Partnered With:

Two AIP proposals proposed by Animoca may fail due to unknown ApeCoin pledge limit

Read this article in 4 Minutes

The existing staking scheme may cause ApeCoin whales who hold a large amount of APE but only one NFT to obtain disproportionate benefits from staking rewards.

Rhythm BlockBeats news, on March 29th, the AIP-4 and AIP-5 proposals released by Animoca on ApeCoin DAO may not be passed due to the lack of clarity on the ApeCoin pledge limit for BAYC ecological NFT holders.

Previously, 0xnameless.eth posted a discussion in the ApeCoin community, arguing that the AIP-5 pledge proposal may lead to APE has only one NFT holder who can obtain disproportionate benefits from the pledge rewards, and it is recommended to set an upper limit on the number of ApeCoins that can be pledged for each NFT.

Animoca Lianchuang Yat Siu posted on social networking site today: steps to implement AIP-4 One requires "drafting and approval of a proposal to allocate ApeCoin for AIP-4 through the ApeCoin DAO." This means that in order to implement AIP-4, the staking scheme that the community needs to approve is not necessarily AIP-5. If the community finds the staking mechanism of AIP-4 acceptable, approving AIP-4 and rejecting AIP-5 will allow the Foundation to immediately start building out the staking infrastructure while giving the community more time to discuss the staking pool and add the proposed ApeCoin staking upper limit. AIP-4 itself cannot function alone without a community-approved staking scheme.

As of now, the Snapshot data shows that the AIP-4 opposition rate is 61.05% (approximately 11 million APEs), and the approval rate is 38.95 % (approximately 7.2 million APEs); AIP-5’s opposition rate is 61.82% (approximately 11 million APEs), and the approval rate is 38.18% (approximately 6.7 million APEs). The deadline for voting is March 31, Beijing time9 hour.

Rhythm previously reported that on March 25, Yat Siu, Animoca's joint venture and CEO, said that it will Supplementary proposals were made to the previous ApeCoin DAO proposals AIP-4 and AIP-5 initiated by Animoca to clarify the issue of staking income for BAYC ecological NFT holders.