Learn how to claim more staking rewards by pooling assets together
Yuga Labs has announced they are allowing holders of ApeCoin, BAYC, MAYC and BAKC within their ecosystem to stake these assets in exchange for rewards.
This article explains how you can pool together your assets with your community while claiming maximum rewards in a few simple steps.
Creating a squad on Prysm allows your community to come together, pool funds and conduct on-chain NFT transactions together. On the dashboard, follow the prompts to activate your wallet. This will create a multi-signature wallet on the SAFE protocol, and generate an Ethereum address where you will be able to pool your assets.
While you can use your Squad for many other elements other than APE staking, we will focus on APE staking for the remainder of this article.
Contribute assets to a funding round
Funding rounds are a primitive that allow you to raise funds and distribute ownership and equity fairly to all contributors depending on their contributions over time. Funding rounds allow you to deposit both ERC-20 tokens and NFTs, in this case $APE and BAYC, MAYC, and BAKC.
To understand the % equity share of all users at the close of the funding round, all transactions will be denominated and valued in ETH. All deposits in APE are automatically transferred to an ETH value. When depositing NFTs, you need select a valuation of this NFT in ETH. This value should be agreed upon with your community in advance of your deposit.
After all members have contributed their funds, you can close the funding round in order to issue equity. This is important to keep track of as rewards need to be paid out accurately when they are distributed.
After depositing your assets, it's time to stake them. Navigate to the Squad's Dashboard and select "Add Proposal", then "Yuga Staking Dashboard". Prysm currently supports the Apecoin staking pool, Bored Ape staking pool and the Mutant Ape staking pool.
- 1.Select the pool you would like to stake your assets into.
- 2.Select the assets you would like to submit into each pool.
- 3.Configure the positions in the pools you would like to participate in. Depending on which pool you participate in, different configurations will be required, which the flow will guide you through
- 4.After confirming your positions, you will be able to create a multi-sig proposal for your Squad to review. Acquire the necessary approvals from your Squad and execute the transaction to stake your NFT and/or Apecoin.
After executing the proposal, your Apecoin will be transferred into the staking contract while your NFTs (BAYC, MAYC) will stay in your squad’s wallet. Be aware, the owner of the NFT has access to the staking rewards. Do not sell your NFT until you withdraw your position.
Over time, each position in the staking pool will generate earnings. You can claim these earnings by selecting the position with claimable rewards, proposing a claim and executing the proposal. The rewards will be deposited into the squad’s wallet balance. From this point you can re-stake your rewards in order to get compound interest. Alternatively you can issue returns to members using the Payout Member proposal.
At any point in time, you can withdraw your APE coin, and de-commit your NFTs from the staking pools. To do this, simply select your position and create a Withdraw NFT proposal from there. For APE coin pool, you will also need to claim any outstanding rewards after the Withdraw NFT proposal is complete. For NFT pools, your rewards will automatically be claimed.