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  • Writer's pictureKyle

EXCLUSIVE: Check Out Our Interview With The Author Of The New Two Staking Proposals

Two new staking proposals are going up for a vote this Thursday at the ApeCoin DAO.

Ape improvement Proposals 21&22, written by BAYC member Giacolmo.eth, will be on this week’s ballot and $Ape holders will have to decide whether to approve the two new staking AIPs

AIP 21 titled “Staking Process with Caps (1x) drop process” hopes to keep the spirit of the first two proposals (AIP 4& AIP 5) while addressing NFT holders concerns.

“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.

Giacolmo hopes that the inclusion of caps in this proposal 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 holder 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.)

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

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:

Prior to this Thursday’s vote, the Bored Ape Gazette reached out to Giacolmo and asked him some questions about the two staking proposals. Read the full interview below:

1. What made you want to write these proposals?

"When I was waiting for a quick re-vote on Animoca’s AIP4&5 plus caps, a lot of discussion was going on but no actual proposals were put forward in the DAO Forum. Therefore, I decided to post mine, aiming to simplify as much as possible and hoping to speed up the process. I found it very interesting to interact with the other community members, at all levels. Actually I am pretty new in crypto&NFT, I am getting more and more enthusiastic about anything involving Web3!"

2. How do you think the community will respond to AIP 21& 22?

"I start from the observation that if Animoca’s AIP4&5 included the caps, those AIPs would have been accepted by a large majority. Then after their failure, so many staking options and possible variations came out. The perfect mechanism doesn’t exist, but to elaborate a well-structured proposal, technically feasible and lawful, is extremely complicated. Animoca has all the required resources to plan for a well thought Staking, as such I mostly used their wording (why change it if I agree with the substance?) while just revising the paragraph about caps. I do think that some members may question some points, for example the pool allocation between NFTs, which right now seems to underweight Mutants. To start with, I am a Mutant, and I don’t think it is a big deal, as prices might change again, caps were balanced with the pool allocation, and after the Initial Period the allocation will be rebalanced. Moreover, following revisions to AIP22 (Pool Allocation) could be done by the community, if deemed really necessary."

3. Why do you think the airdropped amounts should be the caps?

"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, 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."

4. What do you want to say to $ape holders before they vote this Thursday?

"The implementation takes around 3-4 months, and 1 month has already passed since the last vote on AIP4. I trust that our DAO members wish to move forward. Staking is very important to support further $ape growth and to provide incentives for long term holders. The sooner we can achieve that, the better for $ape holders and the DAO itself. Apecoin DAO has the potential to become the reference for all the other DAOs worldwide, and this mostly depends on its members participation, I hope to see a big turnout!!"

The Bored Ape Gazette will continue to follow AIP 21& 22 and let you know how the vote turns out. The Bored Ape Gazette also encourages every $Ape holder to read the two proposals and vote!

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