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  • Writer's pictureKyle

ApeCoin DAO Holds Its First Vote And Apes Are Taking A look At Two Staking Proposals

As the ApeCoin DAO’s first voting period opens, Bored Ape Yacht Club members and $Ape holders are taking a look at two staking proposals.

The two staking proposals are AIP-4 and AIP-5. These two proposals were put forth by Animoca Brands. Animoca Brands Chairman, Yat Siu also serves as a Board Member of the Ape Foundation. In the two proposals, Siu and Animoca Brands lay out the staking process and staking pool allocations.

In AIP-4, Animoca explains 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, Animoca is proposing 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, Animoca Brands proposes people stake $ape coin instead.

“ApeCoin can be staked directly up to any amount during the Period, AIP-4 states. “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.

On March 17th, during a Twitter Space titled the ApeCoin Chat With the DAO Board, Siu further explained the staking protocol and the benefits of staking $ape rather than an NFT. “In fact, we put forward two proposals, but specifically on AIP four. Really, I think it is worth mentioning that this staking proposal, I think is unique in the sense that it's probably the first proposal of its kind, and it was based on the experiences when we started playing around with. You know, NFT staking," Siu said in the Twitter Space hosted by Farokh. “What's unique about this is that you don't just stake fungible tokens as an ape for reward, which is, you know, a very classic model, but you have to use your NFT, but the NFT itself becomes more like a key rather than being something where you have to lock the NFT to receive rewards for it. You basically lock the tokens and the ape itself becomes a key that unlocks it, which means that you can still trade Your NFTs. And then that's I think unique because it means that you don't lose the ability to sort of continue to have the tradability and the flexibility or the utility because that's the other thing that dissolves as well, which is that you know, owning an ape doesn't necessarily mean that it's just for staking. There's just one function. What if you want to use your ape inside a game, and if you or someone else wants to give it to utility within a game, for instance, or another. So, this is a way in which we can combine the best of both worlds and I think would be the very first sort of NFT project in the world that implements sort of the NFT staking in such a manner.”

BAYC members and $Ape holders who are interested in watching the full space can check it out here:

Along with AIP-4, $Ape holders are also being asked to vote on AIP-5. AIP-5 is the corresponding proposal to AIP-4. In AIP-5, Animoca Brands lays out the ApeCoin token allocations for the four staking pools and also the staking pool periods.

ApeCoin Staking Pool: 30,000,000 ApeCoin Tokens

BAYC Staking Pool: 47,105,000 ApeCoin Tokens

MAYC Staking Pool: 19,060,000 ApeCoin Tokens

BAKC Staking Pool: 3,835,000 ApeCoin Tokens

Insert the incentive distribution curve chart

Apes who are interested in learning more about the two proposals and hearing fellow apes talk it out, should tune into Herb.Eth’s Twitter Space tonight at 7:20 p.m. EST. Here’s a link to it below:

Be sure to check out AIP-4 and AIP-5 on the ApeCoin's official site here:

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