ApeCoin DAO-N Low #34
To the Bored,
Good evening and thanks for reading the 34th edition of the Bored Ape Gazetteās ApeCoin DAO-N Low newsletter.
To begin I hope that each one of you had Happy Thanksgiving last week. I know Iāve written it a lot lately, but I am very thankful to be here in the Yugaverse with all of you! Covering the news of the day around the swamp every day since June 1st, 2021, has been a blast and I appreciate all of your support!
With that sentimental thought out of the way, letās $Ape into the news and get the DAO-n low on the ApeCoin DAO.
To begin, the ApeCoin DAOās election season is here and the ApeCoin DAO is set to elect three Special Council Members, one Governance Working Group Steward, two Metaverse Working Group Stewards, and two Marketing and Communications Working Group Stewards!
In total, 27 ApeCoin DAO contributors threw their hat in the ring and are running for a spot on Special Council, seven $Apes are running for Governance Working Group Steward, 12 $Apes are running for Metaverse Working Group Steward and six $Apes are running for Marketing And Communications Working Group Steward!
Currently, the ApeCoin DAO is in āPhase 2ā of the election 2023 process. During this time, the community can find out more about candidatesā backgrounds by checking out their candidate pages here: https://forum.apecoin.com.Phase 2 of the winter election season will take place between now and December 6th.
After Phase 2 comes to an end, the DAO will enter Phase 3 of election 2023 and the elections will break into two election groups that have slightly different timelines.Ā
The first group will be the Marketing and Communications and the Metaverse Working Group Steward elections. The first round of these elections will take place from November 30th- December 6th. During this first round of voting, the community will select five candidates to move onto the second round of voting. This second round of voting will take place from December 7th- December 13th. During time, the community will elect its two metaverse and two Marketing and Communications Working Group Stewards, whose terms will begin on January 1st, 2024.
The second election group will be the Special Council and the Governance Working Group Steward elections. The first round of voting for these races is from December 7th- December 13th. During this first round, the community will select its top five candidates from each race that will move onto the second round of voting. From there, the community will vote again from December 14th- December 20th and elect three Special Council members and one Governance working Group Steward whose terms will begin on January 1st, 2024.
As $Apes meet the candidates and prepare to start voting later this week, the ApeCoin DAOās Governance Working Group Stewards recently announced that the organization will be allocating two months of āoperations fundingā to the Metaverse and the Marketing and Communications Working Groups, who do not have a budget, as their newly elected Stewards work to get a funding bill for their committee passed in 2024!
āRecently we decided to phase out an initiative called the Ape Assembly, which had four months of funding leftover from our previous budget that we wanted to do something meaningful with,ā Working Group Steward AllCityBAYC told the Gazette. āAs of right now, there are no set amounts, and I wouldnāt imagine them being anything too wild; just a little support while they draft, and campaign for funding, which would start in January.ā
As $Ape elections grab the DAOās attention, many $Apes have also been discussing the DAOās staking protocol.Ā
December 11, 2023, will mark the end of the ApeCoin DAOās first year of staking. By then, a total of 100 million $Ape will have been distributed to $Ape stakers across the DAOās four staking pools with another 75 million $Ape slated to be distributed to stakers over the next two years.
āThe 1st staking period ends on December 11th,ā Gerry told the Gazette last month. āThe 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.ā
Right now there is no plan to change staking structure but there are several conversations taking place around the swamp ranging from āLeave Staking the F alone!ā and āEnding ApeCoin Staking - Completion of Year 1ā to āSlash the BAYC/MAYC/BAKC Staking Pools.ā
The Bored ape Gazette will continue to follow these staking conversations and will let you know if any proposed changes to the DAOās staking system go up for a vote.Ā
Thank you so much for reading this weekās 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!
Best,
Kyle
Editor-In-Chief
Bored Ape Gazette