AIP-310: Allow for ApeCoin staked in BendDAO protocol to be counted for voting power

Final AIPs Implemented AIPs
1

Authors: BendDAO, @BoredApeG

Proposal Category: Process

Abstract

This AIP is a reconstruction of AIP-229 to be submitted as individual proposals by respective protocols.

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.

https://www.benddao.xyz/

bend
bend720×123 49 KB

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.

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.

APE Staking statistics 8/1/2023

image
image859×76 4.69 KB

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 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

BendDAO Vaults

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

BendStakeManager: 0x9d1833becb105405a8305F775F0aF3157d12B33c

All NFTs staked through V2

NftVault: 0xaAa2DA255DF9Ee74C7075bCB6D81f97940908A5D

Together with BendDAO, the Ape Foundation can potentially create a snapshot strategy which:

  1. Checks the IDs of the BAYC/MAYC/BAKC address deposited into BendDAO’s (vaults note above)

  2. 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.

Timeline

This will be implemented immediately.

Overall Cost

$0 requested from the ApeCoin DAO treasury for this proposal

5 Likes
2

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 for this BendDAO proposal. Thank you Chris

1 Like
4

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

6

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

9

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 BendDAO conducted any third-party security audits, and if so would you be able to share them?

All the ApeStaking security audit reports can be found here, Security and Audits - Portal

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

Because a) No code related updates, and b) DAO Treasury is not involved, no proposal is needed to propose in the BendDAO community.

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

10

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

2 Likes
11

Hi ApeCoin DAO Community,

After review, this Topic submitted by @BoredApeG is ready for vote under AIP-310. 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 a 86.32% 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-310: Allow for ApeCoin staked in BendDAO protocol to be counted for voting power, and further updates will be posted.

Thanks,

-@Facilitators

1 Like