AIP-456: Airdrop for Long-Term Holders and Stakers

Withdrawn AIPs
1

PROPOSAL NAME:
Airdrop for Long-Term Holders and Stakers

TEAM DESCRIPTION:
Posco: Lead Developer with extensive expertise in EVM contracts and a proven track record in executing secure and efficient airdrops within the blockchain ecosystem.

  • Professional History: Posco has significant experience in developing Ethereum-based smart contracts and has successfully managed multiple airdrop initiatives in various blockchain projects.
  • Contact Information: Preferred communication platform is Twitter, handle: @OvernightAudit.

PROPOSAL DESCRIPTION:
This AIP proposes an airdrop that will distribute half of the remaining ApeCoin treasury to long-term holders and stakers of $APE. This initiative is designed to reward the loyalty and commitment of the ApeCoin community members who have supported the ecosystem through extended periods. By providing these rewards, the proposal aims to further incentivize holding and staking, strengthening the communityā€™s stability and engagement.

BENEFIT TO APECOIN ECOSYSTEM:

  • Rewarding Loyalty: Recognizes and rewards the commitment of long-term holders and active stakers, enhancing their ties to the ApeCoin community.
  • Encouraging Long-Term Holding and Staking: Incentivizes users to hold onto their investments and participate in staking, contributing to the stability and security of the network.
  • Boosting Community Morale and Engagement: Airdrops are often viewed positively by the community, which can increase overall engagement and participation in governance.
  • Cost Justification: The airdrop will use 50% of the remaining ApeCoin treasury, aligning the distribution of these funds directly with the benefit of the community by rewarding loyal members and fostering a stronger, more engaged ecosystem.

DEFINITIONS:

  • Airdrop: A distribution of a cryptocurrency token or coin to numerous wallet addresses, typically based on a set of criteria established by the issuer.
  • Long-Term Holders: Individuals who have held ApeCoin for a predetermined period, which will be specified in the airdrop criteria.
  • Stakers: Members of the ApeCoin community who actively participate in staking their tokens to support network operations and governance.

STEPS TO IMPLEMENT:

  1. Criteria Definition and Snapshot:

    • Start Date: Month 1
    • End Date: Month 1
    • Details: Define the eligibility criteria for long-term holders and stakers, and take a snapshot of the blockchain to identify qualifying wallets. The responsibility for determining the eligibility criteria for long-term holders and stakers will lie with the smart contract developers and data analysts, in consultation with the community managers.
    • Costs: Minimal, covered by operational funds.
    • Personnel and Platforms: Blockchain analysts, Snapshot tools.
    • Requests to APE Foundation: None.

  2. Smart Contract Development and Testing:

    • Start Date: Month 1
    • End Date: Month 2
    • Details: Develop and rigorously test the smart contracts that will handle the airdrop process. We plan to engage a third-party audit firm to review the airdrop smart contract; the details will be provided once the auditor is selected.
    • Costs: Minimal, covered by operational funds.
    • Personnel and Platforms: Smart contract developers, Ethereum testnet.
    • Requests to APE Foundation: None.

  3. Community Review and Feedback:

    • Start Date: Month 2
    • End Date: Month 2
    • Details: Present the plan to the community, incorporating feedback to ensure transparency and address any concerns. The information will be conveyed to the community through our Discord server, official forums, and social media channels like Twitter.
    • Costs: Minimal, covered by operational funds.
    • Personnel and Platforms: Community managers, communication platforms.
    • Requests to APE Foundation: None.

  4. Execution of Airdrop:

    • Start Date: Month 3
    • End Date: Month 3
    • Details: Launch the smart contracts to distribute the airdrop to the wallets of eligible community members.
    • Costs: Minimal, covered by operational funds.
    • Personnel and Platforms: Smart contract developers, Ethereum mainnet.
    • Requests to APE Foundation: None.

  5. Post-Airdrop Review:

    • Start Date: Month 4
    • End Date: Month 4
    • Details: Evaluate the effectiveness of the airdrop, gathering community feedback and making adjustments for future initiatives. Future initiatives based on this proposal include potential subsequent airdrops, staking rewards programs, and other community engagement activities. These will be detailed further based on the initial airdropā€™s effectiveness and feedback.
    • Costs: Minimal, covered by operational funds.
    • Personnel and Platforms: Community managers, data analysts.
    • Requests to APE Foundation: None.

Note: We have considered the issue of inactive wallets and are open to the idea of a ā€œreverse airdropā€ where holders initiate a claim. This approach will be discussed further with the community to ensure consensus.

REPORTING EXPECTATIONS:

  • Monthly Updates: Regular progress reports will be shared with the community on a monthly basis.
  • Milestone Reports: Detailed reports will be provided upon reaching key milestones, such as the snapshot, smart contract deployment, and completion of the airdrop.
  • Final Review: A comprehensive report will be published after the post-airdrop review, summarizing the outcomes and any lessons learned.

