Leading crypto exchange Binance has led to a rally in its altcoin project, where it has announced a new flexible earnings system for its staking program.
Binance NFT Marketplace launches new flex period APR system for this altcoin
Binance NFT has announced that it has increased the flexibility of its Apecoin (APE) NFT staking program. Allowing users to stake Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFTs for daily rewards on ApeCoin, this program will now match the interest rate of 90-day Fixed Term subscriptions. This change means users can now stake or withdraw their NFT from the program at any time and still earn high daily rewards.
https://twitter.com/TheBinanceNFT/status/1635586340996759553
Bringing more flexibility to the Ape NFT Staking Program was an important development for NFT investors. Previously, users had to lock their NFT into fixed term subscriptions of 30, 60 or 90 days to earn APE rewards. However, this new initiative means users can now enjoy the benefits of staking their NFT while maintaining the flexibility to sell or otherwise use them at any time.
Apecoin (APE) price climbs
APE price is rising around 10% during the update provided by Binance NFT. The momentum was not exclusive to Apecoin and the entire market, including BTC and ETH, was trading in the green on average above 5%. APE price peaked at $4.66 from the intraday low of $4.29 after the news.
New features and dates of Binance Apecoin staking program
To use this new program, users who are currently staking BAYC and MAYC NFTs for a 30, 60 or 90-day Fixed Term subscription can choose to stake their NFT through the one-time fast payment channel from March 14th to 21st.
Binance NFT will also phase out Fixed Term subscriptions in the Ape NFT Staking Program, which will be unavailable from March 14. Existing Fixed Term subscriptions will not be affected and Ape NFTs locked in Fixed Term subscriptions will be automatically converted to Flexible Term subscriptions at maturity where users will continue to earn daily APE rewards.
Users who want to get their NFT back from the Ape NFT Staking Program need to click on the “Unstake” button on the Ape NFT Staking Program page. All staking requests sent between 14-21 March will be processed the next day. Ape NFTs will then be withdrawn and returned to users’ accounts within 48 hours.
Daily APE rewards will be subject to real-time APR displayed on the Ape NFT Staking Program page. Users who redeem Ape NFTs from their Fixed Term subscriptions through the redemption channel will receive daily APE rewards calculated from the day they submit their redemption request.
Pay attention to these
The Ape NFT Staking Program may be subject to local restrictions where applicable and only users who complete authentication are eligible to participate. Binance reserves the right to disqualify participants showing signs of fraudulent behavior and to cancel or change the program or program rules at its sole discretion.
All in all, it was an exciting development for NFT traders that Binance NFT brought more flexibility to the Ape NFT Staking Program. As Kriptokoin.com, we have included the announcement that triggered the 30% rally of the NFT platform Blur in this article.
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