Understanding the NFT Lending Agreement: ParaSpace’s New Fee Structure

According to reports, the NFT lending agreement ParaSpace will charge a fee starting from May 1, 2023, including a 3% fee for APE pledge. This fee will be charged when Claim rewards compound interest, mainly used to pay the gas cost of automatic composite user APE rewards. If profits are generated from the APE pledge fees, ParaSpace will return 50% of the profits to the Yuga ecosystem through supporting community builders, sponsoring community driven activities, gifts, and other forms.

The NFT lending agreement ParaSpace will charge a 3% fee for APE pledge starting from May 1st

Introduction

ParaSpace, an NFT lending agreement, will be implementing new fee structures starting May 1, 2023. These fees will impact users who pledge APE and will include charges for claiming rewards, compounding interests, and gas costs. In this article, we will take a closer look at these new fees and understand how they will affect ParaSpace users.

What is ParaSpace?

ParaSpace is an innovative lending agreement that provides NFT holders a platform to earn rewards by lending their NFTs. Its unique approach allows users to securely leverage their NFTs, earn interest, and retain ownership without sacrificing control. Additionally, ParaSpace rewards its users for their contributions to the ecosystem through various incentives, benefits, and rewards.

ParaSpace’s New Fee Structure

Starting May 1, 2023, ParaSpace will be implementing a new fee structure that will impact users who pledge APE. This fee structure includes a 3% fee for APE pledge, which will be charged when Claim rewards compound interest. The purpose of this fee is to cover the gas cost of automatic composite user APE rewards. If the APE pledge fees generate profits, ParaSpace will return 50% of the profits to the Yuga ecosystem through supporting community builders, sponsoring community-driven activities, gifts, and other forms.

How will the new fees impact ParaSpace users?

ParaSpace users who pledge APE will be impacted by these new fees. The 3% fee for APE pledge will reduce the overall rewards earned by users. Additionally, the charges for claiming rewards and compounding interests will also reduce the amount of rewards earned by users. Users may need to factor in these additional costs when deciding whether to pledge their APE.

Conclusion

ParaSpace’s new fee structure will be implemented starting May 1, 2023. These fees will impact users who pledge APE, and they will need to consider these additional costs when lending their NFTs. While the fees may reduce the overall rewards earned by users, they will help cover the gas cost, and any profits generated will support the Yuga ecosystem. ParaSpace remains an innovative NFT lending agreement, and these new fees show its commitment to a sustainable, long-term ecosystem.

FAQs

**Q1. What is APE?**
APE is the token for the Yuga ecosystem. ParaSpace allows users to pledge APE when lending their NFTs.
**Q2. Can users opt-out of the new fee structure?**
No, the new fee structure will be implemented across all ParaSpace accounts starting May 1, 2023.
**Q3. Will ParaSpace be adding additional fees in the future?**
ParaSpace may add additional fees in the future to support the ecosystem and maintain the sustainability of the NFT lending agreement.