AIP-309: Allow for ApeCoin staked in JPEG’d protocol to be counted for voting power

Final AIPs Accepted AIPs
1

Authors: JPEG’d, @BoredApeG

Proposal Category: Process

Abstract

This AIP is a reconstruction of AIP-229 to be submitted separately by each protocol.

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.

https://jpegd.io/

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This AIP allows for JPEG’d to request Ape Foundation’s assistance in implementing ApeCoin staked for its individual users to count as voting power in ApeCoin DAO governance activities.

JPEG’d is the first Peer2Protocol based NFT lending protocol. On top of allowing immediate liquidity against the value of their NFTS, it offers the opportunity for owners to get native ETH yield on them by leveraging core DeFi principles, notably by being one of the largest Convex holders.

JPEG’d DAO offers both solo and Peer2Peer APECoin staking, allowing NFT holders to list their NFTs for the APECoin staking program, as well as APECoin holders of any size to join any of the pools (BAYC/MAYC/BAKC).

Motivation

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.

Rationale

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.

Benefit to the ApeCoin Ecosystem

Increased governance voting participation.

Total APE Staked as of 5/19/2023

JPEG’d ~600,000

Allowing users to vote will benefit both the growth of ApeCoin DAO and the whole NFTfi industry.

Specifications

Ape Foundation will take reasonable steps to determine the appropriateness of JPEG’d 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 JPEG’d for implementation.

Steps to Implement

JPEG’d Vaults

BAYC PUSd vault: 0x271c7603AAf2BD8F68e8Ca60f4A4F22c4920259f

pETH vault: 0xAF5E4c1bFaC63e355cF093eea3d4AbA138eA4089

MAYC vault: 0x7B179f9bFBE50cFA401C1Cdde3cB2C339c6635F3

PUSd vault: 0xc45775baA4a6040414f3e199767033257A2A91b9

Together with JPEG’d, the Ape Foundation can potentially create a snapshot strategy which:

  1. Checks the IDs of the BAYC/MAYC/BAKC address deposited into JPEG’d (vaults above)

  2. Check the staked APE in the ApeStake contract for the IDs found above

Ape Foundation will work with JPEG’d 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.

Timeline

This will be implemented immediately.

Overall Cost

$0 requested from the ApeCoin DAO treasury for this proposal

6 Likes
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Hi @BoredApeG,

Your topic will be moving to the AIP Draft phase in less than 24 hours. Are you content with the feedback received or do you wish to extend community discussion for another 7 days?

If we do not hear from you within 48 hours after your topic closes, your topic will be moved straight to the AIP Draft process.

We look forward to hearing from you.

-Chris

3

Please proceed to Draft. Thank you Chris

2 Likes
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This topic was automatically closed after 7 days. New replies are no longer allowed.

5

Hi @BoredApeG ,

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. @BoredApeG please see your messages for the next steps.

-Chris

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Hi ApeCoin DAO Community,

@BoredApeG 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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Hi ApeCoin DAO Community,

Our team has reviewed and discussed @BoredApeG’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,

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

1. Has JPEG’d conducted any third-party security audits, and if so would you be able to share them?

JPEG’d has been running safely since the first vault was pushed live, there were no issues or hack with any of the DAO’s contracts since then. There are no audit of the APE staking strategy which is very simple and is unrelated to the vault contracts, there is a possible plan to get audited soon with other updates we’re pushing but this is TBC. The JPEG’d vaults audits can be found here: Audits - JPEG’d DAO

2. As JPEG’d operates as a DAO, will any part of this proposal (if accepted) require a passing vote in order to be fully implemented?

This is not a feature that would require a PIP, as it’s an enhancement provided by the APECoin DAO to BAYC/MAYC/BAKC holders using JPEG’d.

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

Yes

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,

-@Facilitators

1 Like
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Hi ApeCoin DAO Community,

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

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

Kind Regards,

-@Facilitators

1 Like
11

Hi ApeCoin DAO Community,

After review, this Topic submitted by @BoredApeG is ready for vote under AIP-309. 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

12

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 an 83.55% 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-309: Allow for ApeCoin staked in JPEG’d protocol to be counted for voting power, and further updates will be posted.

Thanks,

-@Facilitators

1 Like