Profile of alexmccurry in ApeCoin
Posts by alexmccurry
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$APE Holding Minimum for Grant Requests
by alexmccurry - Accepted AIP Author
Posted on: Aug. 3, 2024, 5:55 p.m.
Content: *Proposals submitted to the AIP Ideas section don’t need to be presented as fully finalized AIP Drafts, they may lack some details in the beginning. The @Facilitator team will assist and guide you through the phases of the AIP process. If necessary, you can extend the discussion period for another 7 days by updating the Facilitator team.
Please use the AIP Draft Template below.
$APE Holding Minimum for Grant Requests
PROPOSAL DESCRIPTION:
The influx of grant requests in ApeCoin DAO is creating significant downward price pressure and political stress for major delegates and holders in ApeCoin DAO. This proposal is proposing a minimum requirement of 500 k ApeCoin held by any proposer who aims to make a grant request in ApeCoin DAO of more than 50 K ApeCoin.
I believe this will limit the amount of grift grant requests, and will reserve significant grant requests for deeply aligned and invested community members within the DAO.
BENEFIT TO APECOIN ECOSYSTEM:
Preservation of $APE price/value and deeper alignment within the community.
DEFINITIONS:
N/A
OVERALL COST:
No Cost
Likes: 0
Replies: 1
No likes yet.
Replies:
- SmartAPE: alexmccurry:
The influx of grant requests in ApeCoin DAO is creating significant downward price pressure and political stress for major delegates and holders in ApeCoin DAO.
It’s a grants DAO, tho. Designed to, literally, give money away. So, what has that got to do with the value/price of the token?
When the DAO runs out of money, then there’s nothing more to give. Which is why, over two years later, the new direction is in proposals finding a way to generate revenue for the DAO in order to preserve and to grow the treasury.
The solution isn’t to gate it - especially not in the manner that you have suggested - but rather to ensure that proposals do in fact bring value to the ecosystem which in turn will affect the performance of the token. And that decision lies with responsible voters. And of course, that, in and of itself, is a challenge when we have whale wallets which tend to vote contrary to the wellbeing of the DAO.
The token has no utility. That’s the issue that needs to be resolved because preserving the treasury is immaterial if a deflationary asset continues to depreciate in value either through cash outs or on-going market conditions.
If anyone is holding > $500K in $ape, then that person or group is probably a hodler, investor, delegate etc. In fact, we’ve seen people go stack up $ape, then either vote for theirs or friends proposal, then immediately dump it thereafter.
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AIP-405: [Resubmission] ApeSwap on ApeChain
by alexmccurry - Accepted AIP Author
Posted on: March 2, 2024, 2:28 p.m.
Content: Hey Leyota, I appreciate the feedback and comments.
While the ask is significant, we feel that this proposal will vastly deliver more value back to the DAO and ApeCoin holders than the cost. The thing to remember with this cost breakdown is that launching a DEX properly with a proper partner like Sushi requires extensive resourcing, planning, manpower, and budget for things like design, development, testing, audits, marketing, legal, compliance, tokenomics modeling and testing, and much more. We recently updated the proposal with a more concrete breakdown of costs, and bear in mind that this proposal also includes a year of maintenance costs which also encapsulates the need for ongoing legal and compliance, marketing, and engineering capacity.
While the cost is significant, this proposal delivers the DAO its first real stream of revenue with a product that would be supported and backed by the entire ecosystem. The value in the token allocation to the DAO treasury alone, in our opinion, will likely far outweigh the costs. Not to mention the recurring revenue back to the DAO, and the value that individual $APE holders will get via an airdrop.
(For clarity on original proposal, it was very different, that was a Uni V 2 reskin with no support from Sushi or any other major DEX player, no TGE, and was just to be launched on ETH mainnet with no marketing or ongoing budgeting being considered. Much less opportunity or upside for DAO and way less work.)
The DAO has invested tens and tens of millions of dollars over the course of the existence of the DAO, with little to no clarity as to how that will reward holders, or create sustainable income streams to the treasury.
With this proposal and investment, we finally have a path forward for how we can achieve that.
Happy to discuss this in more depth and always welcome questions and feedback from the community. Thank you!
Likes: 3
Replies: 0
No replies yet.
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AIP-405: [Resubmission] ApeSwap on ApeChain
by alexmccurry - Accepted AIP Author
Posted on: March 1, 2024, 11:01 a.m.
Content: ORIGINAL PROPOSAL:
Link here.
