Profile of Sergio in ApeCoin
Posts by Sergio
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Proposal to Designate Staking Rewards for Otherside NFT Holders
by Sergio - No Role
Posted on: Dec. 22, 2022, 1:31 p.m.
Content: Hi Escape – with the special council elections happening, let’s leave this open for another 7 days to give others an opportunity to provide feedback.
Appreciate the assistance.
Likes: 2
Replies: 0
No replies yet.
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Proposal to Designate Staking Rewards for Otherside NFT Holders
by Sergio - No Role
Posted on: Dec. 17, 2022, 11:10 a.m.
Content: Agree with all of this. Appreciate your support.
Likes: 2
Replies: 0
No replies yet.
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Proposal to Designate Staking Rewards for Otherside NFT Holders
by Sergio - No Role
Posted on: Dec. 17, 2022, 11:09 a.m.
Content: Thank you for the support!
Likes: 1
Replies: 0
No replies yet.
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Proposal to Designate Staking Rewards for Otherside NFT Holders
by Sergio - No Role
Posted on: Dec. 16, 2022, 4:36 p.m.
Content: Thanks for this feedback.
I agree that Otherdeed staking yield should not be greater than BAYC/MAYC/BAKC yield. My guess is that the yield would greatly decrease if this proposal was passed given the size of the Otherside NFT collection. With 100 k plots, utilization for the public pool would likely increase greatly which would in turn lower the yields.
That being said, I’m still open to a pool reallocation as part of this proposal if deemed desirable by the community.
Likes: 2
Replies: 0
No replies yet.
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Proposal to Designate Staking Rewards for Otherside NFT Holders
by Sergio - No Role
Posted on: Dec. 16, 2022, 3:02 p.m.
Content: Abstract
There is currently no staking pool available to Otherside deed holders, other than the public pool. As such, Othersider holders receive the same staking benefits as the general public. This staking structure does not acknowledge or align with the important role the Otherside plays within the ApeCoin ecosystem. Providing higher reward yields to Othersider holders would be mutually beneficial to ApeCoin and the Otherside: ApeCoin holders would be encouraged to hold Otherside deeds, and Othersider holders would be encouraged to hold ApeCoin. This proposal outlines how this problem can be addressed without negatively impacting other stakeholders.
TLDR:
Otherside NFT holders will be able to stake their deed within the public staking pool and receive double the staking rewards as compared to non-deed holders (the general public).
The distribution of staking rewards from the public pool will be recalculated using a weighted average where the weight of deed holders shall be twice that of the general public.
No further ApeCoin will need to be allocated for staking rewards since we are only recalculating how rewards are emitted from the public pool.
BAYC/MAYC/BAKC holders would not be negatively impacted since their pools would remain unchanged and no further ApeCoin emissions would occur.
Motivation and Rationale
Should Otherside land owners be given preferential staking rewards over to the general public?
Yes. ApeCoin is the native currency of the Otherside. In the years to come, the Otherside will certainly play a critical role as the primary marketplace where ApeCoin is regularly exchanged for digital goods and services. Preferential staking rewards acknowledges the important role Otherside land owners play within the ApeCoin ecosystem and helps cement this special relationship.
How much additional staking rewards should Otherside deed holders receive?
While an exact number might be a point for discussion, most would agree the yield should be higher than received by the general public, and lower than the yield received by BAYC/MAYC/BAKC. The proposed yield ( 2 times the general public yield) attempts to balance acknowledging Otherside holders, while still keeping staking rewards enticing for non-deed holders.
Should Otherside deed holders be given their own staking pool?
We argue against this approach. Creating a new staking pool would require a large allocation of ApeCoin to service the 100 k Otherdeeds that exist. This allocation would either need to be diverted from an existing pool, or require a large new emission of coins. Both of these approaches would negatively impact current stakeholders and as such would likely be opposed.
Implementation
Send a request to Horizen Labs to update the staking interface with the following features:
Allow Otherside deed holders to stake their deeds in the public staking pool.
Recalculate the distribution of staking rewards in the public pool to provide double the yield to staked deed holders as compared to non-deed holders.
Establish staking limits for staked deeds (possibly 100 to 500 ApeCoins per deed)
Overall Costs
Expected cost is zero (or close thereto). No additional ApeCoin will need to be allocated for staking rewards.
The only possible cost will come from implementing the new reward distribution structure for the public pool. As part of this proposal, we would ask Horizen Labs to provide an estimate as to the time and cost (if any) needed to integrate these changes.
Likes: 1
Replies: 1
Replies:
- withoutname: Sergio:
Providing higher reward yields to Othersider holders would be mutually beneficial to ApeCoin and the Otherside: ApeCoin holders would be encouraged to hold Otherside deeds, and Othersider holders would be encouraged to hold ApeCoin. This proposal outlines how this problem can be addressed without negatively impacting other stakeholders.
I have two things to add to this:
Bored Ape Yacht Club is the club that has access only to BAYC & MAYC NFTs. Also, the BAKC must be paired with BAYC or MAYC to access staking pools. Otherside is not part of the BAYC club - they could stake their $APE in $APE standalone pool.
We don’t know much about Otherside yet. I think that Yuga has a special economy in mind for Otherside lands to harvest resources, build or play. So Otherside owners could probably benefit from Otherside Marketplace with their land resources, artifacts, etc…
I’m also an Otherside land owner, and my strategy is to pick up rare resources to grow them and sell them in the Otherside marketplace in the future. So I’m pretty sure that the benefits for Otherside owners will come and will be unique for Otherside.
-withoutname
