P2P Ape Staking (V1) Intro & FAQ
Ape Staking
BendDAO Ape Staking's goal is to empower anyone holding Yuga assets to join the ApeCoin Staking and maximize the yield. Initially, it is designed to facilitate borrowers' eligibility for the staking when their Apes are used as collateral on BendDAO. Inspired by the community, now the BendApeStaking is open to all users holding Yuga assets.
How it works
Once the NFTs are deposited in BendDAO, the minted boundNFT will be in the holders’ wallets. With the boundNFT, the user can initiate a pairing listing to pair with ApeCoin holders to join the ApeCoin Staking.
According to the docs released by Horizen Labs, the ApeCoin holder will lose all the staked ApeCoin if the paired NFT doesn’t uncommit before selling. That’s why all NFTs need to be deposited before pairing to protect the rights and interests of ApeCoin users.
NFT holders still can sell and borrow ETH on BendDAO when the NFT is deposited.
Join ApeCoin Staking pairing and enjoy the best yield
Borrow instant ETH liquidity
While participating in staking, users can also continue to borrow ETH from the lending pool.
List and sell the original NFT on BendDAO
The NFT will automatically be uncommitted when transactions are successful.
When the NFT is sold, the matching contract can perform an uncommit operation in advance through the interceptor at the appropriate time to withdraw all tokens and rewards from the staking contract, and return them to the original NFT holders and ApeCoin holders.
FAQ
Security
Q: How do you ensure BendApeStaking's security?
A: First, all BendApeStaking's smart contracts have been fully tested and the coverage is beyond 90%. Second, all smart contracts have been audited by Verilog Solution, you can find the reports here. Third, the proxy admin owner of the BendApeStaking contracts has been configured with a 7 days timelock and multi-signature wallet, and we plan to remove the owner through community voting, maybe 3 months after the mainnet goes live.
Q: Is my NFTs safe in BendApeStaking?
A: Yes, Your NFTs are locked in the boundNFT protocol which has been configured with a 7 days timelock as the owner. The proxy admin owner of the BendApeStaking smart contract also has been configured with a 7 days timelock. For the timelock and multi-signature, you can read the detail here.
Q: Is My ApeCoin safe in BendApeStaking?
A: Your ApeCoin tokens are only locked in the official ApeCoinStaking contract which has been audited too. You can unstake and withdraw your apecoin back from the pairing anytime you want if you have any concerns.
Q: If I sell my NFT while it is committed in a BAYC or MAYC pool, will I lose all of my staked ApeCoin?
NO, YOU WILL NOT LOSE YOUR STAKED $APE. For BoundNFT, BendApeStaking will automatically repay the debt and uncommit from the pool when your NFT is been sold. For Orignal NFT, You must manually uncommit from the pool before it's been sold.
Q: If I sell my NFT while it is committed in a Paired pool, will I lose all of my staked $APE?
NO, YOU WILL NOT LOSE YOUR STAKED $APE. For BAYC or MAYC holders, please look at the above question. For BAKC holders, You must manually uncommit from the pool before it's been sold.
Pairing Service Fee
Q: Any charge if I use BendApeStaking service?
A: If the NFT and ApeCoin are from the same wallet address, there is NO fee.
If you pair with others to join the staking, there will be a 4% pairing service fee based on staking earnings. The service fee is decided by the community voting. All the service fees go to the DAO treasury and can be voted by the community to decide how to use it for the DAO development in the future.
Q: How does BendApeStaking charge the pairing service fee?
A: The pairing service fee is charged at the time of staking rewards claim, and calculated based on time since the previous claim.
Q: Any chance to change the pairing service fee?
A: Yes. BendDAO is a DAO owned by the community. Anyone can propose a related proposal to adjust the setting.
Pairing Listing
Q: Who can use BendApeStaking for the pairing?
A: Users who hold any of the following assets can join ApeCoin Staking with pairing.
1) boundBAYC; 2) boundMAY; 3) BAYC; 4) MAYC; 5) BAKC; 6) ApeCoin
Q: Do I need to take out a loan against my BAYC to use this BendApeStaking? I really just want to stake for ApeCoin not risk a loan.
A: No, you don't need to take out a loan to join. Anyone holding Ape NFT or ApeCoin can join the BendApeStaking. NFTs (including BAKC) need to be deposited when pairing to protect the rights and interests of ApeCoin users.
Q: Do I need to find someone with ApeCoin, or will the platform connect?
A: Your pairing listing will be displayed on BendDAO to find an ApeCoin holder to pair.
Q: Why do I need to deposit my NFT to join BendApeStaking?
A: The interest of the paired ApeCoin holders can’t be guaranteed without the NFT deposit. The ApeCoin holder will lose all staked ApeCoin and unclaimed rewards when the NFT holder sells the NFT without uncommit. Reference
Your NFT will be deposited to the BendApeStaking contract when it has been paired with other users.
Q: How to make sure my NFT is safe with BendApeStaking?
A: The audit report will be issued before the BendApeStaking launch. And BendDAO has been running safely for more than 7 months.
Q: Can I still sell my NFT?
A: Yes. You can list when your NFT is participating in the BendApeStaking. When you sell the NFT, the contract will uncommit and return the unclaimed rewards and ApeCoin to the deposit addresses.
Q: Can I still borrow ETH?
A: Yes. You can borrow instant ETH against your Ape NFT anytime you want.
