A Majority Of Voters In Special Council Member Gerry's Staking Poll Want To See Changes Made To It
There is a lot of talk about the future of staking at the ApeCoin DAO following Special Council member Gerry’s recent poll that showed that 44.5% of poll participants wanted to eliminate the $Ape only staking pool from the protocol while another 38.6% of poll voters wanted to end the program entirely.
As the ApeCoin DAO’s staking system quickly approaches the one-year anniversary of its launch, ApeCoin DAO Special Council Member Gerry gauged the community’s interest in possibly changing the reward structure yesterday and it appears that many people are open to ending the staking promgram.
Of the 874 votes cast in Gerry’s poll, 44.5% voted to eliminate the $Ape only pool, 38.6% voted to end staking altogether, 10.3% voted to reduce the reward percentages and extend the program three years, and another 6.6 % votes to reduce the protocols rewards by 50%.
While this poll many not be indicative of the broader community’s opinions on staking, it does show that a lot of people are at least interested in making changes.
As the Bored Ape Gazette previously reported, the ApeCoin DAO passed two staking proposal in the summer of 2022 and the DAO launched its staking system on December 12th, 2022.
As a result, 175 million $Ape was allocated to the protocol and the system was slated to distribute the coins as staking rewards across four staking pools (1. ApeCoin only, 2. BAYC Pool, 3. MAYC Pool, 4. Paired BAKC Pool) over the next three years.
Currently the DAO’s staking system is in the fourth quarter of its first year of staking. By December 12, 2023, the DAO will have distributed 100 million $Ape to stakers.
“The 1st staking period ends on December 11th,” Gerry told the Gazette. “The original (period 1) allocations were formulated based on the relative floor price of the three NFT tokens, BAYC, MAYC, and BAKC. We need to decide on the 2nd period allocations and either do nothing and leave them the same, adjust them based on floor prices which would give BAYC even more of the lions share based on relative floor price to the other two assets, or since we're past 3 months, adjust entirely. We could stop staking, increase it, reallocate it elsewhere. Putting out the poll was simply a way to get the conversation going. I think this is going to be quite contentious either way.”
Following Gerry’s pool, notable ApeCoin DAO contributors took to Twitter and shared their thoughts on staking.
“Token locks for increased rewards. 6, 12, 24 month options,” JRNY Crypto tweeted. “It's a bear market, take away the one thing bringing value to holding $APE and its over.”
ApeCoin DAO Contributor, MachiBigBrother also chimed in on staking and said $Ape staking can only end if certain conditions are met.
“We can end $APE staking. Condition would be VCs, Yuga, and founders would match amount being removed, MachiBigBrother tweeted. “ Don’t agree that this can’t be done. No one wants to see us going to zero.”
The Bored Ape Gazette will continue to follow these staking conversations and will let you know if any changes to the protocol are officially introduced. Stay tuned for updates!