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  • Writer's pictureKyle

APECOIN: The Voting Window For The Revamped Staking Proposals Closes Tonight. What You Need To Know:

The window to vote on the three Ape Improvement Proposals that are on this week’s ApeCoin DAO ballot closes tonight at 9:00 p.m. EST.

The three AIPs on this week’s ballot are AIP 7, 21, and 22.

AIP 21, and 22 are the two revamped staking proposals that address the cap issue that many $Ape holders had with AIP 4&5 last month.

AIPs 21& 22 were submitted by $Ape coin holder and Bored Ape Yacht Club member Giacolmo.Eth, according to the post.

AIP 21 titled “Staking Process with Caps (1x) drop process” hopes to keep the spirit of the first two staking proposals that the club voted down last month, while addressing NFT holders concerns regarding caps.

“After the vote against AIP-4&5, the community had meaningful discussions on the ApeCoin DAO forum and elsewhere,” Giacolmo wrote. “The essential feedback was that overall the framework was fine, but lacked the key element of caps.”

As the Bored Ape Gazette previously reported, AIP 4&5 were overwhelmingly rejected by the $Ape community because there were not allocation caps on the BAYC MAYC specific pools. At the time, BAYC Co-Founder Garga spoke out regarding the lack of caps in AIP 4& 5 and advocated for a solution.

Giacolmo hopes that the inclusion of caps in his proposals can move the community forward and get staking underway. “Therefore, this AIP has the purpose to get to a conclusion, simply proposing again the same previous AIP-4 plus the caps (1x the ApeCoin drop), to allow the DAO move forward without other contention points.”

AIP 21 proposes that BAYC NFT holders be allowed to stake 10,094 ApeCoin, MAYC NFT holders can stake 2,042 ApeCoin, and BAKC NFT holders can stake 856 ApeCoin in their respective NFT specific pools. (Note a BAKC dog will need to be paired with an ape in order to be staked.)

In an interview with the Giacolmo, the Bored Ape Gazette asked him why he believes that the airdropped amount should be the staking cap.

"I heard different opinions, I also had many opinions in a matter of a few days, in the end I opted for the most straightforward solution, which was the airdropped amounts," he said. "Being coherent with the initial pool allocation, and not requiring additional investment by the holders. Going forward, in reality I think there are many factors to be considered for proper caps, like coin supply and pool allocations. For this reason, thanks to the suggestion of one member in the Forum, I changed my initial proposal of “fixed caps”, which was oversimplified, to “soft caps”, with the explicit invitation to the community to elaborate a future proposal to address the caps for periods after the Initial Period."

AIP 22 titled “Staking Pool Allocation Reloaded - Ecosystem Fund Allocation” was also written and proposed by Giacolmo.

In this AIP, Giacolmo proposes that 17.5% of the total $ApeCoin supply be distributed over a three-year staking period.

Check out the proposed incentive distribution curve here:

At the time of this articl’s publication, AIP 21 and 22 are supported by96.2% and 95.59% % of those who have voted, according to the ApeCoin site.

Earlier today, ApeCoin Board member Amy Wu took to Twitter to share her thoughts on AIP 21& 22 and shared some ideas on what $Ape could be spent on other than staking rewards.

“@apecoin community, pls remember to vote before 9pm ET today. A few things to consider on the important staking proposal, she tweeted. “17.5% of treasury, equivalent to over $2.5B of $ape would be given in staking rewards if AIP 22 passes. As an investor, I think about trade offs. How best do we use our capital to create long-term value for our community? Are we acquiring new users? Or retain existing? Both? Staking rewards will disproportionately benefit the existing community (albeit with caps based on NFT ownership), which imo is more of a retention tool. This is important but is the right % rewarded 17.5%? Or more like 5%, which seems more reasonable? Because what else can we do with over $2.5B? Reward more teams building on our ecosystem? Build our own NFT marketplace? Build our own NFT primitives in lending, commerce, payments ++? Build our own chain? Acquire a web2 consumer company? However the community decides to vote tonight, I hope that we can move as one team afterwards. Let’s build real products and experiences people use and love. The world is watching us.”

Along with the highly anticipated staking proposals AIP 7 is also on this week’s ballot.

AIP #7 titled “Restructuring the Forum Categories – Informational” was submitted by $Ape holder mg. The goal of AIP #7 is to reformat the site and encourage more discussion amongst community members.

“Currently this forum is structured in a way that is entirely centric to the AIP process and isn’t conducive to other discussions, AIP #7 author mg wrote. “This keeps the forum itself from becoming a vibrant place for discussion about AIP-related topics, workstreams that might be inspired by the work of the DAO, as well as for general community growth and camaraderie.”

In order to encourage more discussion mg proposes that the site gets rearranged “from an entirely flat category layout to something that better utilizes the features of Discourse and moves things into logical subcategories.”

At the time of this articles publication AIP #7 currently is supported by 99.21% of those who have voted, according to the ApeCoin site.

The Bored Ape Gazette encourages every $Ape holder to read AIP 7, 21, and 22 and vote on the proposals. You can find the proposals below:

The Bored Ape Gazette will continue to cover these proposals and let you know when results are in!

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