RESUBMISSION UPDATES:
The original concept for the ApeCoin DAO DEX was prior to ApeChain launching and was intended as a Uniswap fork that would be used by apes to provide benefits to apes. We recognized that this idea did not have a deep level of value for the community as lower fees could be found on Uniswap prior to the Uniswap fee-switch activation, and ultimately, the proposal was rejected. With limited options for how to reward the DAO in the past, this also created complexities for AIP- 223 at the time, making the proposal too early for its time. Fast-forward, and with the adoption of ApeChain, as well as revenue back to the DAO being available, the ApeCoin DAO community has a genuine chance to create a unique, DAO-owned, sustainable revenue source and piece of ecosystem infrastructure in the first ever ApeChain DEX.
PROPOSAL NAME:
[Resubmission) ApeSwap on ApeChain
PROPOSAL CATEGORY:
Ecosystem Fund Allocation
TEAM DESCRIPTION:
Solidity.io is a full-stack Web 3 . 0 solutions firm and product incubator focused on providing blockchain development services, smart contract solutions, and audits. Solidity.io is run by BAYC and ApeCoin DAO member Alex McCurry. [Solidity.io] has already successfully delivered value to the ApeCoin DAO through their successful audit of the ApeCoin NFT Marketplace approved in AIP- 98 . Link to the audit here. With full-stack Web 3 development resources and experience, Solidity.io will be able to deliver a top-of-the-line DEX, quickly, securely, and cost effectively in order to generate maximum value return for ApeCoin holders as quickly as possible. Solidity.io created the www.apecoinstaking.io interface, investing resources and capital in creating infrastructure for the DAO, for free. Link to tweet here. Additionally Solidity.io was the selected development team for the redesign of ApeCoin.com in the governance working group proposal, as well as the recipient of a grant for the development of an ApeCoin payments SDK to expand upon use-cases and implementations of $APE.
Sushi Labs, led by Head Chef Jared Grey, is the parent entity of Sushi Swap. A top DEX in the EVM ecosystem. Sushi is widely regarded as one of the pre-eminent DeFi technology protocols in all of Web 3 . With one of the only DEX teams developing proprietary routing technology, Sushi serves as a top partner to deploy the ApeSwap product under their franchise DEX model. Proof of Sushi Lab’s willingness to comply with the terms outlined in this proposal may be found here: Sushi - ApeChain.pdf.
Advisors:
Mike (MIKΞR @ 0 xm 1 kr ) , Business, Product, & Technology - Founder & CEO of CR 3 Labs, and tech advisor at OTHERspace. Mike’s career began in Computer Science and Aerospace Engineering where he worked at Boeing as a Software Test Engineer. After several years, Mike transitioned to the startup industry where he built multiple software agencies and one of the first decentralized exchanges in 2017 , later acquired by Core Scientific. Mike has over 15 years of software engineering experience, has designed and developed many hyper-scale web applications, managed tech teams that range in size from 2 to 20 , and has raised/assisted with $ 14 M+ in venture capital financing. He was also a pretty accomplished World of Warcraft raid leader from Vanilla to WOTLK (his words).
Leo (Nova @prollynuthin ) , Strategy, Marketing, & Operations - Founder & CEO of Vora Labs, and Co-founder of OtherGuild. Prior to entering web 3 , Leo spent a few years running a small game design studio that produced early Facebook & iOS games before venturing into SaaS where Leo spent the past 8 years as a growth marketing executive. The vast majority of companies Leo was a part of were early stage companies ranging from Seed stage to Series B in marketing & advertising technology, eCommerce, and cloud computing/infrastructure. Leo was fortunate enough to be a part of several scale-ups, venture financing rounds, and acquisitions. Leo is a lifetime learner & gamer ( 30 + years), and father of 2 savages.
ABSTRACT:
The ApeCoin DAO is built on the fundamental goal of enabling Yugaverse and ApeCoin holders with value. To date, the focus has been enabling marketplaces, a native blockchain, communications, IRL events/education, physical assets, and more.
With the launch of ApeChain fast approaching in June, a native swap/DEX product is needed in order to enable adoption and competitive functionality on ApeChain. ApeCoin DAO has the ability to establish a first-mover advantage by backing ApeSwap, a native ApeChain DEX powered by Solidity.io and Sushi Labs (Sushi Swap).
Our vision is to launch ApeSwap as a (DEX) to benefit ApeCoin holders. The ApeCoin DAO DEX will enable the decentralized exchange of tokens supported by multi-asset pools that earn liquidity providers fees from market making and swap fees. It should be noted that ApeSwap would not necessarily be the exclusive DEX of the ApeChain ecosystem.
ApeSwap will include a protocol fee for token swaps, with 50 % of all protocol fees returning back to the ApeCoin DAO treasury. Immediately upon the launch and accrual of fees the DAO treasury would receive revenue distributions in accordance with the payout schedule established by Sushi Labs. In addition, ApeSwap will undergo a token generation event, and will provide an airdrop of ApeSwap DEX native tokens to ApeCoin token holders, as well as an airdrop directly to the ApeCoin treasury.
