ApeCoin Community In Favor Of Staking, Bullish Signal For APE?

By Varinder Singh
May 5, 2022 Updated May 5, 2022
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ApeCoin Community Votes In Favor Of APE Staking and Forum Restructuring

The ApeCoin community has voted in favor of three proposals linked to staking ApeCoin (APE) and restructuring its governance. The AIP-21 and AIP-22 staking proposals have received 91.55% and 91.17% votes in favor, respectively. Meanwhile, the AIP-7 on the restructuring of the forum has received 99.5% votes in favor.

Staking on ApeCoin and the Bored Ape Yacht Club (BAYC) NFT ecosystem and changing the structure of the forum will further grow the popularity of APE. Also, it will help ApeCoin become the preferred token in web3 and NFT space.

ApeCoin Community Passes Staking and Forum Restructuring Proposals

ApeCoin DAO tweeted on Thursday that the AIP-21/22 proposals on staking and the AIP-7 proposal on the restructuring of the ApeCoin forum have been approved after massive voting by the ApeCoin community. The three AIPs received more than 15 million ApeCoin (APE) in total.

The AIP-21 proposes a staking process with caps for ApeCoin and the Bored Ape Yacht Club (BAYC) NFT ecosystem. It incentivizes existing and potential users of ApeCoin, Bored Ape Yacht Club, Mutant Ape Yacht Club (MAYC), and Bored Ape Kennel Club (BAKC) NFTs to receive APE in the initial period of 12-months.

Moreover, the AIP-21 ensures that the staked NFTs remain tradable and growth of the BAYC ecosystem isn’t impacted by the lockup of staked assets.

The AIP-22 proposes total ApeCoin allocation for staking pools and a three-year duration of staking period. It recommends distributing 17.5% of the total ApeCoin (APE) supply in the staking pool for 3 years. The distribution of ApeCoin tokens will be 100 million in 1st year, 50 million in 2nd year, and 25 million in 3rd year.

The AIP-7 suggests a change in the structure of the ApeCoin forum. The aim is to improve the proposal process, governance, education, and community. Moreover, it promises discussion about AIP-related topics, workstreams on work by the DAO, and community growth.

The ApeCoin DAO will implement all three AIPs in line with DAO governance protocols.

ApeCoin (APE) Price Continues Uptrend

The ApeCoin (APE) price has increased nearly 20% in the last 24 hours. However, the APE price is still down from its recent high of nearly $26. Despite the fall in prices after the Otherside metaverse launch, ApeCoin continues to move up as its popularity rises amid NFT and metaverse hype.

The staking and forum structuring will possibly bring more uptrend in the APE prices as staking will incentivize all users.

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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