Frequently Asked Questions on the Ape NFT Staking Program
2022-12-05 08:01
Users who own NFTs within the Bored Apes ecosystem can participate in the Ape NFT Staking Program on Binance NFT. You can stake your Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFTs in various pools to earn daily rewards in ApeCoin (APE). Please note that Bored Ape Kennel Club (BAKC) staking will be available in the near future.
Why should I stake my Ape NFTs in the Ape NFT Staking Program?
Here are some benefits of staking your Ape NFTs in the Binance NFT Ape NFT Staking Program:
- User-friendly, one-click-to-stake experience;
- Staking rewards are distributed to your account daily;
- Flexible term staking option;
- You don’t necessarily need to hold APE;
- Zero gas fees to stake and unstake on Binance NFT;
- Competitive APR and daily rewards.
1. How to stake my Ape NFTs to earn rewards?
To stake your Ape NFTs to earn rewards, you must deposit them to your Binance account first.
A step-by-step guide
1. Log in to your Binance account and go to the Ape NFT Staking Program page.
2. Choose the NFT you want to stake and click [Stake Now].
3. Next, select [Flexible].
Note: The APR and daily rewards displayed on the Ape NFT Staking Program page are subject to change on a daily basis. For more details, please refer to the NFT Staking Terms.
Note: The APR and daily rewards displayed on the Ape NFT Staking Program page are subject to change on a daily basis. For more details, please refer to the NFT Staking Terms.
4. Select the NFT(s) to stake.
5. Read and agree to the Binance NFT Staking Terms and click [Confirm].
6. You have successfully staked your Ape NFT(s) and will start earning rewards on the following day.
7. If you want to cancel your staking request during the staking process, go to the Ape NFT Staking Program page and click [Cancel].
- Staking In Process: You can cancel your staking request before the rewards settlement time (00:00 UTC every day) by clicking [Cancel]. Your NFTs will not be submitted on-chain to be staked.
- Staking: Please note that after the rewards settlement time (00:00 UTC every day), your NFT will be successfully staked on-chain, and the [Cancel] button will not be available anymore. To redeem your staked NFTs, click [Unstake]. For more details on how to unstake your NFTs, please refer to questions 3 and 4 below.
Click [Confirm] on the [Cancel Staking] pop-up.
Please note that it can take up to 48 hours for the blockchain to process your request. Your Ape NFT will be returned to your account once it is complete.
2. How are the daily staking rewards calculated and when will I start earning?
After staking your Ape NFT(s), your staking request will be processed and completed on the following day after 00:00 (UTC). Therefore, you will start earning daily rewards from the following day, and the rewards will be distributed to your Spot Wallet starting from the third day. You will not earn any daily reward for the first day that you stake.
The daily rewards settlement time is at 00:00 (UTC) every day. Daily rewards will be distributed to your Spot Wallet daily after each reward calculation day between 00:00 to 08:00 (UTC).
For more details, please refer to the NFT Staking Terms.
3. How is the APR calculated?
As Binance is pairing the Ape NFTs user deposited with the APE tokens in Binance Earn, the total daily rewards obtained from on-chain staking will be distributed as follows:
- Rewards calculated based on the APR of ApeCoin-only on-chain staking will be distributed to Binance Earn;
- The remaining rewards will be distributed to Ape NFT holders’ Spot Wallet.
However, Binance NFT may increase the daily rewards for Ape NFT stakers for promotional purposes. Please refer to the Ape NFT Staking Program page on the day you successfully staked your Ape NFTs to view the latest APR.
The APR Displayed on the page is calculated based on the following formula:
APR Calculation = Daily Rewards Each NFT User Received (APE) * 365 * APE price (BUSD) / NFT Collection Floor Price (BUSD) of the Respective Ape NFT Staked
Please note that the APR and daily rewards displayed on the Ape NFT Staking Program page are subject to change on a daily basis. For more details, please refer to the NFT Staking Terms.
4. Why is the interest calculated based on the APR different from the actual interest I received?
Due to fluctuations in the floor price of Ape NFTs and the APE price, there may be deviations in the reward interest calculations. As such, there may be cases where the floor price of the Ape NFT and the calculated APR do not match the actual interest received, resulting in deviations in the APR and daily rewards distributed to your Spot Wallet.
The APR and daily rewards displayed on the Ape NFT Staking Program page are subject to change on a daily basis.
5. What are the staking and unstaking rules?
If you selected the [Flexible] staking term, you can unstake and redeem your committed NFT assets, and your NFT will be unstaked within 48 hours.
