I am submitting this idea for discussion purposes to the forum as a simple idea that can be fleshed out more based on feedback.
AIP idea: Leave Staking Alone for year 2
We are coming up on the end of year 1 staking. Year 2 staking begins in a few weeks. Year 1 saw 100 million additional tokens granted on staking alone, over a period of 12 months.
Year 2 starts mid December and will see an additional 50 million tokens over the next 12 months.
Many made decisions to purchase both staking NFTs and $ape to stake and “increase their governance” tokens based on the staking AIPs being in effect for a total of 3 years and not being changed mid stream. I have been told that stopping staking is a greater benefit to whales that have already accumulated rather than the “small” holders who wish to continue to add governance tokens via staking.
Based on this, I would like to discuss the idea of leaving staking alone and instead move forward with the discussions on adding more utility to $ape.
I tend to agree with you. Many individuals have made decisions on whether to buy a BAYC/MAYC/BAKC and a predetermined amount of $Apecoin based on the staking rewards outlined by the DAO. Reducing the NFT pool rewards from one day to another would betray the trust of all these people and essentially portray the Apecoin DAO as an unstable entity that lacks a clear direction. One day, they decide on X amount of rewards, and the next day, they arbitrarily decide to take them away. This inconsistency would undoubtedly divide the NFT and $APE community, likely leading NFT holders to sell off their $APE and move on.
As a DAO, we should strive to be a robust entity that adheres to its principles and decisions without frequent reversals. If anything, I would be open to the idea of increasing rewards for individuals who choose to lock up their $APE for an extended period. However, to maintain community cohesion and align with Yuga’s vision, it’s crucial to reward those who hold both the NFTs and $APE for a significant duration. These individuals contribute substantial value to the community.
As you rightly stated, the most important thing is to provide more utility for $APE. ApeChain could be instrumental in achieving this goal. In the best interest of everyone involved, we could secure long-term success by encouraging $APE and BAYC/MAYC/BAKC holders to align their interests through locking up their tokens. In return, they would receive yields for providing network security and contributing to token scarcity in the markets, as described here: Slash the ApeCoin Only Staking Pool - #48 by bavi
Great feedback. Can you elaborate on how you see the lockup mechanics being implemented?
More utility for $APE is always a good thing. I’m eager to see what viable suggestions folks come up with.
I just checked Benddao, and was so excited to see my rewards accumulating after 24 hours. Please don’t take that joy from me.
Leave Staking the F alone! Thank you.
If you increased rewards, I would buy more, and lock it tf up.
Have you thought about what you would like the lockup to look like? I’d love some opinions/
Ideas from the community on this to get some perspective.
I do not. I just like two things: $APE, and more $APE. If I have to lock up my $APE to get more $APE I will do it.
I would still like to be able to use my locked up $APE to vote. But I don’t know what’s possible with that.
We can dress up the DAO however we want but ApeCoin is currently heavily reliant on BAYC and Yuga for utility and purpose. Without the apes and Yuga it has no other significant USP. There’s no memes, it doesn’t have its own IP or community.
As much as we want to advocate Apecoin being open to the whole of Web 3.0 and not ‘tied to Yuga Labs’ I think the core strength and appeal for joining Apecoin currently comes from the connection to the Ape community (a strong community of entrepreneurs and builders) and what Yuga Labs is building in Web 3.0.
It’s premature to think driving a wedge between Apes and the DAO by eliminating or reducing staking rewards will benefit the DAO at this early stage in the DAO’s establishment as Apes will lose a significant reason to hold $APE which ultimately leads to engagement and participation in the DAO.
Well said. Thanks for joining here and giving your input. Someone has thrown out the idea of leaving staking alone but creating a time lock of sorts. Amy thoughts on that?
I like the idea of a time lock. It relieves sell pressure from staking, especially through a bear market and rewards those with longterm conviction in ApeCoin. I honestly don’t know why it wasn’t included in the original proposal.
I think now would be a good time to incorporate it as we still have 2 years of staking rewards remaining and most of the major token unlocks have taken place.
I share your perspective on this matter. Removing bayc/mayc/bakc and yuga from the equation would likely dismantle the community, leaving $ape behind as a seemingly purposeless token tethered to a volatile dao with indecisive objectives. If we consider making any adjustments, our focus should be on fostering unity between both communities. One effective approach could involve motivating NFT holders to stake their $ape for an extended period. Introducing multipliers for prolonged token locking or active participation in dao voting could further encourage decentralization within the dao. This strategic move of locking up tokens and increased dao engagement would undoubtedly contribute to the long-term success of $ape.
Rather than dividing the community by slashing bayc/mayc/bakc pools, a more sustainable approach would be to bring these communities closer together. The proposed divisive action risks causing a mass dumping of $ape, placing it solely in the hands of traders and whales seeking short-term gains. It’s crucial to recognize the value of yuga NFT holders who are committed to the lasting success of both $ape and the entire yuga ecosystem. Preserving these stakeholders is essential.
If any adjustments are to be made, it might be prudent to consider slashing the $ape-only pool. However, a cautious and gradual approach is advisable. Let’s initiate a discussion on the possibility of redistributing rewards from short-term stakers to those who choose to lock up tokens for the long term and actively participate in dao voting. This approach aligns with our goal of cultivating a community that values stability, longevity, and active involvement.
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Hi ApeCoin DAO Community,
@capetaintrippy has requested to extend the community discussion period for this AIP idea. This topic will automatically close a further 8 days from now. We encourage the community to continue to engage in thoughtful discussions through constructive criticism, honest feedback, and helpful suggestions.
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This topic was automatically closed after 13 days. New replies are no longer allowed.
Thank you for your ideas [and the ApeCoin DAO community for the insightful discussions].
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Hi ApeCoin DAO Community,
@capetaintrippy has requested to withdraw their application. This AIP will be moved to and remain in the Withdrawn AIPs category.