BendDAO, an NFT financial protocol, is considering a proposal to allow ApeCoin (APE) to participate on its platform through a new yield aggregator product called BendEarn.

On September 29, a BendDAO community member named vis.eth made the pitch outlining how it would work.

In addition to that, the BendDAO team also drew up a development plan for the implementation of the ApeCoin (APE) staking platform, estimating that it would take two to three weeks to build. If the community supports the idea, a vote will be taken to see the implementation of the new platform.

ApeCoin (APE) Staking is a new platform scheduled to launch on October 31. In May, ApeCoin DAO, a decentralized organization that uses the ApeCoin cryptocurrency as its governance token, voted to select zero-knowledge and blockchain infrastructure firm Horizen Labs to build its ApeCoin gambling platform, which will offer token rewards to users. who place bets (or hold) APE, Bored Ape, Mutant Ape and Bored Ape Kennel Club NFT in their four respective groups.

Earlier this month, Horizen Labs shared the staking platform user interface consisting of a dashboard, four staking groups, and market tools.

BendDAO also plans to have the same four staking pools on its BendEarn platform. According to BendDAO, the first pool of staking will be a tool where users can stake their APE tokens alone. The other three groups will involve pairing one of the three main Yuga NFTs – Bored Ape Yacht Club, Mutant Ape Yacht Club, and Bored Ape Kernel Club – with APE tokens.

The BendDAO developers intend to develop the BendEarn platform in two phases. The first stage will cover the development of the smart contract for the participation of APE. On the other hand, the second stage will focus on the construction of the BendEarn contracts and the distribution of NFT and APE tokens to the different participation groups.

BendDAO developers plan to develop income strategies in addition to the BendEarn NFT lending platform. Therefore, BendEarn will act as a performance optimizer for APE participation. And all of the aforementioned Yuga NFTs (Bored Ape Yacht Club, Mutant Ape Yacht Club, and Bored Ape Kernel Club) used as collateral for loans on BendDAO can be staked on BendEarn.

The BendDAO community also plans to charge a 3% participation fee on revenue generated by the BendEarn platform, but members will need to agree on what to do with the funds. This decision is part of the motions awaiting the voting exercise by members of the BendDAO community to approve the deployment of the BendEarn staking platform.

The last two years have been successful times for NFT enthusiasts, with unprecedented demand for digital property creating an exciting new asset class right. It marked a crazy period for buying, selling and trading NFTs as investors looked for new ways to leverage their assets.

Later developments gave rise to NFT lending, a new landscape that now allows users to lend their NFTs for instant payments in crypto and cash.

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