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  • Writer's pictureKyle

ON THE BALLOT: Defi Protocol Cyan Wants To Put 2.5M $Ape In Its Vault And Generate Revenue For The DAO Via Staking

Decentralized finance protocol, Cyan,  has an Ape Improvement Proposal on the ballot this week that hopes to place 2.5 million $Ape in its vault and generate a profit for the DAO by staking the coins.


AIP-393, titled 'Proposal to stake 2.5 Million APE into the Cyan ApeCoin Vault,' is an ecosystem fund allocation proposal written by Cyan, an Animoca Brands-backed platform offering 'Buy Now Pay Later, Borrow, Lend, Extension, Wallet, and Stake' services, enabling users to access liquidity through their on-chain assets.


In their proposal, the Cyan team wrote that they want to place 2.5 million $ape into their $Ape staking vault and pair the coins with Bored Ape/Mutant Ape/ and Bored Ape Kennel Club holders who have NFTs but not $ape to generate daily staking rewards. Further, they will place excess $Ape into the $Ape only staking pool and they will restake all the rewards bi-weekly to geneate as much $Ape as possible for the DAO.


“With Cyan, we can incentivize users to participate at no cost to them, while generating profits for the ApeCoin DAO, they wrote. “Cyan will pass through 100% of the yields from the 2.5 million $APE to the DAO. Cyan will also share 50% of the revenue generated by staking activities with the DAO. At the end of the ApeCoin staking emissions schedule, the 2.5 million $APE will be returned to the DAO.”


The Cyan team wrote that it can generate 50,000 $Ape in revenue for the ApeCoin DAO every year by staking 2.5 million coins in its vault, according to their proposal.


In total, Cyan is asking the ApeCoin DAO to allocate 2.5 million $Ape plus an additional 13,504 USD worth of $Ape to cover the accrued  gas fees. Note, when the DAO’s staking program ends in December 2025, the 2.5 million staked $Ape will be returned to the DAO, according to Cyan.

 

The window to vote on AIP-393 is currently open and ApeCoin DAO Contributors have until Wednesday, April 3rd, to cast their coins and vote on this proposal.

 

 

The Bored Ape Gazette is working to find out more about AIP-393 and will bring you an interview with Cyan later this week. Stay tuned for updates!

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