PROTOCOL PROPOSAL:ApeCoin SC Gerry Pitched An Update To The $Ape Staking System. The Full Story Here
As discussions around the ApeCoin DAO’s staking protocol ramp up, Special Council member Gerry is continuing conversations with community members and shared a possible plan that would have $Ape only pool stakers locking their coins for 3-36 months.
With the ApeCoin DAO’s staking system quickly approaching the one-year anniversary of its launch, ApeCoin DAO Special Council Member Gerry is gauging the community’s interest in possibly updating the current reward structure that will have distributed 100 million $Ape to stakers by December 11, 2023 and is slated to distribute another 75 million $Ape across the DAO’s four staking pools (1. ApeCoin only, 2. BAYC Pool, 3. MAYC Pool, 4. Paired BAKC Pool) over the next two years.
“The 1st staking period ends on December 11th,” Gerry previously told the Gazette. “The original (period 1) allocations were formulated based on the relative floor price of the three NFT tokens, BAYC, MAYC, and BAKC. We need to decide on the 2nd period allocations and either do nothing and leave them the same, adjust them based on floor prices which would give BAYC even more of the lion's share based on relative floor price to the other two assets, or since we're past 3 months, adjust entirely. We could stop staking, increase it, reallocate it elsewhere. Putting out the poll was simply a way to get the conversation going. I think this is going to be quite contentious either way.”
While no updates or changes to the staking system have been formally submitted to the DAO, Gerry did pitch a plan this morning that would see stakers in the $Ape only pool locking their coins for 3-36 months.
“Let's talk staking/voting,” Gerry tweeted this morning. “I propose reallocating the ApeCoin only pool rewards to those locking their $APE on ApeChain for up to 36 months. Additionally, let's boost their voting power in a way that rewards long-term commitment, ensuring a more equitable and engaged governance.”
Gerry’s locked $Ape idea is similar to what notable ApeCoin DAO Contributor JRNYCrypto recommended last week following Gerry’s staking poll that kicked off these staking conversations.
“Token locks for increased rewards. 6, 12, 24 month options,” JRNY Crypto tweeted. “It's a bear market, take away the one thing bringing value to holding $APE and its over.”
Following today’s post, Gerry told the Gazette that he will continue to gather facts about staking and is looking for more community feedback.
“Having some meetings with people far smarter than myself to get some feedback before we submit an official idea," he said. "As of now, I’m only proposing making this change to the $APE pool. I am however very interested to hear some of our brightest community members theorize how both scenarios may play out."
As Gerry looks for more community feedback on staking, notable ApeCoin DAO Contributor, MachiBigBrother, took to Twitter and recommended that the community and DAO’s launch partners reduce their slated $Ape rewards by 50 million coins.
“Reduce ApeCoin staking rewards by 50m $APE. Matched with 50m $APE from Yuga, VCs, founders, for a total of 100m $APE added to DAO treasury,” MachiBigBrother wrote. “Less sell pressure, boost confidence, shows long term commitment. @apecoin DAO Council members please facilitate. Thank you.”
The Bored Ape Gazette will continue to follow these staking conversations and will let you know if any changes to the protocol are officially introduced. Stay tuned for updates!