Binance Limits Bored Ape Staking as Demand Soars

2 Min Read

If you ever had doubts that people are eager to unlock the power of their NFTs, just consider the response to Binance’s Bored Ape staking program. Last week, Binance rolled out a new program that allowed users to stake certain assets under the Yuga Labs umbrella in exchange for APE coins. 

Now, barely a week later, Binance has had to limit the number of assets that a single user can stake due to high demand.

Ape Holders Drive Demand

As per an official statement from Binance on December 20, 2022, users can only stake a maximum of 3 Ape NFTs each. 

Ever since the program kicked off, Ape NFT holders flocked to stake their assets and the APRs for the different staking periods have even reduced as a result. Given the relatively low risk of staking, it comes as no surprise that so many consumers want to lock their assets. Unfortunately, they will now have to make do with only 3 assets staked at a time.

Want more? Connect with NFT News

*All investment/financial opinions expressed by NFT News are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.

Source link

Share this Article
Leave a comment