By allowing people whales who hold $APE to stake, especially with no limit, we can expect whales to purchase a large amount of $APE to gain fast rewards in the staking pools, and immediately dump the coin.
Anyone who was around for the defi summer knows that whales dump immediately after getting staking rewards.
People who hold Yuga NFTs like BAYC, MAYC, etc are less likely to dump apecoin because they are bought into the ecosystem with high value NFTs.
This should be enacted before staking goes live or the price of $APE will tank.
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This notion of prioritizing price action above all else is a misplaced idea that should really be done away with. The purpose of $APE is not to satisfy dreams of fiat glory. It is to proliferate itself as a utility and a commodity.
I’ve done a thread on what staking will do to $APE that everyone should read to be prepared, but this idea of cutting rewards to 0 because you’re afraid of a price drop is not one to be seriously considered.
Crypto’s main purpose is not to make you rich in fiat. It’s better you learn that now. That’s how you get rich in fiat through crypto.
Nor should a coin’s main purpose be to maintain some arbitrary price level that someone or another thinks will be high enough to attract new members. Distribution and increased utility take care of this as well.
The DAO is for the wider NFT/DEFI/Crypto community and not just owners of BAYC/MAYC which have high barriers of entry. Rewarding Apecoin holders to me is therefore fair game and yes some will sell rewards, but others may see it as a way of accumulating and joining the ecosystem in a bigger way.
Maybe you haven’t been around very long in the crypto space, but if a coin value plummets, so does any desire to use that coin unless there’s an extremely high memeability, like Doge. Even coins with high meme value like Safemoon have cratered and not returned. The price of the coin is IMPORTANT.
Also, why would you NOT want it to be a strong coin?
If you could prevent whales, that have no interest in the potential for this coin, the ability to pump and dump on all the people who actually care about it why wouldn’t you?
This take is ridiculous.
Who cares about joining the BAYC ecosystem by owning ape coin right now? There is zero usage case. Zero. When otherside comes out in about a year it will have more, but other than that it’s only used for BAYC related drops.
Most of the current ‘whales’ are already in the ecosystem and will be in other pools. The ape only pool has already been to vote and was approved so your strong opinion was maybe needed earlier.
Maybe you haven’t been around very long in the crypto space, but if a coin value plummets, so does any desire to use that coin
What a horrible, false red herring of a statement. Come up with something better to continue a real conversation with me because right now you sound like Machinsky, Do Kwon and SBF right before their exchanges blew up .
I’ve been 100% web3 for years now and built projects with sustainable tokenomics while you work a job trying to find a way into full-time acceptance here losing your shirt investing in Safemoon at the market top. You don’t know anything about crypto or how to actually make more fiat in crypto, obviously.
I suggest you study crypto instead of trying to pass off secondhand hearsay, which led to your unfortunate trading record, as real understanding. And go full time web3 before you challenge my lived experience with vaporware and your laughably immature, tragically myopic understanding of finance.
Who cares about joining the BAYC ecosystem by owning ape coin right now?
This gets taken care of by projects like Bluetail and others that “meet people where they’re at” that are powered by ApeCoin, not by $APE itself. The price of $APE matters WAY less than distributing that $APE into the hands of people who create projects that reach out to web3 and web2 on their terms. That’s why @BoredApeG will definitely be getting my SC vote, and so will anyone else who competently speaks on this issue.
Your view is so dangerous I wrote a thread about it
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