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  • Writer's pictureKyle

Ape Coin Board Member Yet Siu Took To Twitter To Share New Staking Proposals With Caps& New Timeline

Seventeen days after $Ape holders rejected Ape Improvement Proposal 4& 5, Animoca Brands Chairman and Apecoin Board Member Yat Siu Took to Twitter To lay out a revised staking proposal with caps and a shorter implementation timeframe

“We decided to explore proposals from reputable 3rd party blockchain firms to assess the time table for a discussion with the @apecoin community given the many concerns,” Siu tweeted. “This proposal suggests a time table of 14 weeks for the staking implementation itself.”

“And it also assumes 13 weeks of development for the UI which can be done simultaneously. The proposal was created by a very credible blockchain developer who for the time being wishes to remain anonymous given that AIP-4 (revised) was not (and may not be) approved. Our initial thought is that the time table it takes to develop appears fair (3.5m) but that we feel that a 1 week audit might be conservative. Given that the the proposed @apecoinstaking pool is substantial we feel that this is an endeavor that will require significant care. The purpose of sharing this to the @apecoin community is for discussion, review and disclosure purposes only. Before we would consider submitting a new AIP idea we wanted to receive more insights from the community, for that purpose we have also put forward a poll on caps. How large should the @apecoin CAP be per NFT for any future staking proposal under a reformed AIP-4 idea? As a reminder the caps were 10,094 $ape for #BAYC and 2,042 for #MAYC full details over at #DAO #vote#apecoin.”

At the time of this articles publication, the majority of poll voters believe that the cap should be the amount of $Ape that BAYC and MAYC NFT holders were given.

Following Siu’s post, BAYC member MachiBigBrother took to Twitter to share his thoughts on the 14 week timeline.

“It takes 3.5 months and $837,500 usd “Yat feels it’s fair. I agree. Let’s call it par for course,” MachiBigBrother tweeted. “Now can I find a team of apes that will build us an $APE @apecoin system for free because they love their @BoredApeYC fam, and in 2-3 weeks that serves our goals. Yes. Should I?”

While MachiBigBrother seems onboard with Siu’s new timeframe, fellow BAYC collector Dingaling took to Twitter to voice his concern for the three-and-a-half-month timeframe and the staking proposals in general.

“We do NOT need to reinvent the wheel with new and complex staking contracts. Yes it may seem cool and innovative, but it's also much higher risk and will take longer to develop,” Dinaling tweeted. “There is a much simpler proposal here by @lumbergdoteth that will take a fraction of the time to develop and presents much lower risk to all Yuga NFTs and $APE tokens. You can literally keep your assets as is and you will be able to claim $APE each week.”

While many BAYC members agree with Dingaling, other members just want to get this done and start staking for $Ape.

“Can we please get behind this,” BAYC member Great espace tweeted. “I just want to stake. Ape politics is no fun & we aren’t good at it. 3.5 months isn’t ideal but not terrible, especially when you consider they are only working with reputable companies (ie not solo dev shops or teams that launched 1 or 2 projects).”

While apes continue to debate the staking proposals, many members are just happy to see Apes and $Ape holders actively participating in the DAO.

“The levels of transparency and egalitarian participation in this process are unprecedented, and arguably a central factor in @BoredApeYC and $APE's durable value," BAYC member Clive Apestein tweeted. “Even providing room for further appreciation.”

The Bored Ape Gazette will continue to follow the proposals and let you know when more information becomes available.

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