NFT Holders Are So Far Against 2 ApeCoin DAO Staking Proposals


Summary:

  • The ApeCoin DAO currently has 5 proposals up for voting
  • Members of the ApeCoin DAO are so far against 2 of them which center around staking
  • The first one is AIP-4 which proposes a staking system for Apecoin and the BAYC NFT ecosystem
  • The second one is AIP-5 which presents the total ApeCoin allocation for the staking pools and the 3-year duration of this initial staking period

The Apecoin DAO has hit the ground running with five proposals currently up for voting.

Track live crypto price of 10000+ coins!


The five proposals are as follows:

  • AIP-1 proposes the structure of a decentralized autonomous organization (DAO) that will be governed by the holders of ApeCoin
  • AIP-2 outlines the voting protocol for the DAO outlined in AIP-1 and provides documentation for it
  • AIP-3 proposes the APE Foundation’s budget for March 17, 2022, to December 31st, 2022
  • AIP-4 proposes a staking system for ApeCoin and the Bored Ape Yacht Club (BAYC) NFT ecosystem: Bored Ape Yacht Club, Mutant Ape Yacht Club (MAYC), and Bored Ape Kennel Club (BAKC)
  • AIP-5 proposal which outlines the total ApeCoin allocation for the staking pools in AIP-4 and the three-year duration of the initial staking period

AIP-1, AIP-2, and AIP-3 Have 0ver 90% Majority for Each Proposal

In terms of votes, the ApeCoin community is so far happy with the first three proposals that have an overwhelming majority in favor of them.

Related:  Chile says CBDC will be available for online and offline use

To begin with, 98.47% of ApeCoin voters are in favor of AIP-1.

AIP-2 and AIP-3 have a 98.22% and 99.25% majority respectively.

A Majority are Against AIP-4 and AIP-5

However, AIP-4 and AIP-5 are facing stiff opposition from ApeCoin and Bored Ape NFT holders.

62.93% of the voters are currently against AIP-4 with 61.8% against AIP-5.

NFT Holders Are So Far Against 2 ApeCoin DAO Staking Proposals 14
Voting progress on AIP-4. Source, snapshot.org/#/apecoin.eth
NFT Holders Are So Far Against 2 ApeCoin DAO Staking Proposals 15
Voting progress on AIP-5. Source, snapshot.org/#/apecoin.eth

More on AIP-4 and AIP-5

To further decipher as to why the two AIPs are not popular with the ApeCoin and Bored Ape NFT communities, a deep review of each is needed.

According to the ApeCoin forum, AIP-4 proposes the following assets eligible for staking: ApeCoin, BAYC, MAYC and BAKC NFTs.

However, a BAKC NFT cannot be committed on its own. It must always be paired with a BAYC or MAYC, which in turn cannot be paired with another BAKC.

Additionally, AIP-5 proposes 17.5% of ApeCoin’s total supply to be allocated to the staking pool. This amount will be funded by the Ecosystem Fund and distributed over the total staking period of three years as follows:

  • 1st Year: 100,000,000 ApeCoin tokens (10.0% of the total ApeCoin supply)
  • 2nd Year: 50,000,000 ApeCoin tokens (5.0% of the total ApeCoin supply)
  • 3rd Year: 25,000,000 ApeCoin tokens (2.5% of the total ApeCoin supply)

[Feature image courtesy of Pixabay]


Download MAXBIT Android App, Your best source of all crypto news!

Google Play

Source link

Share this article: