The Bulletin Bored: Welcome

Welcome to the first edition of the The Bulletin Bored, where I will give summarize what has been happening across the various Apecoin DAO communication channels as well as the broader BAYC ecosystem. From the Discourse forum to Twitter Spaces, Twitter comments and even a Discord server, it can be hard to keep up with everything being discussed and debated. This weekly breakdown will attempt to gather all the information and summarize what you need to know.

I’ll be honest. Most Decentralized Autonomous Organizations (DAOs) flame out due to lack of participation or waning interest over time. However, the Apecoin DAO community has some of the sharpest minds and most passionate people I know in this space. This DAO has the chance to change the face of Web3 and form something unlike anything we have seen before. However, there will be bumps along the way to success, so sit down, buckle up, and enjoy the ride. We are just getting started.

This week, let’s break down the result of the first five proposals of the DAO. It’s crucial we get these right as they will lay a very important foundation. We don’t want to overthink and drag them out, but we also don’t want to settle for something that we will regret down the road. If you are already familiar with them, feel free to skip to the next section, titled “In the Works.”

AIP-1 Passed (98.48% Passed):

The first proposal in the history of the Apecoin DAO passed with over 98% community approval. There aren’t many action items in this one. It is more of a “lay the ground rules” proposal, defining the guiding values of the DAO (boldness, equality, transparency, collective responsibility, and persistence) while walking through the rules and key terms we can expect to see and use.

It also gives details on the entire proposal process, which includes the following 9 steps:

1. AIP Idea — Idea is submitted to Discourse where it gathers comments and feedback from the community

2. AIP Draft — After 7 days, a moderator will provide the idea’s author with a template to create an initial draft of his/her proposal. The author will then create the draft while making sure to incorporate feedback from the community. If the submitted draft conforms to all guidelines, it will receive a formal AIP identification number.

3. Analysis Report — Draft is reviewed by a project management team to provide an in-depth Analysis Report. They will also make sure things like costs, steps to implement, and legal considerations are considered.

4. Moderation — Moderators will review the draft and analysis report to ensure they are compliant with the guidelines of the DAO.

5. Post-Moderation Tagging — If a draft passes moderation, it will receive one of two tags, “Straight to Vote” or “Needs Administrative Review.” A proposal tagged “Straight to Vote” is considered straight-forward and beneficial for the DAO and skips step 6. One that is tagged “Needs Administrative Review” is considered complicated or a potential risk to the DAO and requires step 6.

6. Administrative Review — the Board, serving in an administrative capacity, will determine whether further action is required prior to proceeding to step 7. If further action is needed, the draft will receive a label of “Return for Reconstruction” or “Return for Clarification” and the author will be required to make the necessary adjustments and start back at step 1.

7. Live AIP — Drafts that receive all necessary approvals will become live, with batches of live proposals going up for vote every Thursday at 9PM ET. They will be open for voting until 9PM ET on the following Wednesday.

8. Final AIP — Rejected proposals are eligible to be resubmitted again, passed proposals move on to step 9

9. Implementation — The proposal is implemented with oversight by the Project Management team to ensure it is completed on time

Overall Cost: $2 million (Administration fees, Moderator fees, Discourse Enterprise account, Board Compensation, Legal Fees, Domain Name)

AIP-2 Passed (97.2% Passed):

Another proposal that passed with over 97% community approval, this one defines the voting process. Only Apecoin DAO participants can vote and they can choose to delegate their votes if they want. As mentioned in AIP-1, the voting period will be 6 days with the option to vote “In Favor” or “Against.”

Cost: Nothing

AIP-3 Passed (99.25% Passed):

This proposal passed with the highest percentage of votes in favor. It proposes using 6% of the total APE Ecosystem Fund on the following five categories from now until the end of 2022:

1. Up to 3.2% for game development

2. Up to 1.2% for events

3. Up to 0.8% for merch production

4. Up to 0.5% for education and marketing

5. Up to 0.3% for development of an ApeCoin DAO NFT marketplace

Cost: Up to 6% of the DAO Ecosystem Fund

AIP-4 Failed (71.64% Against):

This proposal was was about the Vesting Period. It proposed having four separate vesting pools (Apecoin, BAYC, MAYC, and BAKC with a BAYC/MAYC) and being able to have your NFTs remain tradable while being vested. It did not receive the community’s support. One debated component was the timeline, which was estimated at 16–20 weeks.

AIP-5 Failed (73.96% Against):

This proposal was related to AIP-4. This one proposed an allocation for each pool. Like AIP-4, it did not receive the community’s support.

What are some things you would like to see the DAO focus on next? Let me know in the comments! In the meantime, be sure to check out Discourse and create an account. A lot of good discussion around the AIPs as well as other important topics can be found there. Or you can check in with 0xWave and ask to be invited to the Apecoin DAO Discord server.

This is Vulkan singing off for now. I look forward to talking to you again next week!

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.