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 âincrease their governanceâ 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 âsmallâ 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 Yugaâs vision, itâs 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
Have you thought about what you would like the lockup to look like? Iâd love some opinions/
Ideas from the community on this to get some perspective.
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. Thereâs no memes, it doesnât 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 âtied to Yuga Labsâ 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.
Itâs 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 DAOâs 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 donât know why it wasnât 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. Itâs 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. Letâs 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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