Navigating Apes Out of the ParaSpace Conflict (A Thought for the Community to Discuss)

Withdrawn AIPs
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Abstract:

This proposal aims to transition the multisig wallet’s control from ParaSpace to the ApeCoin DAO community and to establish a new, user-friendly interface under a fresh identity. It outlines potential challenges and proactive solutions and highlights the benefits of this plan.

Motivation:

Our community is currently facing severe trust issues due to recent upheavals within ParaSpace, including an unexpected APY jump from around 11% to more than 100% APY and internal discord. We encourage the community to strengthen the control over our assets and facilitate a fresh start for our community by creating a distinct and user-friendly interface (To ensure the safety of leveraged positions against Bored Apes, Mutant Apes, and BAKC NFTs, and provide a stable platform save our community members.)

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The figures and statistics referenced in this proposal are accurate as of the time of writing.

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Rationale:

In light of recent events, we believe that transferring control over the multisig wallet to the ApeCoin DAO community and developing a new interface are critical steps. These actions will increase trust, ensure our assets align with the community’s best interests, and provide continuity and stability.

Specifications:

Transition Control of the Multisig Wallet: Begin negotiations with the ParaSpace team to transfer control of the multisig wallet to the ApeCoin DAO community, enlisting a neutral third-party mediator to oversee the process.

Develop New Interface: Assemble a dedicated team of developers and designers to develop a new, user-friendly interface under a fresh identity.

Pause APY: Suspend APY temporarily until the launch of the new interface to prevent further financial instability.

Interface Launch: Following thorough testing and auditing by third-party experts, launch the new interface, educating the community on its usage.

Challenges and Proactive Solutions:

Transition Complexity: To ensure a fair and secure handover, we propose enlisting a neutral third-party mediator to oversee the transition of control over the multisig wallet.

Resource Allocation: We propose assembling a dedicated team of developers and designers under clear leadership, supported by a comprehensive project timeline and budget, to develop a new interface.

Community Discord: To mitigate potential opposition from certain community members, we advocate for regular community updates and transparent communication about our intentions and progress.

Regulatory Oversight: We will consult with legal advisors to ensure our compliance with all necessary regulations and to address any regulatory scrutiny.

Market Perception: We will employ a robust PR strategy to keep all stakeholders informed about our plans and progress, managing external investors’ and stakeholders’ potential uneasiness about the transition.

Timeline:

Our immediate priority is to gain control over the multisig wallet and pause APY, provided all legal concerns are addressed and no regulations are breached. Once control is secured and APY is paused, we will proceed with the development of the new interface. The precise timeline for these tasks will be determined post-proposal approval and communicated to the community transparently and promptly.

Overall Cost:

The proposal requires financial resources for the development of the new interface, payment to a third-party mediator, and potential legal consultation. A detailed budget will be prepared and shared with the community for approval, ensuring complete transparency.

Conclusion:

This proposal is a call to arms for the ApeCoin DAO community. It is a crucial step towards safeguarding our assets, restoring faith within our community, and rescuing our apes from the ongoing conflict. By standing together, we can navigate these stormy waters towards a horizon of trust and stability.

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Sup dvee -

AFAIK, the DAO does not allow proposals on behalf of 3rd parties. I.e., not only must the specific parties to whom multisig will be transferred be listed here, they must be part of the team of this proposal. Also, Paraspace must be part of this proposal agreeing to such a move.

Alternatively, you can ask for funding for yourself to find and employ a third party who could take over the multisig, i.e. the decision of picking them is on you. The risk there, again, would be that Paraspace simply declines and so I doubt DAO members would vote for such proposal given that risk.

The rest of your suggestions are valid/great in their own right, but again, the DAO has zero control over Paraspace and any $ape staked there. You can submit AIP for a competitive product you can develop yourself, but ofc it would be up to people who staked with Paraspace to then switch to your product; DAO cannot ever enforce such an action.

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Agreed with Sasha. We have no ability to make decisions for/changes to Paraspace. They were not created via an AIP, so we have no authority to be able to do this.

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Hey Sasha and Sera,

Thanks for your thoughts. Let me try to clarify a few things.

Sasha, I get it. The DAO can’t act for other people. My proposal isn’t a strict plan, but more of a conversation starter. I’m not saying I’ll personally make it happen, but maybe it’ll inspire others in our community to take action.

On the point about transferring control of the multisig and involving ParaSpace, you’re spot on. That’s why I suggested we could think about talking to ParaSpace about buying them out if our community likes the idea. The details of the multisig transfer and who would be involved would be part of those talks.

Your idea of making a rival product might be good. Our community might think about that. While I strongly believe in the DAO’s potential to create or invest in profitable services or products that bring revenue back to the DAO, in this particular situation, I believe the focus should be on community safety if we can do something about it rather than profitability.

@SeraStargirl , I totally agree with you. The DAO doesn’t have the authority to enforce changes to ParaSpace. My proposal is not assuming that we can. It’s about suggesting a possible path we could walk, together with ParaSpace, if both our community and ParaSpace are in agreement, and one path for that is to acquire them as I mentioned.

Thanks again for your insightful responses. They’re truly valuable as we navigate this together. I’m looking forward to hearing more thoughts from you and the rest of our community. Feel free to share more if you have additional ideas.

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Hi @Zack74eth,

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.

-Amplify

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Thank you, No more time required.

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This topic was automatically closed after 7 days. New replies are no longer allowed.

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Thank you @Zack74eth for your ideas. 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. @Zack74eth please see your messages for the next steps.

-Amplify

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Hi ApeCoin DAO Community,

@Zack74eth has requested to withdraw their application. This AIP will be moved to and remain in the Withdrawn AIPs category.

Kind Regards,

-Amplify