The leading global cryptocurrency exchange and blockchain platform, Binance NFT, recently announced that it would support Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFTs as collateral on NFT Loans.
This service became effective on June 21, 2023, adding a layer of flexibility for the platform’s users.
Binance NFT users can now stake their existing BAYC and MAYC NFT collateral on NFT Loan via the Ape NFT Staking Program, earning daily ApeCoin (APE) rewards. The initiative also provides an opportunity for users to access higher liquidity by completing an NFT Loan with a staked BAYC NFT or MAYC NFT.
Moreover, Binance NFT is launching a promotion to celebrate this update. Ten users with a daily average liability of at least 4 ETH in NFT Loan during the promotion period from June 21 to July 4, 2023, will receive a Mocaverse NFT or Block Legends NFT based on the Awards Selection Rules Based on BNB Beacon Chain Hash Value.
Binance NFT is also offering a 70% discount on NFT Loan borrowing interest rates, lowering the rate to 3.36% until July 4, 2023. From July 5, 2023, users can still enjoy a 20% discount, with a rate of 8.96%.
Binance NFT’s latest offering highlights their dedication to innovative financial solutions, bridging the worlds of NFTs and decentralized finance for enhanced liquidity and earning potential in the NFT market.
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