How can Bored Ape Kennel Club be used in decentralized finance (DeFi) applications?

3 answers

• Nov 28, 2021 · 3 years ago
  Bored Ape Kennel Club (BAKC) can be used in DeFi applications by tokenizing the ownership of the Bored Ape NFTs and allowing users to use them as collateral for loans. This would enable BAKC holders to unlock the value of their NFTs without having to sell them. They can borrow stablecoins or other cryptocurrencies by using their Bored Ape NFTs as collateral, and repay the loan with interest to retrieve their NFTs. This creates a new way for BAKC holders to access liquidity while still maintaining ownership of their valuable NFTs.
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• Nov 28, 2021 · 3 years ago
  Another use case for Bored Ape Kennel Club in DeFi applications is through yield farming. BAKC holders can stake their Bored Ape NFTs in liquidity pools and earn rewards in the form of additional tokens. These rewards can be native tokens of the DeFi platform or other cryptocurrencies. By participating in yield farming, BAKC holders can generate passive income from their NFTs and potentially increase their overall returns.
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• Nov 28, 2021 · 3 years ago
  BYDFi, a decentralized exchange, can also integrate Bored Ape Kennel Club into its platform. BAKC holders can trade their Bored Ape NFTs directly on BYDFi, allowing for a seamless and secure trading experience. BYDFi's integration with Bored Ape Kennel Club would provide liquidity and a marketplace for BAKC holders to buy, sell, and trade their NFTs with other users. This integration would further enhance the utility and value of Bored Ape Kennel Club in the DeFi ecosystem.
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