The Bulletin Bored: Leveling Up

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Contributions to this week's newsletter made by @maariabajwa

Welcome back for another issue of The Bulletin Bored, where I provide news, analytics, and other information on the Apecoin DAO and broader BAYC ecosystem. I wanted to start off this week by highlighting how impressed I have been with how much more sophisticated the conversations within the DAO have become lately.

Many people within the DAO and wider community are paying more attention to current and future regulations and what we need to do to stay in compliance with them. In addition, the Bug Bounty proposal is shedding light on the fact the entire community needs more security measures put in place to guard against hacks, scams, and other attacks.

An “ApeComms Team” is also being proposed to enhance communication between the Ape Foundation and community. Furthermore, solutions like Catapult are being discussed to make it easier to connect people within the DAO and build relationships.

Finally, the Special Council Nomination and Election processes are also being worked on to set up an official structure and process that can be utilized year over year. These are all much more advanced conversations than the DAO was having a few months ago.

• New BAYC/MAYC merch drop upcoming on 10/26 @ 12pm ET

• Garga says “Persistent World” of the Otherside is coming next year

• San Francisco put the BAY in BAYC this past weekend

• Bicycle Cards will be featuring their ape on a new deck of playing cards

I was curious to see how voting rates during the early stages of the DAO compared to recent rates so I looked into the analytics on the “Initial 5” proposals that essentially “set up the DAO.”

It turns out unique wallets voting and the percentage of wallets voting on each proposal were much higher back then. One silver lining is these metrics have increased with the last few proposals. Let’s see if that trend continues.

There is one proposal currently in the Live Voting stage, with voting concluding on Wednesday (10/26) at 9pm ET.

AIP-112: Forever Apes Luxury Physicals

The Forever Apes team hopes to “generate excitement while rewarding people with IRL physicals for simply being a part of the ecosystem.” The first physical includes 1,000 decks of playing cards “featuring custom illustrations across different NFT collections/communities.” The team mentioned the first drop “will be free-to-claim and on a first come first serve basis with a limit of one per mailing address.”

Here is the estimated timeline for the proposal:

1. TokenProof - Token gated claim portal [4 Weeks]

2. Card design + production [4 Weeks]

3. Claim launch [5 Weeks]

The cost of this proposal would be $45,000 to design, produce and ship 1,000 decks of cards. It would also include developing a token-gated website to be used for future claims.

Below are the current voting results.

Most people in the Apecoin DAO are currently focused on the Bug Bounty proposal, but there is another very important AIP Idea nobody is talking about: The Special Council Nomination & Election Process. There is just one day left in the AIP Idea phase to provide feedback or ask questions about them.

The AIP Ideas can be found on Discourse here and here. They lay out the proposed rules, procedures, phases, and timelines of both the upcoming Nomination & Election processes.

Below are the three phases:

• Phase 1 – Application and Verification (21 days)

• Phase 2 – Community Discussions (14 days)

• Phase 3 – Community Vote (6 days)

The five Special Council seats will be up for election in two cycles:

• Cycle One: Seats 1, 2, & 3

• Cycle Two: Seats 4 & 5

For “Cycle One,” the nomination and election will occur during November & December and elected Special Council member(s) will start in January.

For “Cycle Two,” the nomination and election will occur during May & June and elected Special Council member(s) will start in July.

You can read the full proposals here and here.

The Boring Security team was one of the first to have their proposal passed, via AIP-9. This initial proposal allowed them set up their infrastructure, develop partnerships, and add contributors.

Now, they are back for a second proposal. This one involves two phases.

Phase 4: Q4 2022 & Q1 2023

Milestones:

• Supporter NFT sales

• Deploy DAO tooling (Bounty Board & Snapshot, etc.)

• Have engagement across proposals and fund at least three initiatives outside the DAO (that benefit Boring Security and Apecoin DAO members) submitted by Supporters

Phase 5: Q2 2023 - Q4 2023

Boring Security wants to have its content everywhere and reward people that consume it. They are planning additional partnerships and “Metaverse expansion.”

This proposal is requesting ~$420,696.90 from the Apecoin DAO:

• $380,000 for UNIv3 Deployment Strategy

• $26,109.41 to pay back Boring Consulting (Feld) for out-of-pocket expenses

• $13,987.49 Immediate Partnerships and promotion use (Ledger, etc.)

You can read the full proposal here.

Crypto Weekly by Maaria

Apecoin DAO Board Member Maaria continues to keep the community informed on what is happening across the Web3 community. Below are some of the updates from her most recent issue. You can subscribe to the full version here.

• More than 3 million wallets have bought and traded Reddit NFTs since the platform’s launch in July. Reddit partnered with 30 artists to create 40,000 NFT avatar designs. The NFTs are minted on Polygon.

• The IRS released its 2022 tax year guide and NFTs, stablecoins, and cryptocurrencies are all set to be taxed under the same rules.

• Over a fifth of enforcement cases brought by the CFTC in 2022 were crypto-related.

• FTX founder Sam Bankman-Fried outlined suggestions for crypto regulations, including OFAC compliance, regulating websites that facilitate trading on Dexes, and standardizing risk disclosures. SBFs post received a lot of backlash, with critics arguing the billionaire is benefiting his own company and hurting the broader crypto community. Maaria note: if you care about crypto regulation I strongly urge you to read SBF’s policy suggestions and Eric Voorhees’s response.

• The SEC and CFTC are investigating Three Arrows Capital (3AC) for misleading investors.

• Upcoming elections mean the stablecoin and CTFC bill likely will not pass before the current term of Congress ends in January. Rep Jim Himes said, “Four years ago if you said Bitcoin, crypto, and DeFi in the halls of Congress nobody would have known what you were talking about. The progress that has been made in Congress is pretty remarkable.”

• MakerDAO, the issuer of the stablecoin DAI, is set to approve a governance proposal that would transfer $1.1 billion USDC to Coinbase Prime to participate in its institutional rewards program. The DAO will earn an estimated $15 million in annual rewards.

• Binance accidentally made itself the second-largest Uniswap delegate with 5.9% voting power. The exchange, which custodies UNI tokens on behalf of its customers, accidentally delegated the custodied tokens to itself. Binance clarified it has no plans to participate in governance with its users tokens. 

• NFT creators earned $1.8 billion in royalties from secondary sales according to a new report from Galaxy Digital. 27% of those royalties were earned by 10 companies. Average royalty amount has doubled over the past year from 3% to 6%.

• NFT marketplace Rarible introduced an NFT aggregator that allows users to browse listings across several marketplaces and compare prices.

• A real estate investor purchased a three-bedroom home in South Carolina via Roofstock onChain for $175,000 paid in USDC. Each rental property sold on Roofstock via NFT is owned by an LLC registered in Wyoming, and the NFT sold is under the sole ownership of the LLC.

Thanks for reading this week’s edition! As mentioned above, a lot of ideas are being proposed on the Discourse forum nearly every day. If you have one of your own and are unsure where to begin, please reach out to me so I can help you get started.

Disclaimer: As part of Apecoin DAO AIP-66, my grant agreement includes the Ape Foundation sending me 400 Apecoin per month for delivery of this newsletter. Nothing said by me in this newsletter or on Twitter should be construed as financial or legal advice. All opinions in this newsletter are my own and not representative of the Ape Foundation or Apecoin DAO in any way. The purpose of this newsletter is to inform the community about news, proposals and what is happening inside the Apecoin DAO and BAYC ecosystem, not a promotion of Apecoin or anything else in any way. By subscribing to this publication you give consent to use your email to send you issues of its newsletters and podcasts. You can view my Privacy Policy here.