Cyan lets users earn as much as 80% in yearly yields with your Ape NFT Staking. This amount varies from time to time, but anyone can quickly check the latest APY yields at our Ape Staking page.
There are two different methods of earning from NFTs on Cyan.
- Auto-Compound Staking
- Free Yield Staking
Table of Contents
Understanding Ape Staking
Yuga Labs and its Bored Ape NFT collection has been one of the top most valuable NFT collections in the world. The value of NFTs in these collections are in millions. Hence, these NFTs are often used as collateral in loans and for staking.
With staking, the NFTs allow users to earn some free crypto in return for locking their NFTs which can either be locked up in their own wallet or on a staking pool.
Currently, there are four kinds of staking pools available for NFTs and crypto(ApeCoin) Yuga Labs.
- ApeCoin Staking yields you about 30% in Cyan (see latest rates here).
- Bored Ape can be staked in two ways.
- To maximize yield, where NFT has to be transferred to your Cyan Account.
- To retain governance rights, which lets you vote in governance to earn additional ApeCoins.
- Mutant Ape Staking, same staking methods as above.
- Staking BAKC NFT with another Ape NFT is necessary because BAKC cannot be staked alone.
Factors Influencing Ape NFT Staking Yields
There are several factors that impact the rewards you get for your Ape NFT Staking. Some of them have been listed below.
Market Prices
As NFT markets get highly volatile during different market phases, they tend to price these NFTs differently. During the worst phase of the Crypto Winter, several NFTs fell to one-tenth of their their former prices.
Staking Duration
Obviously, the longer you stake, the higher will be your yield.
Value of NFT
Top blue chip NFTs like BAYC, Pudgy Penguins, Crypto Punks and others have higher value and therefore staking pools offer higher yields for these NFTs.
Community Engagements
Projects with highly active NFT communities will have a higher yield because these communities transact more which generates more fees and hence more revenue. With this, there comes the ability to reward higher yields for those who stake.
Risks and Considerations of Ape NFT Staking
There are a few risks associated with staking be it any NFT from BAYC, MAYC or MAKC. This is because the value of NFTs are highly volatile. This causes a difference in protocol revenue (via fees) which ultimately changes the yield benefits.
Another risk is that of protocol risk. Non-liquid protocols might get shut down or even rug pulled where you risk to lose your NFT or at least your staking yields.
Clearly, that is never the risk with Cyan. We have been vetted by well known Security Auditors like Certik, InfoSec, 0xQuit and several others.
Why Cyan is the Easiest and Best Way to Stake Ape NFTs?
Cyan is perhaps the easiest way to Stake NFTs. All you need to do is connect your wallet, choose the NFT which you want to stake, approve the transactions and you are ready.
Further, being an NFT marketplace itself you can buy several top NFTs from Cyan. Here is a short and meaningful guide on buying NFTs on Cyan.
