I propose to remove all NFT staking pools and allocate the rewards either back to the treasury or to locked ApeCoin only staking pools. Or a mix of that.
Sustainable rewards for longer periods would be extremely advantageous.
The Ape only pool is by far the most important pool since:
- it is not capped (it can, in theory, create unlimited demand for Ape)
- it is the most accessible (everybody can stake by simply buying/owning Ape)
- it gives some utility to ApeCoin
It is the only pool that actually creates demand for ApeCoin.
Currently 102.035.791 $APE are staked there and the APR sits at 18%.
Almost twice the Ape than in the 3 NFT pools combined…
BAYC pool: 42.763.181 $APE staked; APR at 66%.
Considerably more sell pressure comes from here and it creates no demand for ApeCoin.
Slashing the ApeCoin only rewards and allocating even more to the small circle of NFT holders would make absolutely no sense.
ApeCoin DAO, not BAYC DAO!
We have to make ApeCoin more attractive and not the NFTs.
After gathering community feedback - multiple options will be presented in an AIP.
a) leave staking as is
b) remove the BAYC/MAYC/BAKC Staking Pools and reallocate everything to locked ApeCoin only pools
c) remove the BAYC/MAYC/BAKC Staking Pools and give everything back to the treasury
Fully support the proposal to slash the BAYC/MAYC/BAKC staking pools. Focusing on the Ape-only pool makes sense as it not only benefits ApeCoin holders but also promotes accessibility for everyone. Sustainable rewards for longer periods would undoubtedly strengthen the ApeCoin ecosystem
This approach always seemed the most obvious to me, and you’ve already highlighted the reasons why thoroughly.
It just makes sense this way, and I suspect it would also create a lot more diversity in the community - which I believe is what apecoin and the DAO was meant for - to benefit the whole of web3 (the many not just the few), and a lot of the time it does not feel like this.
Only issue ofc will be getting this approved by the community, but I believe the option given to increase the $ape only pool rewards may certainly help there. GL.
Demand for $APE driven by hopes of staking to create more $APE is not healthy demand and does little for token’s utility.
Hey Kodama, thanks for taking the time to submit this. It’s an interesting one, but I’m not going to lie; I’m against the idea of slashing the BAYC/MAYC/BAKC staking pools due to my thesis that it’s one of the only reasons people still hold these tokens, and thus, removing this would make the floors sink.
However, I acknowledge that this is ApeCoin DAO and not BAYC DAO, and would be more steered towards exploring ideas in which other NFTs could be introduced, similar to what @Feld was proposing here.
Edit: It doesn’t need to be strictly Otherdeeds, but the idea that other collections be involved as well. (Punks, Otherdeeds, WoW, Meebits, Chimpers, etc, and of course, the criteria for selecting these collections would be another discussion altogether)
It’s also my belief that the greatest utility for $APE will come from Otherside (whenever it drops), and anything else before then is, in my somewhat cynical yet realistic opinion, just doing whatever can be done to keep it from sinking (stalling).
I’m still of the firm belief that right now, there is very little reason for this coin to exist.
Staking is def not a great utility, not sure if you can even call it utility… but it is what it is atm.
So we have to make the best out of it and either:
-cut staking completely
-reduce/remove the NFT pools for the reasons listed above
Leaving everything as is, is obv an option as well… and unfortunately, what will happen most likely.
I’m aligned with remove all staking. We as the DAO should not be concerned with the token’s price as it pertains or decision making. I want to stay very far away from anything that could be perceived as manipulation or a securities offering.
Removing the NFT pools only is IMO weird and seems like a retaliatory proposal given Gerry’s idea to remove the $APE only pool.
Total tangent but I actually agree re: little reason for this token to exist at the present time. I think that can and should change if the DAO is able to do smart and ambitious things with its treasury.
I would go the other way around, and Slash the open pool…
and redistribute the token of that one to the BAYC/MAYC/BAKC we are a club are we not?
Maybe add that as an option too?
You are aware that the Ape-only pool is by far the most used pool. The NFTs pools are token-gated and capped. If you close the Ape-only pool 100M tokens will become “free” with nowhere to go.
Closing the most used & most accessible pool would be shooting yourself in the foot. It would be a disaster.
It would be a dream come true if we could get those 100MM ApeCoin to vote.
I’m encouraged that Kodama felt comfortable putting up an idea so quickly that wasn’t a fully fleshed out AIP. We need more of this.
The notion that an Idea must be a fully thought out and ready to present proposal is one we need to move past if we wish to encourage more participation.
If you look at it that way… i would say… don’t touch ANY of the pools!
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Staking is not a utility, it is a Zero-Sum game.
This is the best option but it has to be done to all pools including the $APE only staking pool.
There has never in the history of crypto (I’ve been in crypto since 2017 and BTC since 2015) been a successful staking protocol. They all turn to sh*t and fail sooner or later. It is not a utility and only creates more sell pressure. Just look at the price of $APE.
We should eliminate all staking pools and return the ApeCoin from all pools back to the treasury.
100%. This is not utility, it is simply ponzinomics.
I don’t fully believe that Otherside will have any positive effect on ApeCoin. IMO Otherside is just another delusional idea that won’t have many users and the economy will not be what people believe it will be. It may have a few short term pumps every time there is a new announcement but in the end the market will market and it will dump again.
Thank you. I hope we can all agree on this.
The best option is to eliminate all staking. IMO it should have never been built in the first place. The only winner here was Horizen Labs, who couldn’t even add basic functions such as compound or claimAll buttons.
I’m of the opinion that we as a club already got enough free tokens with the airdrop, which for some of us resulted in >$200k free money per Ape and >$40k per mutant. Staking is only creating more sell pressure.
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Hi @kodama ,
Thank you for your ideas [and the ApeCoin DAO community for the insightful discussions].
A moderator will reach out to the author to finalize the AIP Draft using the appropriate template.
- Once the AIP Draft is confirmed by the author and meets all DAO-approved guidelines, it will receive an AIP ID number and move forward for Draft Analysis Review.
- @kodama please see your messages for the next steps.
Follow this Topic as further updates will be posted here in the comments. In accordance with DAO-approved guidelines, if the author does not respond within 30 days, the proposal will be automatically transferred to the Withdrawn category, and the author can re-submit the idea.