Mutant Cats Newsletter
$APE Staking
Today for the Mutant Cats Newsletter we will be diving into all things $APE staking / current community engagement initiatives. that the Mutant Cats are currently running. Due to our early investments into the Yuga Labs ecosystem. We have found ourselves in a lucrative situation and are able to do some creative incentive/loyalist programs with our community. Let’s dive in!
$APE Staking Program Information
An overall look at the $APE staking program. Horizon Labs is blockchain company in charge of the Ape Ecosystem staking program. Users can commit as many Bored Ape Yacht Club, Mutant Ape Yacht Club, and Bored Ape Kennel Club NFTs as they like. Only the committed NFTs will earn ApeCoin distributions and be eligible for a claim. You must commit $APE along with your Yuga Labs NFTs. The more $APE you stake with your NFTs the greater percentage of rewards you will receive. There are four separate staking pools: ApeCoin pool, BAYC pool, MAYC pool and BAKC pool.
There is an incentive mechanism built in as well. Early stakers for each period will earn more compared to future stakers. Below is a picture of the staking program numbers. As you can see, each quarter the staking rewards will decrease. The earlier you stake the more percentage of rewards you will receive.
The ApeCoin DAO is in charge of voting on the rewards for EACH period. For the first staking period, these are the maximum of amount of ApeCoin you can stake in conjunction with your Yuga NFTs are as follows:
- BAYC: 10,094 $APE
- MAYC: 2,042 $APE
- BAKC: 856 $APE
As stated above, each period will be voted on ahead of time and are subject to be reevaluated.
An important note is the NFTs will remain in the owner’s wallet, and can be listed or sold on the secondary market. The NFTs are a key into the staking mechanism. You must claim your staked $APE before selling your NFT, otherwise your $APE rewards will transfer with that particular NFT and you will lose out on your rewards.
Our staking rewards
Currently the Mutant Cats DAO owns and has staked: 3 BAYC, 8 MAYC and 3 BAKC. Each are paired with the maximum amount of $APE possible. Which earns us the greatest percentage of rewards possible.
Anybody can check the status of our staked NFTs with up to date information on total $APE staked, along with unclaimed tokens, etc.
Website:
https://app.apestake.io/market
Wallet address: 0xb25a1d02b029d53212e4c356b6daad419762e606
Mutant Cat Voting Initiative
The Mutant Cats have passed the second $APE incentive program. In summary, all addresses that participate in DAO votes will earn rewards based on the following formula (1 CAT = 1 VOTE = 1 $APE). The loyalty program is targeted to:
- Increase engagement through participation in the most important governance mechanism of the DAO.
- 2. Urge holders to stay tuned into announcements, proposals and discussions
- 3. Encourage people to maintain and increase their MC holdings over time.
Our staking rewards are being used to help fund the Community Engagement fund which we use for Weekly Poker games, Voting incentives, Art contest, Trivia, etc. Thus far we have a self sustaining program with our maximum allotted amount of staked $APE paired with our Yuga NFTs.
Below are snapshots of our current and previous incentive programs:
More information on previous initiative:
Each month we claim our rewards. With these rewards, the community has decided to do the following. Keep 33.3% in APE, Convert 33.3% to ETH and 33.3% to USDC. Based on snapshot vote below:
Thank you for coming by today. Hope this educational and helped clear up any confusion!
