Slash the ApeCoin Only Staking Pool

I propose based on popular demand that we reduce the ApeCoin only staking pool for Period 2 running from December 12th of 2023 through December 11th 2024 by 66% or 10 Million ApeCoin.

Over the next week we will choose between two options to present in the AIP.

A) Allocate the 10 Million ApeCoin to the BAYC, MAYC, and BAKC pools.

B) Do not Allocate the 10 Million ApeCoin

Reserved for change log

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Hey @Gerry,

Option A sounds interesting, and I appreciate the way you using Phase 1 for community discussion. I’m concerned that with Option A, we might hinder the adoption of $APE and the future ApeChain. It may look like we’re less welcoming to the broader crypto community in our ecosystem. What are your thoughts on this potential challenge? (That’s why it’s 66% and not 100%?).

-Mr. Hype :fire:

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For Option A: Do you have a general idea or looking for feedback on how to redistribute 10M $APE to the other pools?

For Option B: Would you also make a corresponding adjustment for Year 3, or would this be only for Year 2 and we would revisit Year 3 next year based on community sentiment?

My bags say yes but my heart says no.

There is a major comms issue with people thinking the DAO is only for Apes. This would not only further that mistaken premise but also legitimize it to a certain extent.

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100% support the elimination of the $APE only pool (if we’re actually able/allowed to do that?)

There is a major comms issue with people thinking the DAO is only for Apes.

I don’t think this is strictly true, at least not historically. The original $APE drop was to BAYC/MAYC holders and the larger staking pools are set aside for BAYC and MAYC. We can and should draw a distinction between who the “DAO is for” (all $APE holders) and what we do with the treasury (IMO, drive meaningful utility to ApeCoin and BAYC/MAYC holders). To say this more bluntly, we should not be taking any actions that steer tokens toward people/organizations simply because they hold some amount of $APE and/or participate in the DAO.

With regard to the $APE pool: The existence of this pool is purely inflationary and is one of the many factors that depresses the token’s value. That is also true of the BAYC etc. pools but at least those serve a particular purpose (whether you agree with or like that purpose) of providing a benefit to BAYC/MAYC/BAKC hodlers.

With regard to funding pools: We should not discuss this without getting the DAO’s lawyers to opine on whether that would constitute a securities offering. We cannot turn back time but we can avoid taking further actions that create exposure for the DAO and its officers.

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Hi Gerry,

Option A sounds brilliant but at the same time Option B I am worried will hinder the wider adoption rate for $Ape .

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Why do you think option B would hinder greater adoption of $APE?

There are some $Ape holders without BAYC / MAYC / Kennel too… For me it’s about inclusivity and to cater for just $Ape coin holders too.

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I vote to slash Gerry. Maybe we can slash apecoin only pool. But let’s not slash any ape staking with NFT plz

Option A only real choice tbh

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Or at least, it’s less risky, I think. But nowadays using more risky choices can cause a terrible consequences (IMO)

where is option C?
Leave staking as it is

And why would you change the staking at all?
That is the only real “utility” of ApeCoin at the moment.
Many ppl are bagholding JUST because of staking.

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I think to approach this constructively the author needs to specify the purpose of the idea. Is it a cost saving exercise? Is it an incentive to make the ROI better for mayc/bayc/bakc holders? Etc etc.

I just fail to see how the term ‘by popular demand’ is used when there’s a cumulative total of 102,000,000 staked in the ape only pool.

I’m happy to try options and discuss, but if we are trying to save money let’s reduce all pools equally in some fashion so nobody within the community feels left out.

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tbh I am a bit shocked that you proposed this idea with a forum post that looks like it took you 2 mins to write… what are your thoughts? why remove the ApeCoin pool and not the NFT pools?
Why 66%? Why only in year two?
Why no option C?

Why should BAYC/MAYC/BAKC holders get more Ape rewards?
It is ApeCoin DAO and not BAYC DAO!!!
Shouldn’t ApeCoin holders be more rewarded than the NFT holders?

I would suggest removing the NFT pools completely.
Rethink ApeCoin staking.
Create 3 pools
1 unlocked staking with rewards of around 5%
2 locked staking pools( (lock 6M or 12M, or
or 1 locked pool with flexible APY depending on how long you lock your stake… min 3M; max 24M
make it long-term with rewards for the next 5-10 years

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So you say the ApeCoin only pool is purely inflationary and the NFT pools at least provide a benefit to holders? LOL

It is the ApeCoin DAO and not the BAYC DAO - so the staking should benefit ApeCoin holders first and then maybe the NFT holders as well.

The NFT pools should be stopped imo and we should focus on several long-term and more structured ApeCoin pools.

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The ApeCoin pool serves literally zero purpose except to give more coin to people who already have coin. No value is being created by any of the pools other than to entice speculation by locking up some of the float. This is worthless to the community in the long run and only serves to hasten the token’s decline in value.

ApeCoin was originally distributed to BAYC and MAYC holders (plus Yuga insiders) only. This implies that ApeCoin was created as a benefit for the holders of those NFTs, which is also the reason that more lucrative BAYC/MAYC/BAKC staking pools exist.

The talking point of “not the BAYC DAO” was invented by later ApeCoin holders in an effort to steer the DAO and its treasury onto other or perhaps broader ambitions, but it neglects the realities of the DAO’s origin story.

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better to agree to disagree. We have completely opposite opinions.

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My earlier statement isn’t an opinion. It is a proven fact that (1) the tokens were originally distributed to only BAYC/MAYC + BAKC holders; (2) people who later acquired more tokens want it to be something different from what was implied in the origin story and distribution strategy; and (3) staking rewards are inflationary and the process of staking in the ApeCoin context creates zero value. I’m happy to continue defending these points with data.

My opinion is that the ApeCoin only staking pool should be eliminated because it serves no purpose other than to give more ApeCoin to people who bought ApeCoin. Regardless of what you think about inclusion and the mission of the DAO it’s just silly to intentionally inflate the token like this. If we can’t agree on that point my second preference would be to eliminate all staking and be done with this topic. My hypothesis is that if we actually eliminated all staking that the token would become more valuable than what you could achieve through staking.

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Settle down there turbo. Ideas are meant to be presented and discussed. If you want to be combative and insulting; perhaps ask yourself if that’s encouraging future participation.

love your ideas btw