NFT Holders Are So Far Against 2 ApeCoin DAO Staking Proposals 17

NFT Holders Are So Far Against 2 ApeCoin DAO Staking Proposals

Summary:

  • The ApeCoin DAO currently has 5 proposals up for voting
  • Members of the ApeCoin DAO are so far against 2 of them which center around staking
  • The first one is AIP-4 which proposes a staking system for Apecoin and the BAYC NFT ecosystem
  • The second one is AIP-5 which presents the total ApeCoin allocation for the staking pools and the 3-year duration of this initial staking period

The Apecoin DAO has hit the ground running with five proposals currently up for voting.

The five proposals are as follows:

  • AIP-1 proposes the structure of a decentralized autonomous organization (DAO) that will be governed by the holders of ApeCoin
  • AIP-2 outlines the voting protocol for the DAO outlined in AIP-1 and provides documentation for it
  • AIP-3 proposes the APE Foundation’s budget for March 17, 2022, to December 31st, 2022
  • AIP-4 proposes a staking system for ApeCoin and the Bored Ape Yacht Club (BAYC) NFT ecosystem: Bored Ape Yacht Club, Mutant Ape Yacht Club (MAYC), and Bored Ape Kennel Club (BAKC)
  • AIP-5 proposal which outlines the total ApeCoin allocation for the staking pools in AIP-4 and the three-year duration of the initial staking period

AIP-1, AIP-2, and AIP-3 Have 0ver 90% Majority for Each Proposal

In terms of votes, the ApeCoin community is so far happy with the first three proposals that have an overwhelming majority in favor of them.

To begin with, 98.47% of ApeCoin voters are in favor of AIP-1.

AIP-2 and AIP-3 have a 98.22% and 99.25% majority respectively.

A Majority are Against AIP-4 and AIP-5

However, AIP-4 and AIP-5 are facing stiff opposition from ApeCoin and Bored Ape NFT holders.

62.93% of the voters are currently against AIP-4 with 61.8% against AIP-5.

NFT Holders Are So Far Against 2 ApeCoin DAO Staking Proposals 18
Voting progress on AIP-4. Source, snapshot.org/#/apecoin.eth
NFT Holders Are So Far Against 2 ApeCoin DAO Staking Proposals 19
Voting progress on AIP-5. Source, snapshot.org/#/apecoin.eth

More on AIP-4 and AIP-5

To further decipher as to why the two AIPs are not popular with the ApeCoin and Bored Ape NFT communities, a deep review of each is needed.

According to the ApeCoin forum, AIP-4 proposes the following assets eligible for staking: ApeCoin, BAYC, MAYC and BAKC NFTs.

However, a BAKC NFT cannot be committed on its own. It must always be paired with a BAYC or MAYC, which in turn cannot be paired with another BAKC.

Additionally, AIP-5 proposes 17.5% of ApeCoin’s total supply to be allocated to the staking pool. This amount will be funded by the Ecosystem Fund and distributed over the total staking period of three years as follows:

  • 1st Year: 100,000,000 ApeCoin tokens (10.0% of the total ApeCoin supply)
  • 2nd Year: 50,000,000 ApeCoin tokens (5.0% of the total ApeCoin supply)
  • 3rd Year: 25,000,000 ApeCoin tokens (2.5% of the total ApeCoin supply)

[Feature image courtesy of Pixabay]