ApeCoin DAO's First Vote Closes Tomorrow. Find Out More About The Five Proposals:
The window to cast your ballot in ApeCoin DAO’s first ever vote closes tomorrow at 9 p.m. EST and $Ape coin holders are voting on five important proposals.
$Ape coin holders can vote on five AIP proposals on https://snapshot.org/#/apecoin.eth . These five initial AIP’s will determine how the DAO operates, its first-year budget and the much-discussed staking mechanics. Take a closer look at the five AIP’s below:
AIP-1 deals with the proposed process of the DAO including the guiding values of APE foundation, Key terms and the process that AIP (APE Improvement Proposals) will follow. At the time of this article’s publication, $Ape holders overwhelmingly approve of AIP-1 with 98.55% of voters in favor of the AIP. You can read more about AIP-1 here: https://forum.apecoin.com/t/aip-1-proposing-the-dao-process/39
AIP-2 titled “Voting- Process,” lays out plans regarding “not requiring gas payment,
ensuring transparency, expanding governance participation to all holders of ApeCoin,” according to the document. Like AIP-1, AIP-2 is overwhelmingly popular with $Ape holders with 98.31% of voters in favorite of the measure. You can read more about AIP-2 here: https://forum.apecoin.com/t/aip-2-voting-process/41
AIP-3 titled “Year 1 Budgets - Ecosystem Fund Allocation,” proposes that the foundation “allocates up to 6% of the total APE Ecosystem Fund, for events, game development, education, marketing, and merch,” according to the proposal. Like the prior two proposals, AIP-3 is very popular with $Ape holders. At the time of this articles publication, 99.28% of voters are in favor of the proposal. You can read more about AIP-3 here: https://forum.apecoin.com/t/aip-3-year-1-budgets-ecosystem-fund-allocation/43
AIP-4 titled “Staking -Process” goes into detail regarding the proposed staking mechanics of the DAO. AIP-4 proposes 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, AIP-4 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.”
This proposal has sparked much debate at the BAYC and $Ape holders currently reject this proposal with 69.33% of voters against AIP-4. You can read more about AIP-4 here: https://forum.apecoin.com/t/aip-4-staking-process/44
The final AIP that $Ape holders are voting on is AIP-5 titled “Staking Pool Allocation - Ecosystem Fund Allocation.” In this proposal, AIP-5, lays out the ApeCoin token allocations for the four staking pools and the staking pool periods that were proposed in AIP-4.
The Bored Ape Gazette will be bringing you the latest on the staking proposals and where the two sides currently stand later tonight. Stay tuned for continued coverage!
