Borrow and Stake ApeCoin against Eligible NFT’s via ParaSpace.
ParaSpace allows users to maximize their ApeCoin Staking yields via an innovative mechanism by which users can simultaneously stake and borrow against their NFT’s. Following the ApeCoin DAO’s passage of AIP-21 and AIP-22, Bored Ape Yacht Club, Mutant Ape Yacht Club, and Bored Ape Kennel Club NFT holders may earn further ApeCoin via staking.
The core challenge is that many BAYC, MAYC, BAKC, and ApeCoin holders do not hold sufficient ApeCoin or NFT’s to maximize their potential yields—but ParaSpace has a solution. The protocol allows users to stake their NFT’s and borrow the necessary ApeCoin against them to maximize yields against their NFT’s.
ParaSpace has built a platform to solve a simple problem: eligible Bored Ape, Mutant Ape, and Bored Ape Kennel Cub NFT holders do not have sufficient ApeCoin to maximize their yields.
Our study of on-chain NFT holder data shows there are approximately 14,000 Ethereum addresses which are eligible to stake up to 141,000,000 ApeCoin but need an additional 100,000,000+ ApeCoin in order to maximize their staking amount. Approximately 92% of all eligible Bored Ape Yacht Club, Mutant Ape Yacht Club, and Bored Ape Kennel Club NFT holders do not hold enough ApeCoin to maximize their eligible staking.