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.
Ape Staking Update ⚠️
Due to high demand, each new staking user is now limited to staking 3 Ape NFTs in the Ape NFT Staking Program.
Once staking limit is reached, you’ll see the error message:
“Staking Failed: Please note that you have exceeded the maximum staking limit.”
— Binance NFT (@TheBinanceNFT) December 20, 2022
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.
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*All investment/financial opinions expressed by NFT Plazas 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.
Tokoni Uti has written extensively on blockchain and cryptocurrency for years. Her work has appeared on sites like BTCmanager and Blockchain Reporter. She has a degree in Corporate Communications.
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