Proposal Name: Allow for ApeCoin staked in BendDAO protocol to be counted for voting power
Reason for Return: Return for Reconstruction
The community would benefit from seeing proposals to count voting power for individual groups, protocols and collectives separately.
Proposal Category: Process
This AIP is a reconstruction of AIP-229 as recommended by Ape Foundation to be an individual proposal.
The current voting system does not allow ApeCoin staked in protocols, other than ApeStake.io, to be considered in voting power calculations for ApeCoin DAO governance.
This AIP allows for BendDAO to request Ape Foundation’s assistance in implementing ApeCoin staked for its individual users to count as voting power in ApeCoin DAO governance activities.
BendDAO is the first P2Pool-based NFT liquidity protocol. Built as the underlying infrastructure for NFTFinance, BendDAO offers several innovative features such as Collateral Listing, NFT Down Payment, Ape Staking, all of which leverage the power of instant NFT-backed loans.
BendApeStaking V2 is a Pool2Pool auto-pairing and staking solution, providing Gasless Reward Auto-compounding to all users for maximizing their ApeCoin yield. With V2, holders of BAYC, MAYC, BAKC, and ApeCoin can stake their assets and instantly start earning yield. It offers a pure staking solution, devoid of loan or liquidity risks, thereby safeguarding user assets while maintaining asset efficiency and flexibility.
ApeCoin DAO members have the right to vote, and this right should not be limited by the ApeCoin staking protocol one wishes to use. By supporting this AIP, we can help more users to participate in governance activities and have a say in the future of the DAO.
Ape Foundation guiding principle of Collective Responsibility: We leave everything better than we found it.
With this proposal we aim to make an improvement to the voting process that preserves each member’s right to vote.
Total APE Staked as of 5/19/2023
Allowing users to vote will benefit both the growth of ApeCoin DAO and the whole NFTfi industry.
Ape Foundation will take reasonable steps to determine the appropriateness of BendDAO’s staked ApeCoin to be counted as voting power in ApeCoin governance activities.
Important considerations include but are not limited to the following:
Ensuring no aggregators in voting power (e.g. ensuring the protocol operators do not control the voting power)
Proving that ultimate ownership is not centralized (i.e. voting represents individual wallet owners only)
Ape Foundation will work with BendDAO for implementation.
Steps to Implement
BendApeStaking V1, a Peer2Peer-based pairing staking solution, doesn’t feature a vault. Instead, each paired staking instance has its own proxy address. However, with the introduction of V2, which is a Pool2Pool-based auto-pairing staking solution.
All ApeCoin staked through V2
All NFTs staked through V2
Together with BendDAO, the Ape Foundation can potentially create a snapshot strategy which:
Checks the IDs of the BAYC/MAYC/BAKC address deposited into BendDAO’s (vaults note above)
Check the staked APE in the ApeStake contract for the IDs found above
Ape Foundation will work with BendDAO to assess its needs, and if appropriate, the eventual implementation to calculate voting power for end users. Note that this process can change, particularly if such matters are transitioned to Working Groups of ApeCoin DAO.
This will be implemented immediately.
$0 requested from the ApeCoin DAO treasury for this proposal