On the day you confirm your unstaking request, your rewards for that day will be calculated until the rewards settlement time (00:00 UTC every day). After that, your unstaking request will be submitted on-chain and you will no longer earn rewards during the unstaking process (up to 48 hours for flexible terms).
In some circumstances, including but not limited to events of extreme market volatility, network delays, or a significant number of simultaneous instructions to unstake and redeem NFTs from other Binance users, the unstaking process for your NFTs may be delayed.
You can cancel your staking or unstaking request before the rewards settlement time (00:00 UTC every day) and your NFT will not be submitted on-chain to be staked or unstaked.
If your NFT status shows [Staking In Progress] or [Unstaking in Progress], you can cancel the current action before the rewards settlement time (00:00 UTC every day).
- Staking in Progress: After canceling the current staking request, your NFT can be unlocked and returned to your wallet immediately.
- Unstaking in Progress: After canceling the current unstaking request, your NFT will continue to stake on-chain and you can earn staking rewards.
For more details, please refer to the NFT Staking Terms.
6. How do I unstake my NFT?
1. Go to the Ape NFT Staking Program page and scroll down to [NFT]. Click [Unstake] next to the NFT you wish to unstake.
2. Click [Confirm] on the pop-up window.
Please note that it typically requires 48 hours to unstake your [Flexible] term staking NFTs. However, in some circumstances, including but not limited to events of extreme market volatility, network delays, or a significant number of simultaneous redemption instructions submitted by other Binance users, your redemption may be delayed.
3. If you change your mind, you can click [Cancel] to close the pop-up window.
4. If you want to proceed with the unstaking request, you will be redirected to the staking homepage. The status of your NFT will change from [Staked] to [Unstaking. In Progress].
If you wish to cancel your unstaking request, click [Cancel], then click [Confirm] on the [Cancel Unstaking] pop-up. Your NFT will continue to stake on-chain and you can earn staking rewards.
7. How do I keep track of the status of my NFTs?
The status of your staked NFTs will be displayed on the Ape NFT Staking Program page.
The following are some of the NFT statuses you might see:
- Staking: Your NFT is already being staked on-chain and accumulating staking rewards. Rewards are automatically distributed to your Spot Wallet daily.
- Staking In Process: You will not receive any reward during this process. The status will change to [Staking] after the rewards settlement time of the day (00:00 UTC every day). If you cancel the staking request before the daily rewards settlement time, the request will not be processed and the NFT will be returned to your account.
- Unstaking In Process: On the day you confirm your unstaking request, your rewards for that day will be calculated until the rewards settlement time (00:00 UTC every day). After the rewards settlement time, the NFT will be unlocked and returned to your account within 48 hours (for flexible terms). However, if you cancel the unstaking request before the daily rewards settlement time, the request will not be processed and the NFT status will revert to [Staking]. This means your NFT will continue to stake on-chain and you will continue to earn staking rewards.
8. How do I track the daily rewards earned from my staked NFTs?
Staking rewards are automatically distributed to your Spot Wallet daily. You do not need to claim your rewards.
You can view the daily rewards earned from the Ape NFT Staking Program page under [My Total Rewards].
For a more detailed daily reward breakdown, scroll down to [History].
9. Can I list or sell my NFT when it is staked?
No. You have to unstake and redeem your NFT before listing it for sale on the marketplace.
10. How do I buy Ape NFTs?
Log in to your Binance account and go to Binance NFT. Once you find an Ape NFT you like, there are two ways to buy it.
Please DYOR before making any NFT purchases. Binance shall not be responsible for any loss from any sale or purchase of any NFT trade on the Binance NFT platform. For more details, please refer to Risk Warning.
Quick payment:
1. On the Binance NFT marketplace, click [Buy Now] on the NFT you want to purchase.
2. You'll be redirected to the NFT collection page. Select the NFT you want to buy, and click [Buy Now] on the NFT asset card.
3. You will see a [Confirm Payment] pop-up with the item’s details, such as price, gas fee, and royalty fee. Select the payment method (Spot or Funding Wallet) and the payment currency. Currently, we support BNB, BUSD, and ETH. Click [Confirm] to proceed.
4. Once you’ve successfully purchased the NFT, you’ll see a [Payment Successful] pop-up.
Regular payment:
1. Click the NFT you want to buy and you will be redirected to the item’s detail page. You will see a notice informing you that the NFT is from a third-party platform. Click [Buy Now].
