On-Chain: First 31 Days of ApeCoin Staking
On-chain data from the first 31 days of ApeCoin staking are here. ParaSpace’s cross-margin framework enabled the creation of the first ApeCoin money market and enabled NFT holders to borrow ApeCoin directly from a pool to stake alongside their NFTs.
An overview $APE Staking on ParaSpace after 31 days:
We have been quite focused on our ApeCoin staking product, and continue to build on our support for ApeCoin and key NFT-Fi functionality to support the same. Some of the key functionality we introduced in the first month of ApeCoin staking includes: auto-compounding staking pools and claim-all functionality for users on Horizen Labs. Users can already enjoy liquidation-free ApeCoin and Compound ApeCoin loans against their Bored Ape Yacht Club and Mutant Ape Yacht Club NFT’s.
ApeCoin staking users can and have already begun to deposit and borrow ETH and USDC as well as non-ApeCoin NFT’s into the protocol. All of this enables users to borrow ETH, USDC, and more fungible tokens to come in the future.
We are excited to continue building the most complete ApeCoin staking solution along with our crypto-first cross-margin NFT-Fi protocol. And users should watch for the next major phase of development when we expand beyond our current offering for ApeCoin and just as significantly add novel ways to stake your NFT’s and ApeCoin.
ApeCoin Staking by the Numbers: 89.8 M in Total ApeCoin Staked
ApeCoin staking has been marked by volatile staking returns and unexpectedly high returns on the Single-Side ApeCoin staking Pool. Ahead of the start of ApeCoin staking we released our analysis of expected ApeCoin staking APR’s given the distribution of ApeCoin and NFT’s, and even our conservative estimates pointed to substantially lower staking yields from the Single-Side ApeCoin pool.
Our Analysis in December Suggested BAYC and MAYC Staking Yields would be Substantially Above Single-Side ApeCoin Staking Yields
And yet on-chain data showed that many of the largest ApeCoin holders did not immediately engage with ApeCoin staking, and yields remained well-above our conservative estimates–currently at an impressive 110% APR.
Single-Side ApeCoin Staking Pool Shows > 100% Staking Returns, Well-Above Forecasts
This represents a real opportunity for ApeCoin stakers, and indeed ParaSpace became one of the first DeFi/NFT-Fi protocols to enable auto-compounding of staking rewards into the Single-Side ApeCoin staking pool as well as compounding NFT pool rewards into the same.
The power of compounding means users can earn far higher APY’s on ParaSpace than they can achieve via the Horizen Labs contract directly.
Effective Staking Yields Using Auto-Compounding within ParaSpace’s ApeCoin Staking Service
ParaSpace remains committed to ApeCoin staking and continues to build novel solutions to key user problems for ApeCoin staking and broader NFT-Finance.
Learn more about ParaSpace and how you can maximize your ApeCoin staking rewards check our website https://para.space/ and our platform at https://app.para.space/. To stay up to date on the latest, follow us on Twitter and join in the conversation on Discord.
