ApeCoin DAO-N Low #32
To the Bored,
Good evening and thanks for reading the 32nd edition of the Bored Ape Gazette’s ApeCoin DAO-N Low newsletter.
It’s autumn around the swamp and while the weather may be cooling down, the $Ape ecosystem is heating up as talks of a possible ApeChain ramp up, discussions about the future of $Ape staking rewards begin, the Mocaverse ups its voting power, and ThankApe prepares to fund 15 $Ape fest events to coincide with the Bored Ape Yacht Club’s ApeFest festivities next month. All of this is happening as the DAO votes on five Ape Improvement Proposals this week.
With so much happening around the swamp, let’s $Ape into the DAO-N low on the ApeCoin DAO.
To begin, Polygon Labs’ Co-Founder, Sandeep Nailwal, renewed talks around $Ape leaving the Ethereum mainnet last week after he shared his ApeChain idea that called for the creation of a “ zero-knowledge powered Layer-2 “ ApeChain for ApeCoin that costs $200,000 USD per year.
Nailwal’s post has led to conversations across the Yugaverse about what’s best for $Ape going forward with some liking the idea, some questioning the annual price tag, and others proposing different solutions.
While the $Ape ecosystem decides what to do with $Ape, Yuga Labs’ Chief Gaming Officer, Spencer Tucker, chimed in and explained how a change could be good for gamers.
“Seeing a lot of talk re: Polygon's new AIP,” he tweeted on October 10th. “From the long-term gaming side of things, an L2 would make interactions faster and cheaper. One of the biggest pain points is sheer frequency and volume, when factoring in gas on top, normies are gonna struggle. And let’s face it, a broader audience is our future. Think I can say we here are excited to see the community looking to solve these considerations for ALL builders and the possibilities it could bring for Otherside/Yuga's future games.”
The idea of an ApeChain isn’t new and was first proposed by Yuga Labs following the brutal gas war that took place during the Otherside mint.
“We're sorry for turning off the lights on Ethereum for a while,” Yuga Labs tweeted on April 30, 2022. “It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale. We'd like to encourage the DAO to start thinking in this direction.”
ApeChain isn’t the only groundbreaking conversation taking place around the $Ape ecosystem this month. $Ape staking rewards are also being reevaluated by many community members as the ApeCoin DAO’s staking protocol approaches the one year anniversary of its launch.
On October 13th, ApeCoin DAO Special Council Member, Gerry, held a poll on his social media that asked his followers for their thoughts on staking.
Of the 874 votes cast in Gerry’s poll, 44.5% voted to eliminate the $Ape only pool, 38.6% voted to end staking altogether, 10.3% voted to reduce the reward percentages and extend the program three years, and another 6.6 % votes to reduce the protocols rewards by 50%.
By December 11, 2023, the ApeCoin DAO will have distributed 100 million $Ape across the DAO’s four staking pools and will be slated to distribute another 75 million $Ape as staking rewards by December 2025 at its current rate.
“The original (period 1) allocations were formulated based on the relative floor price of the three NFT tokens, BAYC, MAYC, and BAKC. We need to decide on the 2nd period allocations and either do nothing and leave them the same, adjust them based on floor prices which would give BAYC even more of the lions share based on relative floor price to the other two assets, or since we're past 3 months, adjust entirely. We could stop staking, increase it, reallocate it elsewhere. Putting out the poll was simply a way to get the conversation going. I think this is going to be quite contentious either way.”
As the DAO takes a closer look at its staking rewards and decides whether it wants to make any changes, Animoca Brands’ NFT project, the Mocaverse, announced that their delegation will be upping its voting power at the ApeCoin DAO from 1.5 million to 3.5 million $Ape.
“Democratic systems require a balance of power to function appropriately, Mocaverse increases delegation is representative of the current dynamics of Apecoin,” Animoca Brands’ chairman Yat Siu told the Gazette. “It's important to note that this only puts us in the top delegates but not the biggest one. It's also important to us that the voting block is community led and Decentralized which Mocaverse already does through its NFTs.”
As Mocaverse prepares to make moca moves around the $Ape ecosystem, ThankApe is getting ready to make moves in the real world and fund 15 different $Ape themed $Ape Fest events to coincide with the BAYC’s ApeFest 2023 in Hong Kong.
“Building on the excitement of ApeFest 2023, Thank APE is stoked to announce the Thank APE Community Grants 2023 program, offering 21,000+ APE for Hong Kong and local events and activations,” ThankApe tweeted on October 6th .
ApeCoin DAO Contributors from across the globe are welcomed to submit an event or activation proposal to ThankApe’s contest and possibly get their event sponsored by the DAO! In total, ThankApe will be giving away five grants to Hong Kong based events worth 2,069 $Ape each and 10 grants to other ApeCoin DAO contributors around the world worth 1,069 $Ape each.
The window for ApeCoin DAO Contributors to submit an idea for an $Ape Fest event is October 19th. $Apes who would like to submit an idea can do so here: https://docs.google.com/forms/d/e/1FAIpQLSeEu5EKTl4CPviL-FoHwnGv6uhfIGnklFZsi4ytZ3JINa0Kfw/viewform
As all of this is happening around the $Ape ecosystem, the DAO is also voting on five Ape Improvement proposals this week.
The first AIP on the ballot is AIP-302 titled ‘Create an advertising marketplace for APECOIN ecosystem,’ by Metahike_ADS from the company ADSHARES.
In AIP 302, MetaHike proposes that ADSHARES creates an Ape Ad Marketplace where advertisers can purchase ad space from Otherdeed landowners, and Otherdeed holders can see which products are interested in buying ad space on their land. In total, ADSHARE’s is asking the DAO to allocate $40,000 USD to the platform.
The next AIP on the ballot this week is AIP-322 titled ‘ApeCoin Papercraft,’by Ape_PaperCraft. In this proposal Ape_PaperCraft hopes to introduce the ecosystem to the world of paper crafting and give the community the ability to build their own $Ape logos out of paper! In total, Ape_PaperCraft is asking the DAO to allocate $8,798.15 USD worth of ApeCoin to fund their proposal.
The third AIP on the ballot this week is AIP-327 titled ‘Teach Yoga and also give healing sessions(meditative),’ by VindhuRaghavan. In this AIP, Raghavan hopes to build a wellness studio in the metaverse complete with Yoga courses and meditation sessions. In total, Raghavan is asking the DAO to allocate $146,635 USD to this proposal.
The fourth AIP on the ballot this week is AIP-328 titled “Apecoin Listing on COINHERO Crypto ATMs (ApeFest Hong Kong 2023) & ATM Installation at ApeFest HQ,” by CoinHero. In this proposal, CoinHero aims to add $Ape to its physical cryptocurrency ATMs. To do this, CoinHero is asking the DAO to allocate $24,200 USD to the company to cover the cost of listing the token on the ATMs and 10,000 $Ape that CoinHero will used to settle customer exchanges.
The fifth and final AIP on the ballot this week is AIP- 332 titled “A dedicated ApeCoin Community Hub within Tokenproof app,”by Fonzgm. In this proposal, Fongm asked the DAO to allocate $80,000 USD worth of $Ape to the project so they can build an $Ape information center in its mobile application that many web3 participants have on their phones.
The window to vote on these AIPs is currently open and ApeCoin DAO Contributors have until Wednesday, October 18th, at 9 P.M. EST to cast their coins and vote on these proposals!
Thank you so much for reading this week’s edition of the ApeCoin DAO-N Low and be sure to follow the Bored Ape Gazette on Twitter to stay up to date with all things $Ape!
Sincerely,
Kyle
Editor-In-Chief
Bored Ape Gazette