ApeCoin DAO-N Low #10
To the Bored,
Good evening and thanks for reading the tenth edition of the Bored Ape Gazetteâs ApeCoin DAO-N Low! The holidays are right around the corner, and it is beginning to look a lot like a busy time of year.Â
From staking to elections, the next couple weeks will be anything but boring around the swamp!
Without further ado, letâs ape right in and get the âDAO-N Lowâ on $Ape staking.
After months of waiting, the ApeCoin DAOâs highly anticipated staking system is live and $Ape holders are raking in some insane $Ape rewards. Â
Currently, The ApeCoin DAOâs staking system is in the first period of its first year. During this time, 35 million $Ape will be distributed as rewards to stakers over the next 90 days. In total, 100 million $Ape will be distributed to stakers during the systemâs first year.
Going forward, the ApeCoin DAOâs staking system is set to run for the next three years, according to the DAO. In total, 175 million $Ape will be distributed to stakers over the life of the staking system.
At the time of this newsletterâs publication, 72,943,000 $Ape or $299,000,000 USD has been staked, according to Etherscan.
As many in the community have already staked their $Ape, the Bored Ape Gazette would like to take this time to remind users to unstake their coins prior to selling their Yuga Labs NFTs.
âA userâs staked $Ape belongs to the owner of the corresponding NFT,â Horizen Labs Co-Founder Dean Steinbeck previously told the Bored Ape Gazette. âIf you sell your NFT before removing it from the platform you are essentially selling your NFT along with your staked $Ape. I really hope users are careful and pay attention to this feature. Weâre doing our best to educate users but hopefully others can spread the word too.â
While many in the Yuga Labs ecosystem have already staked their coins, some are weighing their staking options.Â
The Bored Ape Gazette does not recommend any website or staking method, but some staking options are more popular than others with the $Ape community. The Bored Ape Gazette highly encourages all $Ape holders to do their own research and select the best staking option for them. With that said, letâs look at some of the most popular staking options available:
1. Apestake
ApeStake.Io is an ApeCoin staking user interface that was built by Horizen Labs. The downside to ApeStake is that users from several countries have been geoblocked, including the United States. Users who would like to use this option can do so by going to the ApeStake website:
https://apestake.io
2. Binance
Last week, cryptocurrency exchange, Binance, announced its new âAPE NFT Staking Program.âÂ
In the companyâs blog post, Binance explained that BAYC and MAYC NFT holders will be able to deposit their NFTs via Binanceâs ânewly optimized deposit process" and receive daily $Ape daily rewards. Bored Ape and Mutant Ape holders will not need to stake any of their own $Ape tokens along with their NFTs to generate a daily $Ape return, based on the blog post.
Users can check out Binanceâs new âStake to Earn $APEâ page here: https://www.binance.com/en/nft/ape-staking
3. Bend DAO
Earlier this week Bend DAO, a decentralized peer-to-pool based NFT liquidity protocol, announced that it would host $Ape staking.Â
âBendApeStaking officially goes live on #BendDAO,â the company tweeted on December 6th.âAnyone holding Yuga assets is able to join the #ApeCoin Staking via BendDAO. #BAYC #MAYC $ApeCoin #BAKC Best Yield Opportunities Unstake Anytime Letâs go pairing http://BendDAO.xyz.â
Users that are interested in checking out Bend Dao's platform can find out more here:
https://www.benddao.xyz
4. ParaSpace
ParaSpace, a cross- margin universal lending protocol, recently announced that it would be hosting $Ape staking.Â
â $APE Staking features are live on ParaSpaceâs testnet site for users to demo! Features: Pair #BAYC/#MAYC+ $APE from wallet and/or borrow from $APE coin pool Supply $APE to earn yield Plus all benefits of ParaSpace v1.â
Users who would like to find out more about ParaSpace' ApeCoin staking system can check out its website here: https://app.para.space/apeStaking
5. Staking via Etherscan
Another popular staking option that some $Ape holders have gone with is staking through the contract via Etherscan.
To help the $Ape community stake through the contract, two well-known Bored Ape Yacht Club members made step by step guides on staking through Etherscan. You can check out BAYC member 0xQuitâs and BAYC member Gerryâs posts below:Â
$Ape staking isnât the only major event taking place around the swamp. The ApeCoin DAO is also set to hold its first of two Special Council election votes beginning later this week.
This first vote, which will begin on December 15th, will determine which five nominees will move on to the next round and become candidates for the three Special Council seats. The window for $Ape holders to cast their votes in this first election will close on December 21st, according to the ApeCoin DAOâs official election timeline.Â
As the Bored Ape Gazette previously reported, 42 $Ape holders are running for three Special Council seats this year.Â
The Bored Ape Gazette encourages $Ape holders to look into all 42 candidates and to take part in the election process. You can read all 42 candidates nominee pages here: https://forum.apecoin.com/c/special-council-elections/special-council-nominees/35?order=views
As the ApeCoin DAO prepares to vote in its first Special Council election, the community also has three Ape Improvement Proposals to vote on this week.
The first of three AIPs on the Ballot this week is AIP-119 titled, âCommercialize Your NFTs On IRL Wine: WINE3 X BAYC Limited-Edition Wine Drop,â by ApeCoin DAO Contributor WineGuy.
In AIP-119, WineGuy asked the ApeCoin DAO to allocate $60,000 USD worth of $Ape towards purchasing 100 of Win3âs âVint Passâ NFTs, according to the proposal.
The second AIP on the ballot this week is AIP-120 titled ApeClub - Token Gated Social Network for the Yuga Communityâ by BAYC member Wizav.Eth.
In total, Wizav.Eth is asking the ApeCoin DAO to allocate 225,000 $Ape ($888,750 USD at the time of this articleâs publication) to the ApeClub project.Â
âOur operations currently consume on average $88,000 per month, Wizav.Eth wrote. âWe would like to request funding for the next 9 months of operations at an increased burn rate of $125,000 per month in order to achieve the goals mentioned above. This will give us the fuel needed to onboard & satisfy the needs of the Yuga holders community, and explore various means of monetization to fund future development and maintenance.â
The final AIP on the ballot this week is AIP-144 titled, âEstablish Moderator Response Time Guideline,â by BAYC member Red Vulkan.
âA guideline will be imposed to have the Moderator Team respond back to all author messages on the proposal threads within 7 days,â Red Vulkan wrote. âThere wonât be any penalties for failure to do so, but this will be a metric that can be shared in monthly, quarterly, and yearly reports and be the first of a series of benchmarks that can be used to analyze the efficiency of the proposal process.â
Red Vulkan went on to write that this proposal will not cost the DAO anything and that he believes that the DAO could implement this change immediately.Â
$Ape holders have until 9 P.M. EST on Wednesday, December 14th, to vote on these three AIPs. The Bored Ape Gazette will continue to follow these three proposals and will let you know the results after the polls close.
Thank you for reading this weekâs edition of the ApeCoin DAO-N Low and be sure to like the Bored Ape Gazette on Twitter to stay up to date with all things $Ape!
Sincerely,
Kyle
Editor-In-Chief
Bored Ape Gazette