Q: I stake my NFT and ApeCoin in the official BAYC/MAYC/BAKC pool, can I still borrow ETH against my NFT?
A: Yes. But once you use your NFT as collateral to borrow ETH on BendDAO, your NFT will be in the BendDAO contract which means you can't claim/uncommit on the official ApeStake site. It is highly suggested to stake through BendDAO.
Q: I’m a borrower, can I join the BendApeStaking?
A: Yes. You can choose to pair with other ApeCoin holders or join the staking with your own ApeCoin.
But if you pay off the loan, the paired staking will be unstaked because the NFT will be transferred from the lending contract to your own wallet.
Q: How long do I need to wait for the pairing?
A: It depends. If you set your share ratio more attractive, your pair listing properly will be paired with the ApeCoin very soon.
Q: How can I get back my NFT during the staking?
A: Both NFT stakers and ApeCoin staker can end the staking anytime they want, but the user who unstaked needs to pay the gas to make all the assets return to the owners.
Q: Is there any lock-up period for the pairing?
A: NO. All users can unstake anytime. We design the protocol with max freedom and safe first, permisionless is important, and keeping anyone using the protocol can quit anytime is the most important principle. By Ethereum design, the user who unstaked needs to pay the gas to make all the assets go back to the owners.
Q: Will I miss the airdrop when I am staking?
A: BendDAO supports Flash Claim for your NFT. It has helped lots of Apes and Mutants to claim the Sewer Pass NFT.
Q: How many co-stakers can join the pairing?
A: One asset, one address.
Q: Can I join the pairing if there's already some $APE staked in the official staking contract?
A: NO. You need to clear (withdraw) all the staked $APE first before joining the pairing. If the NFT has been used as collateral, you need to repay the debt and get back the NFT into your wallet, otherwise, you can not withdraw the staked $APE.
Q: Can I still borrow ETH when I'm staking on the official ApeCoin site?
A: Yes, you can. But because your NFT will be in the BendDAO Lending contract, it can't be used as the key to claim or unstake.
For BAYC/MAYC pool, if you stake in the official ApeCoin site and borrow on BendDAO, you can use the "Clear ApeCoin Staking" feature to unstake. And then to stake solo on BendDAO.
For BAKC pool, it is highly recommended to unstake first. Otherwise, your staked ApeCoin will be transferred to the BendDAO contract if you unstake when borrowing. If it happens, please open a ticket in BendDAO Discord to get support. (Reference: BIP#19)
Q: Can I use the SEND FUNDS market tool when my NFT participated in the staking?
A: NO. IMPORTANT! For all NFTs that participate in the staking through BendDAO, please do not send funds to NFTs using the official ApeCoin Staking website.
Staking Rewards
Q: What if the paired NFT is sold during the staking?
A: You can claim the staked ApeCoin and unclaimed rewards once the NFT is sold.
Q: When can I claim rewards?
A: You can claim your rewards anytime. The rewards claim on BendDAO follows the rules of official ApeCoin Staking.
Q: What if liquidation happens?
A: After the liquidation, the contract will uncommit and return the unclaimed rewards and ApeCoin to the deposit addresses.
Q: How to claim rewards by contract interaction directly?
A: Query the StakeManager contract: 0xdafce4acc2703a24f29d1321adaadf5768f54642;
Step 1: getStakedProxies(apeCollection, apeTokenId);
Step 2: claimable(proxy, staker);
Share Ratio
Q: How to set the share ratio?
A: The BAYC/MAYC holder who initiates the pairing listing sets the share ratio. The staking rewards will be automatically distributed by the ratio when claimed.
Q: Can I change the share ratio during the staking?
A: Yes, if the staking hasn't started yet. If the staking starts, you need to end the staking and create a new pairing listing.
Q: When can I withdraw my paired NFT/ApeCoin during the staking?
A: Anytime. But the co-staker who ends the pairing will pay the reward distribution gas. The unclaimed reward after the 4% pairing service fee will be distributed to each co-staker based on the sharing ratio.
Q: Who can claim the staking rewards?
A: Every co-staker can claim the rewards.
Auto-Compound Rewards
Q: How can I add more ApeCoin to the auto-compound pool?
A: We support the stakers to claim and compound the paired staking rewards into the auto-compound pool. After depositing the claimed rewards, the pool will help you to compound ApeCoin automatically.
Q: Any charge if I use auto-compound service?
A: No fee for auto-compound pool. (Updated as of March 9th)
Q: Who pays the gas for the auto-compound pool?
A: Users need to pay the gas for the deposit and withdraw, but the daily auto-compound gas will be paid by BendDAO Treasury.
More Features
Q: How can I add more ApeCoin to staking order?
A: The only way to add ApeCoin is unstake and stake with more ApeCoin, the official smart contract does not provide add ApeCoin function.
Q: Can I claim all the rewards in one transaction for all my staking orders?
A: The Dev team is working on that, but claim all would not save the gas, it would only save the time you making more than one transaction.
Gas Cost
Q: Why claim gas for BendDAO staking is more than official website?
A: BendDAO staking was designed for loan users at the first time. It is more complicated than official contract, with features like flashclaim, borrow eth, listing, it's won't cost gas like official contract.
Q: Is BendDAO going to develop staking service for non-loan users?
A: We have BendDAO ecosystem building this, stay tuned, our community will supprise you.
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