plans to offer staking in the future for Bored Ape Kennel Club NFTs.

Even at 58% APR, staking a Bored Ape NFT can bring in more than $140 per day, while a Mutant Ape can bring in more than $33 per day at 58% APR, at current $APE prices.