2. You will see a [Confirm Payment] pop-up with the item’s price. Select the payment method (Spot or Funding Wallet) and the payment currency. Currently, we support BNB, BUSD, and ETH. Click [Confirm] to proceed.
Important Note: Please note that you have to pay a gas fee and it could take around 10 minutes under normal circumstances for the blockchain to process your transaction. Please confirm the transaction as soon as you can, or the quoted gas fee will expire and automatically refresh.
3. Once you’ve successfully purchased the NFT, you’ll see a [Payment Successful] pop-up.
As this is a third-party NFT purchase, the transaction may take some time to process. The actual processing time will depend on the network traffic. Please wait patiently.
If there are any issues in processing your payment, you will see a [Payment Failed] window. Click [Back to Marketplace] or [Try Again].
11. How to view the purchased NFTs?
To view your purchased assets, go to [Profile] - [History]. You can use the filters to search for specific NFTs.
Alternatively, you can go to [Profile] - [Collected].
Please note that it takes around ten minutes for third-party platform assets to appear in your account under normal circumstances. The actual processing time will depend on the network traffic, please wait patiently.
12. How do I deposit my BAYC, MAYC, and BAKC NFTs to Binance?
You need to pay a one-time approval gas fee for the NFT collection(s) to be deposited onto Binance and when you deposit the NFTs. Please note that you only need to approve each NFT collection once. For more details, please refer to How to Deposit NFTs on Binance.
Reminder: Before depositing and staking NFTs on Binance, make sure to claim your staking rewards earned on other third-party platforms first.
Due to certain Ape smart contract rules, you won’t be able to transfer the following unclaimed staking rewards to your Binance NFT Wallet:
- Unclaimed APE rewards earned on third-party platforms
- Unclaimed APE rewards earned from paired Ape NFTs
As the Binance NFT Wallet only supports NFTs and doesn’t support APE tokens, you could risk losing your staking rewards if you send them to the Binance NFT Wallet. Please claim all your staking rewards before depositing your Ape NFTs to Binance:
1) Unstake your Ape NFT from the third-party staking platform;
2) Claim the staking rewards to your wallet;
3) Deposit your Ape NFT to Binance;
4) Stake your Ape NFT on Binance NFT;
5) Receive staking rewards from the third day onwards.
13. Do I need to hold APE to participate in the Ape NFT Staking Program?
You can stake your BAYC and MAYC NFTs in the Ape NFT Staking Program to earn daily rewards even if you do not hold any APE.
14. What happens if the staked Ape NFT is sold during the staking period?
You cannot sell or withdraw your staked Ape NFT when it is staked on-chain. If you want to sell the Ape NFT, you must unstake it first. After submitting the unstaking request, you won’t be able to earn any staking rewards.
15. How can I participate in the Ape NFT Staking Program?
There are 3 ways to participate in the Ape NFT Staking Program.
1. Buy Ape NFTs on OpenSea
Step 1: Buy Ape NFTs on OpenSea
Step 2: Deposit your Ape NFTs to Binance
Step 3: Stake Ape NFTs in the Ape NFT Staking Program
Please note that you need to pay gas fees when purchasing NFTs on OpenSea and depositing your NFTs to Binance.
2. Buy third-party Ape NFTs on Binance NFT Marketplace
Step 1: Buy third-party Ape NFTs on Binance NFT Marketplace
Step 2: Stake Ape NFTs in the Ape NFT Staking Program
Please note that you need to pay a gas fee when purchasing third-party NFTs listed on Binance.
3. Buy Ape NFTs on the Binance NFT Marketplace
Step 1: Buy Ape NFTs listed on Binance NFT Marketplace
Step 2: Stake Ape NFTs in the Ape NFT Staking Program
No gas fees are required.
16. What fees do I need to pay for the Ape NFT Staking Program?
You do not need to pay gas fees in the Ape NFT Staking Program. Binance has waived the gas fees for staking/unstaking your Ape NFTs and getting on-chain rewards.
17. What will happen after the fixed-term staking period is up? (if applicable)
Under normal circumstances, after the fixed-term period is up, the status of your NFT will be automatically switched to flexible-term staking.
If the risk control system detects abnormal activities in your account, you won’t be able to participate in the Ape NFT Staking Program. Your NFT will be automatically unstaked once the fixed term ends. Please note that you cannot stop the unstaking process and will see the error message below. For more details, please contact Customer Service.
For flexible-term staking, the unstaking process can take up to 48 hours, and you won’t be able to earn rewards during the unstaking process. Your Ape NFT will be returned to your account once it is complete.