OpenSky Finance Will Add APE Pool to Better Serve Our Borrowers and Lenders
The widely-anticipated launch of Ape Staking by Horizen Labs is live. OpenSky APE lending pool is designed to support the Yuga Labs ecosystem, with a focus on balancing the needs of the APE Coin community and Yuga Labs NFT HODLers.
- OpenSky APE pool is fully integrated with the official ApeStake.io pool.
- The yield from ApeStake.io will be auto-compounded to provide true passive income to APE stakers on OpenSky.
- OpenSky APE pool stakers can fund Bespoke loans to earn more.
- NFT holders can borrow APE coin with a Bespoke loan and combine their APE coin with their BAYC, MAYC and BAKC to earn more.
- OpenSky is planning some juicy airdrops for our early borrowers and lenders, don’t miss out.
Q: Why should I use the OpenSky APE pool instead of the ApeStake.io Pool?
A: First, OpenSky will autocompound the APE rewards for the stakers. Second, OpenSky APE pool stakers will receive oAPE receipt tokens which can be used to make or accept Bespoke loan offers to earn more.
Q: How to claim my rewards?
A: You don’t need to claim any rewards because OpenSky will autocompound all APE rewards for you. Depending on your needs, you can withdraw all or part of your APE tokens at any time and your balance will always reflect all of your accrued rewards.
Q: Can I still earn if I use my oAPE to match a Bespoke offer?
A: Yes, Your oAPE is always earning for you, even if the Bespoke offer is not accepted. If your Bespoke offer is accepted, you can earn more from the Bespoke borrower and the Bespoke borrower will repay to the APE pool and you will continue earning without interruption.
Q: What will happen if the borrower doesn’t repay or reFinance the Bespoke loan?
A: The defaulted NFT will be owned by you and you will give up the APE tokens that you lent. In other words, you will get the NFT for the attractive price that you set when you made the loan.
Q: Can I borrow APE with Instant loans and Bespoke loans?
A: Although we can support both loan types, for risk management reasons, OpenSky will initially enable borrowing APE with Bespoke loans only.
Q: Which NFT collections can I use as collateral to borrow APE?
A: Any whitelisted Bespoke loan NFT collection can be used as collateral to borrow APE.
Q: Can I commit (e.g. combine my BAYC NFT with APE) my NFT during the loan to take advantage of the higher APE staking APY?
A: Yes, OpenSky has a FlashCommit function that you can use to ‘upgrade’ your APY to a higher level at any time.
Q: What will happen if I don’t repay or reFinance the loan?
A: You will lose your NFT but you can keep the APE tokens that you borrowed.
Q: If I don’t repay or reFinance the loan(before due date) while it is committed in a Paired pool, will I lose all of my staked ApeCoin?
A: Yes, according to the docs released by Horizen Labs, the ApeCoin holder will lose all the staked ApeCoin if the paired NFT doesn’t uncommit before the NFT is liquidated.
Q: What are the risks?
A: OpenSky has undergone an extensive smart contract audit by Peckshield, but no protocol can be considered entirely risk-free. DYOR.