After $Ape Holders Reject AIP-4&5, Notable BAYC Member DFarmer Lays Out A New AIP Staking Proposal:
$Ape holders made their voices heard last night, rejecting the two staking proposals, now notable Bored Ape Yacht Club members are working to build upon AIP-4 and AIP-5 to help lead the BAYC ecosystem towards success.
“I think the ApeDao birth will be a case study for the books, and a turning point in Dao governance as a whole,” BAYC member Dfarmer tweeted in a lengthy Twitter thread. “Overthrowing a 90 to 10 lead to a 70/30 with NO’s was a historical moment and a strong signal: we care. The participation turnout? Unprecedented. It was never adversarial. In the end we all want the same thing: for the BAYC ecosystem to succeed. Simplicity. Clarity. Safety. Fairness. Effectiveness. And a strong community and ecosystem alignment.”
As the Bored Ape Gazette previously reported, $Ape holders rejected AIP-4 and AIP-5; the two staking proposals made by Animoca Brands.
AIP-4 titled “Staking -Process” went into detail regarding the proposed staking mechanics of the DAO. AIP-4 proposed that the “first step to ApeCoin becoming the preferred token of web3, early NFT adopters and existing and potential ecosystem participants should be incentivized.”
In order to incentives participation, AIP-4 is proposed the creation of four distinct staking reward pools. One for Bored Apes, one for Mutant Apes, one for BAKC dogs and one for $Ape coin. Unlike traditional staking where holders of an NFT would have to stake their asset, AIP-4 proposes people stake $ape coin instead.
“ApeCoin can be staked directly up to any amount during the Period,” AIP-4 stated. “Users can commit any number of BAYC, MAYC, and/or BAKC NFTs to the incentive pool during the Period. Committing an NFT is the act of attributing ApeCoin for a specific NFT, which then allows that NFT to earn and claim incentives, as long as the ApeCoin remains attributed. Think of it as if the NFT is a safety deposit key. The NFT provides access to the staked ApeCoin tokens previously attributed to it.”
In AIP-5, the ApeCoin token allocations for the four staking pools and the staking pool periods were laid out.
DFarmer said that even though AIP-4 and AIP-5 were rejected, this does not mean opponents of the proposals want to upend the framework.
DFramer says that Animoca Brand's proposed mechanics of staking $Ape rather than the NFTs will remain in his proposal.
“The system remains the same, you are staking $APE through your NFT’s, that remain liquid," DFarmer said. “We just added the cap, that was the only thing everyone agrees on. It’s not “naked” NFT staking.”
Many of the criticisms from the BAYC and $Ape community regarding the staking proposals stemmed from undefined allocation caps.
“The main source of confusion and concern I’ve seen from DAO members is about whether owning just one NFT is enough to access a corresponding staking pool to an unlimited degree,” BAYC Co-Founder Gargamel wrote on March 24th. “For example: Could a whale with a huge amount of APE and just 1 NFT still skew the staking pool that is allocated for that NFT collection? Under the current wording of AIP-5, the answer appears to be yes. I think the solution here is to cap the amount of ApeCoin that can be associated with any 1 specific NFT. If AIP-5 passes in its current state, this would require an addendum to be passed. It sounds like Animoca is already planning on submitting an addendum like this, and personally I would support it.”
DFarmer addresses the unclear caps in his Twitter thread. “The pool size and tokenomics will basically remain the same as the Animoca proposal,” DFarmer tweeted. “1. The pool size and tokenomics will basically remain the same as the Animoca proposal. But a clear cap will be put on the various elements of the ecosystem: 10094 for apes 2042 for mutants 856 for doggos. As per founders simmetry: these are the same exact amounts each of you have been given in $APE for free as your NFT'S liquid proxy. 2. Mechanics. This was one of the most contentious and overdiscussed points, and where we look to simplify and change the most, cutting implementation/activation time by a lot. The various elements will simply accrue their allocation, snapshotted and claimable with no expiration every Friday: $APE happy hour! This will also create a very memorable, memeable, marketable event every weekend, with Twitter spaces, discord parties and whatnot, a way to “gather around the swamp” and ape in together. It brings eyeballs, sentiment, awareness, and it’s just fucking fun to see “the prophecy” develop in real time every weekend!”
While much of DFarmer’s Twitter thread was spent clarifying and expanding on the Animoca Brand's AIP-4 and AIP-5 proposals, DFarmer’s plan also implements an “independent pool” for Bored Ape Kennel Club Dogs.
“Dogs will get their own independent pool this way, further simplifying the process and integrating them into the ecosystem," DFarmer wrote. “Amounts are still exactly the same, so no further economic incentive as previously awarded, just a more simple and inclusive design.”
DFarmer closed his thread by asking $Ape holders for their input.
"This is it," he said. “Please do let us know how you feel, and we are looking forward to everyone checking on and discussing the extensively better presented proposal that will follow through in a couple more days. Ad maiora semper apes, cheers! we all want the same thing: for the BAYC ecosystem to succeed.”
The Bored Ape Gazette will continue to follow the staking proposals and bring you more information as it becomes available. Be sure to read DFarmer's full thread below: