You can look at the contracts and see all the functions within them. I’ve already done my due diligence there. Even if the landing page was down manual contract interactions can still occur no issue. Personally I have trust in the team because they’ve been building something for the community out of pocket. Dev cost is extremely high at the moment and adding to and auditing vaults is another time sink so I could understand why they may need a grant. On another note I think a multisig could work very well here for transparency.
Yes, checking contracts is very easy to do and not where my concern on due diligence was directed [as I’m certain you are aware]. My concern is having no way to vet the people/team who have their hands out for a non-repayable free grant of over 1.5 million dollars plus.
Just because an anon team gets so far does not simply make them trustworthy by default.
I do agree a mult-isig is a good idea but this only works well when there are people within the multi sig team that are independent and known imo. Multi-sig wallets are worthless if all signatures are given to anon team members from the proposing gang of anon ‘builders’.
I for certain will be voting no on the current proposal if it gets that far - I will gladly look again at my decision if given more to work with.
3 Likes
Appreciate your reply. I still have some questions/concerns.
But first, I appreciate you modifying the token distribution to all voters. That is a much better approach. And thank you for the link about Maker’s DAI. It was very helpful.
Questions/comments:
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Is $APE going to be the only collateral?
You said ApeUSD is modeled after DAI. According to the article you cited regarding DAI, they are collateralized with 42.5% USDC (which is collateralized with fiat), 22.5% eth, 10.5% WBTC, 7.4% USDP (collateralized with fiat), 5% GUNIV3DAIUSDC2, and 7.1% other -
How does the 60% LTV and 50% buffer work? What happens if there is a swift price drop in ApeCoin?
As you know, the price is very volatile, and as a new asset, it is more vulnerable to price swings. The difference in value between it’s ATH high and ATL low is over 85% (in a span of less than 2 months). I think there are significant risks of liquidations when you have that much volatility. And once liquidations start, they start cascading. It will become a vicious cycle. As the price of ApeCoin drops, the amount of liquidations will increase, which will cause the price of $APE to drop further, which will cause more liquidations… -
Is there a liquidation fee and if so, where does it go?
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Could you please share the roadmap you mentioned?
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Regarding doxxed team
It may be common practice to have anon teams in DeFi, but this is also why rug pulls and scams are so prevalent. You are asking for a large amount of money but your track record is unknown and there is no way to hold you accountable.
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I just came across this article, which made me think of another question.
How do you plan to comply with the stablecoin regulations that most countries will implement?
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Imo the multisig should consist of different groups, maybe someone from yuga labs along with a few other trusted individuals. There is a great need to protect funds and make sure they are spent appropriately and this is the primary way it’s done. It also insures Ape.Fi delivers and improves its products.
2 Likes
Just adding to the discussion here, Ape.Fi is a dao so it can operate as it pleases. The airdrop will help decentralize it a bit further as well which is good. What I would like to see come out of this is Ape.Fi becoming the go to lending market for the ape community. I also think we need a standard stable coin to be used throughout the ecosystem. The ape Fi team will just need to be very carful with how the stable coin is collateralized and it should be perfectly fine.
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Hi @ApeFi_Caesar,
Your topic will be automatically closing in less than 24 hours. Are you content with the feedback received, or do you wish to extend community discussion for a further 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.
- river
1 Like
Was hoping to hear back from @ApeFi_Caesar, but there’s less than 12 hours left before this closes. I think a lending market for the ape community is a good idea, but I have concerns about a stablecoin that only uses $APE as collateral like they seem to be proposing here. Correct me if I’m wrong, but they did not say anything about it being collateralized with anything else as far as I remember.
A dao will still need to follow the laws of the countries it wants to operate in. Stablecoins are going to be toughly regulated in most countries. It looks like, at least in the US, there’s a good chance they will be very strict regarding who issues them, have bank-like regulations, and need to be backed by conservative assets. I expect other major countries to follow suit. If ApeUSD becomes illegal in major markets, the majority of ApeCoin holders will not be able to use a lending market based of it.
Figuring out how to to make a new stablecoin compliant will not be an easy task imo. It needs to be very well researched and planned out. I don’t have faith in this team to do this. They only responded to questions once, and that was after several days. And there is no way to hold them accountable once they receive the money. The person who made this proposal’s twitter account was made in April 2022 and they only have 142 followers. There’s nothing to stop them from disappearing.
(unrelated, but I like your idea of a multisig wallet for this)
4 Likes
This topic was automatically closed after 7 days. New replies are no longer allowed.
Thank you @ApeFi_Caesar 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. @ApeFi_Caesar please see your messages for the next steps.
- river
1 Like
Hi ApeCoin DAO Community,
@ApeFi_Caesar 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,
- river
1 Like
Hi ApeCoin DAO Community,
Our team has reviewed and discussed @ApeFi_Caesar’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,
-river
1 Like
Hi ApeCoin DAO Community,
@ApeFi_Caesar has responded to our questions and they are in our review once again.
Follow this Topic as further updates will be posted here in the comments.
Kind Regards,
-river
1 Like
Hi ApeCoin DAO Community,
We have sent a list of follow-up questions to @ApeFi_Caesar.
Follow this Topic as further updates will be posted here in the comments.
Kind Regards,
-river
1 Like
Hi ApeCoin DAO Community,
@ApeFi_Caesar has responded to our questions and they are in our review once again.
Follow this Topic as further updates will be posted here in the comments.
Kind Regards,
- river
2 Likes
Hi ApeCoin DAO Community,
This AIP Idea was tagged as “Needs Administrative Review” and sent to the Special Council. Upon careful review, the proposal has been deemed “Return for Reconstruction”. In doing so the Special Council cited:
To provide authors with the opportunity to reconstruct the proposal.
We thank the author for their participation and encourage everyone to continue sharing ideas with the ApeCoin DAO Community.
This Topic will be moved to and remain in the Final AIPs: Returned for Reconstruction category. The author may resubmit their proposal if they wish.
-Amplify
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