gm Good Contributors 👋
This week we are going to talk about Apes.
Culture has found a new expression on web3 through art, games, entertainment and events. Yuga Labs is clearly the best example of this.
In a few years, we'll be cackling at the naysayers who thought buying a "smoking ape” image was strictly reserved for “degens”.
Let me clarify.
Is Apecoin just another shitcoin?
Hell no! Apecoin is more than just a mere token. It fuels the web3 economy, propels cultural progress, and boasts governance and utility features that empower holders to shape the ecosystem.
Who's who in the BAYC ecosystem?
Yuga Labs: Web3 company behind Bored Ape Yacht Club. ApeCoin DAO member, adopts APE as primary token.
Bored Ape Yacht Club: NFT collection with ape-themed art. Token doubles as club membership.
APE Foundation: Steward of ApeCoin. Administers ApeCoin DAO decisions.
$APE: Symbol for ApeCoin token.
ApeCoin DAO: Decentralized governance for fund allocations, rules, projects, partnerships. Open to ApeCoin holders.
ApeCoin DAO: the power of the community
ApeCoin DAO is a decentralized autonomous organization in the ApeCoin ecosystem.
It enables ApeCoin holders to decide on fund allocation, governance rules, projects, partnerships, and more.
The APE Foundation governs the DAO, ensuring decentralized and community-led governance.
The DAO uses the Ecosystem Fund, managed by a multisig wallet, to cover expenses directed by the ApeCoin DAO and facilitates open and permissionless governance for ApeCoin holders to collaborate.
ApeCoin DAO Governance
At TGC, we know the wild complexities of governance and the voting process in mega-sized DAOs. Today, let's study the ApeCoin DAO governance:
Membership
Participating in idea submission, commentary, proposal submission, and voting is restricted to ApeCoin DAO members.
Holding ApeCoin is the only requirement for membership in the DAO.
Communication channels
APE Foundation website: DAO hub for education and streamlined operations.
Discourse: Proposals submitted and confirmed by moderators.
Snapshot: Authenticated ApeCoin holders vote on approved drafts.
Proposals process
ApeCoin DAO adopts Ethereum's EIP proposal process.
AIPs (Ape Improvement Proposal) can be Core, Process, or Informational.
A proposal typically includes:
Abstract: Summarizes the proposal.
Motivation: Reasons for implementation.
Rationale: Alignment with mission and values.
Key Terms (optional): Definitions of unique terms.
Specifications: Platforms and technologies.
Steps to Implement: Detailed breakdown, costs, resources.
Timeline: Start date, milestones, completion.
Overall Cost: Total implementation cost.
Voting
Snapshot was chosen as a voting tool because:
doesn’t require gas payment
ensures transparency
expands governance participation to all holders of ApeCoin
One ApeCoin equals one vote. Fractional votes are rounded down.
DAO members have the ability to delegate their vote.
Tools Used
Boardroom: A platform for DAO discovery, discussion, and voting.
Certik: Blockchain security using formal verification and AI.
Messari Governor: Aggregating and curating governance proposals.
“The Board”
APE Foundation's special council (the "Board") oversees Foundation admins as per DAO members' wishes.
The Foundation doesn't control ApeCoin or the DAO. It has an oversight Board and a project management team. The Foundation handles administration.
Board administers proposals, serves community vision, and reviews proposals under ApeCoin DAO rules.
Annual voting for Board members is underway. Let the frenzy begin!
https://twitter.com/apecoin/status/1663241473351884800?s=20
Stay in the loop about ApeCoin DAO
The Bored Ape Gazette is the go-to source for stay informed in the Yuga Labs ecosystem to the madness.
Visualize 👀
Discover the world of Web3 in this fascinating interview by OverPricedJPEGs ft. Daniel Alegre, CEO of Yuga Labs.
Never Stop
My new goal is to dive deep into DeFi research analytics. I've stumbled upon these two projects that I think will help me level up
Contributing to a DAO is a freaking genius way to score a job in web3.
If I can contribute to a DAO, you damn well can too.
DAOs revolution is a movement for everyone.
Latest DAO news 📢
➢Psyop issues official statement on $PSYOP Token
➢Singapore University of Social Sciences proposed a new voting mechanism for DAO governance
➢Uniswap DAO rejects plan to charge LP fees; UNI holders cite tax concerns
➢Hybrid rollups: The silver bullet for scalability and security on Ethereum
➢a16z releases anonymous voting system for Ethereum
➢MakerDAO looks to more than double the DAI savings rate
Meme of the Week 😁
Gn Good Contributors! 👋