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  • Writer's pictureKyle

Three AIP Proposals Are On The Ballot This Week At The ApeCoin DAO. Here's What You Need To Know:

It’s time for $Ape holders to make their voices heard as three new Ape Improvement Proposals go up for a community vote at the ApeCoin DAO.

Voting began this evening for AIPs’ 7, 21, and 22 and apes will have until Wednesday May 4th at 9:00 p.m. to cast their votes.

The first AIP on the ballot this week is AIP #7.

AIP #7 titled “Restructuring the Forum Categories – Informational” was submitted by $Ape holder mg. The goal of AIP #7 is to reformat the site and encourage more discussion amongst community members.

“Currently this forum is structured in a way that is entirely centric to the AIP process and isn’t conducive to other discussions, AIP #7 author mg wrote. “This keeps the forum itself from becoming a vibrant place for discussion about AIP-related topics, workstreams that might be inspired by the work of the DAO, as well as for general community growth and camaraderie.”

In order to encourage more discussion mg proposes that the site gets rearranged “from an entirely flat category layout to something that better utilizes the features of Discourse and moves things into logical subcategories.”

The other two AIPs on the ballot this week are AIP #21 and AIP #22. These two AIPs are the revamped staking AIPs.

AIPs 21& 22 were submitted by $Ape coin holder and Bored Ape Yacht Club member Giacolmo.Eth, according to the post.

AIP 21 titled “Staking Process with Caps (1x) drop process” hopes to keep the spirit of the first two staking proposals that the club voted down last moth, while addressing NFT holders concerns regarding caps.

“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. At the time, BAYC Co-Founder Garga spoke out regarding the lack of caps in AIP 4& 5 and advocated for a solution.

“The main source of confusion and concern I’ve seen from DAO members is about whether owning just one NFT is enough to access a corresponding staking pool to an unlimited degree,” Garga wrote on March 24th. “For example: Could a whale with a huge amount of APE and just 1 NFT still skew the staking pool that is allocated for that NFT collection? Under the current wording of AIP-5, the answer appears to be yes. I think the solution here is to cap the amount of ApeCoin that can be associated with any 1 specific NFT. If AIP-5 passes in its current state, this would require an addendum to be passed. It sounds like Animoca is already planning on submitting an addendum like this, and personally I would support it.”

Giacolmo hopes that the inclusion of caps in his proposals 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 holders 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.)

In an interview with the Giacolmo, the Bored Ape Gazette asked him why he believes that the airdropped amount should be the staking cap.

"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," he said. "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."

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

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:

The Bored Ape Gazette encourages every $Ape holder to read AIP 7, 21, and 22 and vote on the proposals. You can find the proposals below:

The Bored Ape Gazette will continue to cover these proposals this week and bring you everything you need to know about the vote.

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