Q&A:Find Out More About AIP 161 And Why This DAO Contributor Is Asking The Community For A Bored Ape
The ApeCoin DAO is currently voting on an Ape Improvement Proposal that aims to reward a DAO contributor with a Bored Ape for optimizing the staking contract’s gas fees.
AIP-161 titled “A Reward Proposal for Staking Contract Gas Optimization Contribution,” is an ecosystem fund allocation proposal written by DAO Contributor Codeislight.
In their proposal, Codeislight explained the contribution that they made to the DAO by optimizing the staking contract’s gas fees. Codeislight wrote that this optimization will save ApeCoin stakers a collective $934,000 USD over the life the DAO’s staking system.
“Gas fees saving currently might be insignificant that can be amounted from few cents to few dollars, but considering the magnitude of the Apecoin users and the times when the Ethereum network has higher demand for block space (higher gas prices) similar to the ones of 2021 craze, then it would definitely make a significant difference,” Codeislight wrote.
As a reward for their contribution to the DAO, Codeislight has asked the community to reward them with a floor priced Bored Ape.
“Proposed reward is a floor BAYC, equivalent to 10% of the funds saved upfront," Codeislight wrote. “It would be HODLed and staked to earn $APE rewards.”
At the time of this article’s publication, the ApeCoin community is currently not in favor of this proposal with 65.46% of voters casting their $Ape against AIP-161.
To find out more about Codeislight and their contribution to the ApeCoin DAO, the Gazette interviewed the DAO contributor! Take a look at the full interview below:
1. Tell me about yourself. How’d you get into crypto and the ApeCoin DAO?
“I got into crypto back in early 2021 by trading crypto and losing it almost all with leverage trading. then, later in that year i learnt solidity which has been the best decision I made.”
2. In a sentence or two, can you give a brief explanation what you did for the DAO with the gas fees and staking?
“I improved the staking contract to save users on extra gas fees whenever they use it.”
3. What’s the story behind how you optimized the DAOs gas? How’d you find the problem and what did you do? What’s the story?
“It all started when AIP34 bug bounty went live through immunefi. I was giving it a shot in case i find any security vulnerability, but to my surprise, the code was very unoptimized. so i changed my approach to optimize the code to be more efficient, therefore save users on gas which is the invariant in the transaction fees (gas * gas price = transaction fee). I reported it to immunefi, but it was considered as out of scope, since they are only concerned about security findings. so I decided to share it with @HorizenLabs which they were extremely happy about the findings, and implemented it around the end of November. after that i went with the approach of quantifying the impact of gas optimization, I have made a dune dashboard which shows the gas fees that has been saved after the contribution, so far 48.5 ETH has been already saved for all the users that have interacted with the staking smart contract, if we carry on with the same activity for the next 3 years, it will result in 1286ETH saved as shown in the dune dashboard: https://dune.com/codeislight/optimized-dollarape-staking-contract-stats… “
4. What would you like to say to those who are voting against your AIP?
“I respect their opinion, but as far as I have read in their messages that they left in snapshot, most of them, they feel that the reward is a lot or unreasonable for a gas optimization contribution, when the case is that it really does make a different in the case of a DAO userbase of this scale. Also, what matters more is the impact of the contribution which has saved and will save users on extra fees that didn't have to pay for. 10% of the funds that will be impacted is very reasonable and commonly used in security bug bounties. in essence, the contribution has saved users on losing funds upfront.”
5. Do you have anything else you’d like to add or say?
“I would like to thank you for giving me the platform to speak about the AIP161 and also thank all the people who have shown their support.”
$Ape holders have until January 18th at 9 P.M. EST to cast their vote on AIP-161. The Bored Ape Gazette will continue to follow this proposal. Stay tuned for updates!