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  • Writer's pictureKyle

After $Ape Holders Reject The Two Staking Proposals, BAYC Members Are Hosting A Space To Write AIP-6

As Ape Improvement proposals 4&5 are rejected by $Ape holdes, Bored Ape Yacht Club member Ryan rdm41 is organizing the $ape community to rewrite the staking proposals.

Tomorrow night, Ryan along with notable BAYC members Capetain Trippy, Bored Clint, Kingtrippy5116 and Carson Turner will be hosting a Twitter Space to work on AIP 6 as a community.

“Are you ready to see $APE staking get passed,” Ryan tweeted. “Do you wanna help write the historic proposal by the community to get staking approved? Do you just want a tldr on what’s been going on? Then join me & @CapetainTrippy as we lead the effort to get it done!”

As the Bored Ape Gazette previously reported, Animoca Brands proposed two staking proposals, AIP-4 and AIP-5.

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. The window to vote on these proposals closed tonight and after a lot of pushback from $ape holders, the two proposals were soundly rejected.

Many of the criticisms from the BAYC and $Ape community about 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.”

Following the rejection of AIP-4 and AIP-5, Ryan hopes that the $Ape community can come together and write the best staking proposal for the community.

“At the Twitter space I hope that the broader ape community shows up in full force to discuss staking, Ryan told the Bored Ape Gazette. “I want us to walk away with an action plan for getting something proposed. This moment will be historic in nature as it will be the first ever AIP submitted by the ape community.”

The Twitter Space begins tomorrow, Thursday March 31st at 8:30 p.m. EST. You can set a reminder for the event here:

The event will be recorded, and the Bored Ape Gazette will be in attendance to bring you the highlights of the discussion. Stay tuned for continued coverage.

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