As $Ape Holders Reject AIP-4&5, Animoca Brands Chairman Yat Siu Proposes A Yes On 4 and No on 5 Vote
Updated: Mar 30, 2022
As more notable Bored Ape Yacht Club members and $Ape holders vote against Ape Improvement Proposal four and five, Anomica Brands Chairman and ApeCoin Board Member Yat Siu proposes a split vote on the staking proposals.
As the Bored Ape Gazette previously reported, 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, AIP-4 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.”
In AIP-5, the proposal lays out the ApeCoin token allocations for the four staking pools and also the staking pool periods.
At the time of this articles publication, the majority of $Ape holders are voting No on AIP-4 and AIP-5.
In light of the pushback on the proposals, Animoca Brands Chairman Yat Siu proposed passing AIP-4 and voting against AIP-5.
Siu says that passing AIP-4 will give the foundation the ability to begin working on the staking process and let DAO members debate caps and specific details later.
“One of the steps to implement AIP-4 requires A proposal to be drafted and approved via the ApeCoin DAO for the allocation of ApeCoin for AIP-4," Siu tweeted this morning. “This essentially means in order to implement AIP-4 the community needs to approve A staking proposal, it does not need to be AIP-5. Provided the community feels the staking mechanism of AIP-4 is acceptable, approving AIP-4 will allow the foundation to begin work immediately which could take 3.5-4.5 months to build securely. It could be shorter but given what’s at stake we want to do it right. Approving AIP-4 and rejecting AIP-5 allows for building the staking infrastructure now, while giving the community more time to discuss the staking pools and add proposed NFT staking caps. AIP-4 alone cannot function without a community approved @apecoin allocation.”
Following Siu’s tweet, BAYC member and outspoken critic of AIP-4 and AIP-5 OGDFarmer questioned why it would take 3.5-4.5 months to build the staking mechanics. “Why is the timeline for implementation still 3.5 to 4.5 months? A blanket statement of “we wanna do it safely” without any further specifications doesn’t explain anything. We clearly all want that, but high industry standards still puts something like that at 1 months, 2 tops.”
Read OGDFarmer's full Twitter thread from last week on why he is voting no on AIP-4 and AIP-5 here:
At the time of this article’s publication, it appears that both AIP-4 and AIP-5 will be rejected as more notable $Ape holders have come out against the proposals. “Changed my vote to against AIP-4 and AIP-5,” Machi Big Brother tweeted earlier today. “Main reason is because i think staking function should be simplified for the community...most are not defi users @apecoin @BoredApeYC.”
The window to cast your ballot in ApeCoin DAO’s first ever vote closes tonight at 9 p.m. EST. The Bored Ape Gazette strongly encourages all apes to read and vote on the five AIP proposals here: https://snapshot.org/#/apecoin.eth
The Bored Ape Gazette will continue to follow the ApeCoin DAO vote and let you know the results and what the DAO does going forward.