ApeCoin Special Council Discusses AIP-21 and AIP-22

Lou ShermanLou Sherman
ApeCoin Special Council Discusses AIP-21 and AIP-22

According to an announcement from the official ApeCoin Twitter account, voting for ApeCoin Improvement Proposals (AIP) AIP-21 and AIP-22 will start tonight at 9:00 pm ET. 

Any ApeCoin holder is eligible to vote during the open voting window, which extends until May 4 at 9:00 pm ET. Any ApeCoin holder wishing to vote can do so at https://snapshot.org/#/apecoin.eth.

Earlier this week ApeCoin council members hosted a Twitter Spaces forum for members of the ApeCoin community to hear what council members discussed about the recent community-led proposal on staking. The AIP-21 and AIP-22 proposals were approved by the special council and will open to the community's formal vote on Apr. 28 at 9 p.m. ET.

AIP-21 proposes a staking system for ApeCoin (APE) and the Bored Ape Yacht Club (BAYC) NFT ecosystem.

Holders would be able to stake ApeCoin along with Bored Ape Yacht Club, Mutant Ape Yacht Club (MAYC), and Bored Ape Kennel Club (BAKC) NFTs to receive ApeCoin from the liquidity pool over time. If approved, users would be able stake any number of BAYC and MAYC NFTs, but BAKC would need to be paired with BAYC or MAYC in order to receive rewards. 

AIP-22 is a new iteration of AIP-5, which was previously voted against. 

AIP-22 proposes that 17.5 percent of the total ApeCoin supply will be distributed over a three-year staking period. The distribution would be allocated to 100 million APE in the first year, 50 million APE in the second, and 25 million APE in year three, funded by the Ecosystem Fund.

The goal of staking is to reward long-term holders in the ecosystem. Implementing staking correctly and involving the community is a priority for the team.

ApeCoin Q&A Top Answers

Here are some of the most important questions from the Twitter Spaces and a summary of answers from the team:

How can you educate more people on how to participate in a DAO?

Education is important and often missing from projects. People need to be educated to vote properly, and this proposal will help inform holders about staking. This is the beginning, and educating the community will lead to better ideas in the future.

How can you make staking more efficient?

We are still in the beginning of the process. Things aren't perfect or fully efficient just yet. Each proposal will be another step towards a better process. Ideas will build off one another to work out kinks. We are trying to find a compromise between web3 and our existing knowledge of finance. It may take a while to get there, but we will get there.

What's the easiest way to get involved as a group?

If you are a small community with ideas, please post them on Discourse (a community forum platform). The special council encourages community members to write proposals for the DAO. Proposals go through an open governance process before decisions are made. For more information, see ApeCoin's DAO Governance page.

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