AIP-297: An NFT Community Vault Operating as an ApeCoin Sister DAO with a Goal to Advance the Mission and Influence of ApeCoin

Final AIPs Accepted AIPs
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Hi @yatsiu,

Thank you for your ideas [and the ApeCoin DAO community for the thoughtful discussions]. A moderator will get in touch with the author to draft the AIP in the appropriate template. Once the AIP is drafted and meets all the DAO-approved guidelines, the proposal will be posted on Snapshot for live official voting at: Snapshot

Follow this Topic as further updates will be posted here in the comments. @yatsiu please see your messages for the next steps.

-Chris

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Hi ApeCoin DAO Community,

@yatsiu has completed editing their AIP Idea to be their AIP Draft.

Follow this Topic as further updates will be posted here in the comments.

Kind Regards,

-Chris

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@yatsiu so this AIP is going to both create a new sister DAO and also the NFT vault?

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Yat, you’re an original member of the SC for this DAO.

The DAO purports to be, and is legally supposed to be, completely separate from Yuga, yet you’ve introduced an AIP to spend a lot of tokens in a manner that’ll effectively prop up values of Yuga “assets”.

How do we reconcile this?

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I wanted to share my support for this proposal! The idea of acquiring influential NFTs and establishing a community-run vault is brilliant and speaks volumes about our commitment to advancing ApeCoin’s influence in the web3 ecosystem!

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Been down this road…

I am not even going to get into the mechanics of self-dealing (Yuga ↔ DAO) because that’s a whole discussion all by itself. The DAO was specifically - and sensibly - setup to be a separate entity for a myriad of reasons. Going back and buying Yuga branded assets - with DAO funds - is a five fire alarm bell that’s going to be very loud (amid a littany of bad press) if somehow this idea makes it into AIP - and passes.

He said:

Acquiring 10 NFTs of a collection of 10,000 represents 0.1% of a collection, this would hardly be construed as market manipulation. If there is a concern around this we could always propose to never exceed a certain materiality threshold.

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Thanks. It adds up. There’s a wink-nudge de facto Yuga pump AIP every week or so.

Hostile regulators and hater press would never misconstrue anything though, so no worries.

Typically ~ 2% of BAYC is listed for sale, which is 200. 10 is 5% of that. Perception, and math, matter.

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Hi, this is just a sister DAO with the sole purpose of governing the vault by apecoin holders

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we are proposing to buy 8 and there is currently approx. 365 BAYC on sale in total at the time of writing. That said the materiality threshold is not usually counted what is in circulation but what the total available supply is and we certainly don’t view it as a Yuga pump AIP, we are proposing a ratio we think is representative of the NFT ecosystem and it just so happens to be that Yuga is a big part of it (no surprises there).

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Hi ApeCoin DAO Community,

Our team has reviewed and discussed @yatsiu’s AIP Draft and have sent a list of initial questions. We await answers.

Follow this Topic as further updates will be posted here in the comments.

Kind Regards,

-Chris

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Hi ApeCoin DAO Community,

@yatsiu has responded to our questions and has provided consent to share them in this forum for the community.

1. Is the Ape Foundation expected to engage in any of the steps of the AIP implementation? If so, please specify the steps and elaborate on how it is expected to work.

No it is not, it will be setup by us entirely if approved at start

2. Would you require a licensing agreement for the use of the ApeCoin logo for the implementation of this proposal?

Good point, probably yes but it is not required

3. Please provide details regarding the proposed multi-signature wallet, including the platform, number of required signatures, and plans for transitioning ownership of the wallet after the initial 6-month term served by Animoca Brands.

Very likely will be utilizing either Hextrust or Fireblocks, the required signatures will be 3 at start and transition to 5 which we believe should be, for simplicity sake, transition over to the 5 elected members each.

4. While you’ve defined the “Committee” as the “group of individuals who oversee the NFT selection and acquisition process,” who will be responsible for overseeing the voting process for electing Committee members after Animoca’s initial 6-month term?

