Nikolas Sargeant
Cryptocurrency exchange Binance announced that it has implemented a new feature, allowing users to utilize staked Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFTs as collateral in the Ape NFT Staking Program for NFT Loans.
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This feature became effective as of 2023-06-21 13:00 (UTC).
This enhancement offers greater flexibility to Binance NFT users. They now have the option to stake their existing BAYC and MAYC NFTs as collateral for NFT Loans through the Ape NFT Staking Program. This allows them to earn daily rewards in ApeCoin (APE) or gain access to higher liquidity by completing an NFT Loan using a staked BAYC NFT or MAYC NFT.
For more information regarding NFT Loans, including details about liquidation, interest rates, borrowing, and repayment, please consult the official announcement.
MAYC, which stands for Mutant Ape Yacht Club, serves as an expansion to the widely acclaimed Bored Ape Yacht Club (BAYC) NFT collection. The Mutant Apes within this collection possess remarkable rarity, providing exclusive community access and distinctive membership benefits. As a result, MAYC has gained significant popularity as an NFT collection.
The Bored Ape Yacht Club (BAYC) comprises a compilation of 10,000 NFT Apes, with each Ape possessing entirely distinct characteristics. Among these traits, certain ones hold greater rarity compared to others, making them highly sought-after by collectors who attach increased value to them.
