NFT

APE staking platform launched! There are four types of staking pools, Bored Ape Yacht Club (BAYC) holders suffered a loss of 20 ETH due to negligence.

share
APE staking platform launched! There are four types of staking pools, Bored Ape Yacht Club (BAYC) holders suffered a loss of 20 ETH due to negligence.

The blockchain technology company Horizen Labs, responsible for developing the APE staking system, announced today that the APE staking platform "ApeStake" has officially launched. Holders of Bored Ape Yacht Club NFTs and APE tokens can stake their APE tokens on the platform to earn rewards, with rewards expected to be distributed starting on 12/12.

Preceding text: ApeCoinDAO staking proposal explained, rewards available even for non-Bored Ape holders! Community vote in a state of flux.

ApeStake Introduction

As previously reported, the APE staking pool is divided into the following four categories:

  • APE Staking Pool: No staking limit, with a total distribution of 30 million APE in the first year.
  • BAYC Staking Pool: Each BAYC token can stake 10,094 APE, with a total distribution of 47.105 million APE in the first year.
  • MAYC Staking Pool: Each MAYC token can stake 2,042 APE, with a total distribution of 19.06 million APE in the first year.
  • BAKC Staking Pool: Each BAKC token can stake 856 APE. BAKC needs to be paired with MAYC or BAYC, with a total distribution of 3.835 million APE in the first year.

This means that the staking rewards in the first year will be as high as 100 million APE, accounting for 10% of the total APE circulation.

In addition to the staking pools, ApeStake also offers a staking status query tool. By entering the NFT ID or wallet address, users can check if the NFT is currently being staked and view the staked amount.

BAYC Holder Loses 6,409 APE by Forgetting to Unstake

In the aforementioned three NFT staking pools, the staked APE is tied to the NFT. When the NFT is sold or transferred, the staked APE will be transferred to the new owner. Therefore, before listing or transferring the NFT on the secondary market, it is crucial to unstake the APE to prevent losses.

However, according to the security website PeckShield's monitoring, a BAYC holder suffered significant losses by forgetting to unstake the BAYC that was listed for sale. The transaction process is as follows:

  1. Arbitrager 0x8237 borrowed 82 ETH from dYdX and purchased BAYC #6762 on X2Y2.
  2. Sold approximately 6,409 staked APE tied to BAYC #6762 for about 20 ETH, around $25,250.
  3. Subsequently sold BAYC #6762 for 68 ETH and repaid the dYdX loan.

Through a series of transactions, disregarding gas fees, the arbitrageur made a profit of 6 ETH, approximately $7,500, while the original owner of BAYC #6762 lost 6,409 APE tokens.

Although it is unclear if the sale price of 82 ETH for BAYC #6762 considered the value of APE, based on the current minimum price of BAYC at 70 ETH, plus 6,409 APE, the market value would be at least 90 ETH.

NFT