Two New $Ape Staking Proposals Are Set To Be Voted On This Thursday. Here's What You Need To Know:
Two new staking proposals are set be voted on by the $Ape community this Thursday, according to ApeCoin’s Twitter Space today.
Ape Improvement Proposals 21& 22 are set to go before the $Ape community this Thursday.
AIP 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 proposals 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. 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 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:
The Bored Ape Gazette encourages every $Ape holder to read AIP 21& 22 and vote on the proposals. You can find the two proposals below: