{"id":2196,"date":"2022-05-04T19:30:26","date_gmt":"2022-05-04T11:30:26","guid":{"rendered":"https:\/\/devwp.visibleone.io\/p227\/?p=2196"},"modified":"2024-01-22T19:32:02","modified_gmt":"2024-01-22T11:32:02","slug":"newman-research-apecoin-dao-the-new-aip-proposals","status":"publish","type":"post","link":"https:\/\/devwp.visibleone.io\/p227\/newman-research-apecoin-dao-the-new-aip-proposals\/","title":{"rendered":"Newman Research: ApeCoin DAO & the New AIP Proposals"},"content":{"rendered":"

[et_pb_section fb_built=”1″ _builder_version=”4.23.1″ _module_preset=”default” custom_padding=”0px||0px||false|false” da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.23.1″ _module_preset=”default” width=”100%” custom_padding=”0px|0px|0px|0px|false|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.23.1″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.23.1″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n

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Source: ApeCoin\u2019s Twitter<\/a><\/span><\/p>\n<\/div>\n

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I. Recent Market Activities<\/span><\/div>\n<\/div>\n
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Over the past weekend, many discussions have been circulating around the highly anticipated Yuga Labs x Animoca Brands Otherside<\/a> land sale. As the currency powering the Otherside metaverse, ApeCoin experienced high volatility leading up to the Otherdeeds mint date due to speculation around how much APE was needed to mint each NFT and how many NFTs could be minted per KYC\u2019ed wallet. The intensive market demand led to the burning of nearly US$180mm<\/a> worth of ETH gas fees, generating largely negative sentiment and criticisms across Crypto Twitter and media platforms.<\/span><\/p>\n<\/div>\n

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Post-mint, Yuga Labs publicly apologized on Twitter<\/a> and promised to refund gas fees for unsuccessful minters<\/a> whose transactions failed due to the gas war. Along with the remedy, the company proposed the need for migrating to its chain in order to properly scale and encouraged the ApeDAO \u201cto start thinking in this direction.\u201d Whether the chaos resulting from the sale were due to flaws in the Ethereum blockchain is arguable, however it is apparent that ApeCoin has always been the center of discussions due to its connection with the premium BAYC NFT.<\/span><\/p>\n<\/div>\n

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In the same weekend, leading NFT marketplace OpenSea announced<\/a> it would be accepting ApeCoin (APE) payments on its platform, alongside other tokens like ETH\/WETH, SOL, USDC, and DAI. As of January 2022, BAYC trading volume<\/a> surpassed US$1bn. APE gained its recognition and social currency as the token linked to the BAYC ecosystem. As long as BAYC continues to maintain its relevance, we foresee that ApeCoin utility and adoption will only increase in the NFT\/metaverse space, potentially allowing it to become one of the most influential tokens in Web3.<\/span><\/p>\n<\/div>\n

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II. The Launch of ApeCoin<\/span><\/p>\n<\/div>\n

ApeCoin is a governance and utility token launched by the ApeCoin DAO. APE is supported by the Ape Foundation and its Board. The Board provides oversight of the Foundation’s administrators. Initial members include Alexis Ohanian, Amy Wu, Maaria Bajwa, Yat Siu, and Dean Steinbeck. The token is most commonly known for its connection to the Bored Ape Yacht Club ecosystem, though Yuga Labs, the team behind BAYC, have clearly stated they are not behind the creation or governance of the DAO.<\/div>\n
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As the ApeCoin website<\/a> states, Yuga Labs does however act as a \u201ccommunity member in the ApeCoin DAO and will adopt APE as the primary token across its new projects.\u201d Yuga Labs is \u201ca contributor to the APE Ecosystem and will assist in the creation of products and experiences for the ecosystem as a whole.\u201d<\/div>\n<\/div>\n
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III. New AIP Proposals<\/span><\/div>\n
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The ApeCoin community governs itself through the ApeDAO which makes decisions based on community-driven Ape Improvement Proposal or AIPs that are voted on via Snapshot<\/a>. As part of its launch, ApeCoin announced 5 initial proposals, two of which were drafted by Animoca Brands, AIP-4 and AIP-5. While the first three proposals were passed, AIP-4 and AIP-5 received an overwhelming percentage of \u2018against\u2019 votes from the community and therefore were not executed. During and after the vote, discussions within the ApeCoin community took place in their forum<\/a>, across Twitter and in a number of places both on and offline. The essential feedback was that overall the framework was adequate, but lacked the key element of caps.<\/span><\/p>\n<\/div>\n

On 29 April 2022, three new AIPs were brought forward. AIP-7 proposes restructuring the forum categories and AIP-22 is similar to the previous voted against AIP-5 which made suggestions on staking pool allocation, schedule, and distribution.<\/div>\n
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AIP-21, however, presents important details that affect perceived value within the BAYC ecosystem and has been a major point of discussion among the community over the past week. In the revised proposal on staking process, AIP-21 suggests setting a staking cap at 1x the ApeCoin drop.<\/div>\n<\/div>\n
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Except for the staking cap, the staking mechanism remains unchanged in the new proposals. 175 million tokens (17.5% of the total token allocation) would be distributed to four pools over 3 years, for 100mm in Year 1, 50mm in Year 2, and 25mm in Year 3. The pools are (i) any ApeCoin holders; (ii) BAYC holders; (iii) MAYC holders; (iv) BAKC + either BAYC or MAYC.<\/div>\n<\/div>\n

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VI. Return And Demand Analyses<\/span><\/div>\n<\/div>\n

[\/et_pb_text][et_pb_image src=”https:\/\/devwp.visibleone.io\/p227\/wp-content\/uploads\/2024\/01\/bayc.webp” title_text=”bayc” show_in_lightbox=”on” _builder_version=”4.23.1″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][et_pb_image src=”https:\/\/devwp.visibleone.io\/p227\/wp-content\/uploads\/2024\/01\/demand.webp” title_text=”demand” show_in_lightbox=”on” _builder_version=”4.23.1″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.23.1″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n

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Notes: <\/span><\/p>\n<\/div>\n