OVERALL COST:

  • Total amount requested from the ApeCoin Ecosystem Fund = 50% of the remaining ApeCoin treasury.
  • Summary: The airdrop costs are expected to be minimal beyond the distribution of ApeCoin itself. All development and operational costs are covered by existing funds.
  • Additional Requests: None directed towards the APE Foundation for community discussion platforms, website, or Snapshot.
  • Tranches: We are open to receiving the grant in tranches to ensure transparency and accountability.
2 Likes
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So is this just cashing out the treasury and rewarding people who may or may not have been active members of the DAO but have held and staked?

Iā€™m not sure how a retroactive airdrop encourages long-term holding and staking without the promise of a future airdrop for doing so.

I like the concept of incentivizing activity in the DAO, utilization of ApeCoin and building on ApeChain, but I donā€™t think this model is the best way.

3 Likes
3

Your expertise in EVM contracts and the minimal expected costs are great. However, distributing 50% of the remaining ApeCoin treasury may pose a significant impact on the DAOā€™s financial reservesā€¦

Curious to see what members think :apecoin:

2 Likes
4

Just from chatting with some community members who said they wanted another airdrop of $ape. Just something I thought of and a great thing to discuss imo.

1 Like
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Gotcha. Iā€™d love to create more avenues (similar to ThankApe) to reward $APE holders for participating in the growth of the DAO (and with a LOT less $APE involved).

Thatā€™s something that I think we can form a coalition around.

1 Like
6

Another proposal to bleed the DAO of funds with out generating anything of value

1 Like
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I get your point and actually from this AIP the goal of this proposal is to incentivize engagement and activity in the DAO as well as encourage long-term holding and staking of ApeCoin but dont you think it can also bring some negative vibes like bots and all.

1 Like
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Few issues I see with this idea:

  1. AIPs requesting over 5% of the treasury are never simply sent to vote - the justifications given will not convince any of ā€œthemā€ this delivers more value than it extracts and should go to vote with a 50% cost. (For many the treasury size is our greatest strength.)

  2. You say no additional costs with creating the contracts - how so - no external audit? No bug bounty? We just trust youā€™ve got it 100% and then hand off 50% of the treasury?

  3. How does an airdrop ā€œincentivise longterm holdingā€? These are just words with zero substance.

  4. This line too:

Can you elaborate on what this actually means - are you talking about holders and stakers of apecoin now? In the future with apechain? The whole of bullet point two under benefits needs elaborating on tbf.

Tl;dr - Iā€™m not sure if this post is serious. Iā€™m trying to be more supportive lately of people and ideas but this one just makes me mad ngl. The DAO is here to help create whatā€™s next, and be around for decades doing so - this idea ensures neither imo.

4 Likes
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This ape smart. Using the big brains here

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I witnessed a lot of the community asking for additional rewards for long term holders. I thought this AIP was a great way of leaving it to the community to test where they would vote.

1 Like
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Appreciate you ape feedback brotha

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I agree with that sentiment but this is to see what the community wants

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Wouldnā€™t having a tiered vote not currently be possible. If it is then that is a great idea. I picked a number I saw a lot of people on Twitter were talking about. In my opinion 50% would be a great way to see what the community votes for. Please @12GAUGE.Admin are we able to do a multiple choice vote on snapshot?

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I appreciate the effort in putting this out, but I donā€™t think this is a good idea.

Weā€™re on the cusp of the launch of ApeChain which will give the community a platform to use the Treasury to build out real utility for ApeCoin. When thatā€™s successfully launched and has continuous growth, it will create a massive amount of new demand for ApeCoin as new community members buy ApeCoin to enjoy the ā€˜theme parkā€™ that ApeChain will be.

If we focus on releasing new supply from the Treasury for projects that will lead to more demand increase for ApeCoin than the amount of supply released in the commercial agreement, the entire DAO will become sustainable in the long-run.

Unfortunately, I think this proposal would do the oppositeā€¦release a ton of supply without adding any utility that increases broad demand for ApeCoin ownership.

3 Likes
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Hi @Xavierfreeway ,

Just following up here to confirm @chimpertonā€™s answer is indeed correct.

Thanks Matt,

-12GAUGE

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Well Thank you @chimperton <3

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I dig this. You could even market this as some sort of ā€œGreat $APE Raceā€ where builders from all over are competing for the grand prize.

1 Like
22

Another interesting proposal.

As a newcomer to the community, I find this proposal potentially disadvantageous to both new and prospective members. While acknowledging the merit of recognizing and potentially compensating early adopters, it raises questions about the initial purpose of the Apecoin airdrop to Ape holders. Could this proposal inadvertently undermine the intended benefits for all community members?

1 Like
23

Could you give some examples you think would make sense? Would certain KPIs such as TVL locked on ApeChain, fit with this idea?

1 Like
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Iā€™m loving all the community engagement already on this post. I will go back through the draft with others as well. I appreciate all constructive feedback and contributions!