Animoca Brands as the starting group would follow what was agreed on as the NFT selection is the selection already highlighted in the proposal, we would only purchase floor i.e. the bottom assets, after this acquisition the selection committee could be viewed as an elected custodian of sorts, the management of this ought to be minimal as it is simply a vault. Should this vault have more activity and require more funding it should seek to propose to do this via an apecoin vote but this does not need to follow under the AIP structure as it is a separate DAO just operated with apecoin.

Animoca as the initial 6 months operator would establish the mechanism, probably via snapshot, to do so and with that initial period propose an operating cost which we assume to be negligible. Any further costs to maintain it more requires a vote which can be funded either by a) apecoin DAO or b) selling some NFTs to fund the operations if it becomes more operational but that is for the community to decide.

5. You’ve defined the “Committee” as the “group of individuals who oversee the NFT selection and acquisition process,” specifically, who will be responsible for overseeing the Committee on behalf of Animoca Brands? Please specify how many members and identify the initial members.

Initial committee from Animoca Brands will be myself, Tyler (from Mocaverse) and one other persion at Animoca for the initial period.

6. What are the details regarding the voting process for electing future Committee members, including term length, application requirements, KYC process (if any), etc.? Please include as many details as possible.

This would probably be very light given that this is a sister/sub-dao. The voting process would probably simply go for a simple majority based vote of the top 5 people who were voted. KYC would be done and by then a process would have been developed on the governance of this sister dao which we assume to be very light simply because its a vault without much activity. The view we take is any extended activity it makes beyond being a VAULT requires a vote.

7. With respect to proposed weekly reporting, you’ve stated that “updates will be provided through transparent channels.” Please specify which channels you intend to use to provide these updates.

Twitter and medium

8. Will the proposed web page require users to connect their wallets, and if so what are the plans for security audits of the web page?

No it shouldn’t especially if voting will be using snapshot with your existing apecoin.

9. Do you have any estimated costs for users to use the web page’s features, or any premium features?

The initial website will be designed pro-bono by Animoca Brands its a simple website at start. Cost is therefore zero.

10. Do you provide consent to share these questions and answers with the community in this forum?

Sure

A DAR package is being worked on and upon completion this AIP will move into Administrative Review. Follow this Topic as further updates will be posted here in the comments.

Kind Regards,

-Chris

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Hi ApeCoin DAO Community,

We have no further questions for @yatsiu. This AIP is now under Administrative Review.

Follow this Topic as further updates will be posted here in the comments.

Kind Regards,

-Chris

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Hi ApeCoin DAO Community,

After review, this Topic submitted by @yatsiu has been “Returned for Clarification”. The ApeCoin Special Council waits for answers, and the community will be notified whenever the author responds.

Kind Regards,

@Facilitators

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Hi ApeCoin DAO Community,

@yatsiu has responded to the Clarification questions and they remain in Administrative Review.

Follow this Topic as further updates will be posted here in the comments.

Kind Regards,
@Facilitators

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Hi ApeCoin DAO Community,

After review, this Topic submitted by @yatsiu is ready for vote under AIP-297. The proposal will be posted on Snapshot at the next weekly release date and time, which is every Thursday at 9PM EST.

The AIP implementation is administered by the Ape Foundation. Implementation may be immaterially or materially altered to optimise for security, usability, to protect APE holders, and otherwise to effect the intent of the AIP. Any material deviations from an AIP, as initially approved, will be disclosed to the APE holder community.

Kind Regards,

-@Facilitators

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This proposal is live for vote on Snapshot. The voting period closes next Wednesday at 9PM EST.

The AIP implementation is administered by the Ape Foundation. Implementation may be immaterially or materially altered to optimize for security, usability, to protect APE holders, and otherwise to effect the intent of the AIP. Any material deviations from an AIP, as initially approved, will be disclosed to the APE holder community.

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Hi ApeCoin DAO Community,

The voting period has closed for this proposal and it has been accepted with a 51.53% pass rate. The proposal will be passed on for implementation.

Follow this proposal under the AIP Transparency and Execution Category. A new post has been created here, Implementation Update | AIP-297: An NFT Community Vault Operating as an ApeCoin Sister DAO with a Goal to Advance the Mission and Influence of ApeCoin, and further updates will be posted.
Thanks,

-@Facilitators