Sushi Labs, with development support from Solidity.io, will support strategic and technical efforts with the deployment, ownership, and maintenance of the DEX. In addition to this, ApeSwap will offer a token airdrop to active Sushi Swap ecosystem users to incentivize the growth and adoption of ApeChain by the broader DeFi community. xSushi (Staked sushi) holders will likely be the targets for the airdrop.
Specifications |
Solidity.io will operate as the core service provider for the ApeSwap DEX launch. This includes conducting design, development, and deployment of a native decentralized exchange on ApeChain for ApeSwap on behalf of Sushi Labs. All data points from the DEX will be aggregated to a decentralized datastore to enable real-time charting on the platform. The $APE grant will be paid to Solidity.io upon passing of this proposal to fund ecosystem development and maintenance for one year. Solidity.io will be the pre-selected core service provider, responsible for delivering on the product roadmap, supporting tokenomics design, go-live support, and maintenance of the product and platform for one year. With Sushi Labs being the operating entity and administrator of the franchised DEX, they would be responsible for hosting and maintenance coordination after one year if Solidity.io and Sushi decide not to renew the initial 1 -year agreement together. We expect maintenance costs after year one to fall under $ 100 k per year for maintenance and hosting.
ApeSwap will launch a token on ApeChain to function as the core utility token for ApeSwap. $APE holders will receive an airdrop, ApeCoin DAO treasury will receive an airdrop, and ApeCoin DAO treasury will receive a portion of trading fees.
Sushi Labs will function as the legal and managing entity overseeing the DEX launch and TGE, and ApeSwap will fall under the Sushi Labs management company as part of their franchised DEX model. Sushi will provide marketing support around the DEX launch and will handle all non-technical infrastructure, including domain maintenance and ownership, and hosting and serving of the platform.
Users can swap in and out of tokens utilizing the platform’s liquidity to perform transactions. The swap will display relevant information including price impact, slippage, and deadline. In addition to swap, users will be able to add liquidity to pairs, this process will be a seperate flow allowing users to customize their transaction. We plan to incentivize liquidity provision from the community and strategic partners.
At this time, final decisions have not yet been made regarding use of any existing ApeCoin DAO trademarks, or the creation of new trademarks related to ApeSwap, but the team does want to opt for an ‘Ape’ themed branding style.
BENEFIT TO APECOIN ECOSYSTEM:
ApeCoin DAO needs revenue!
The implementation of ApeSwap will be a key step in creating sustainable, on-chain infrastructure that is cash-flow generative and exists as a fundamentally ApeCoin-backed asset.
By receiving a portion of the protocol fees, as well as an airdrop to the treasury and ApeCoin holders. The ApeSwap DEX represents a potential long-term revenue stream to the DAO.
With the ApeCoin community containing many Web 3 users and investors, the utility of a natively owned and backed DEX will generate massive value for existing holders, and incentivize new ApeCoin holders to acquire $APE.
The core of this proposal is centered around our motivation to build sustainable ApeCoin DAO treasury revenue and broader adoption of the ApeCoin ecosystem.
The goal of the ApeSwap is to create a self-sustaining, cash-flow generative addition of infrastructure to the ApeCoin ecosystem, while capturing value that a competitor on ApeChain will otherwise take.
In addition, a token drop will reward $APE holders who have long deserved some value being returned to them through the DAO.
At this time, all that can be shared is that the plan is to have airdrop/token allocations to the following parties: ApeCoin holders, ApeCoin DAO treasury, Sushi Treasury, xSushi holders, team, Rewards for liquidity provision. This is a fluid process of course and will be more solidified over time. Users will need to connect to a site/platform to claim.
KEY TERMS:
DEX = Decentralized Exchange
ApeSwap= The tentative name for an ApeChain native DEX as described in this proposal, backed, owned by, and built for the ApeCoin DAOs benefit.
PLATFORMS & TECHNOLOGIES:
ApeChain, Vercel for hosting frontend UI, GoDaddy or Squarespace for domain hosting (TBD), smart contracts.
STEPS TO IMPLEMENT & TIMELINE:
Timeline and Milestones
Phase 1 : Pre-Development and Design
Milestone 1 : Proposal approval and Grant Agreement signed
Milestone 2 : DEX UX/UI Design
Estimated Timeline: 3 weeks
Phase 2 : Architecture and Smart Contracts
Milestone 3 : Tokenomics Design and Technical Architecture
Estimated Timeline: 4 - 6 weeks
Milestone 4 : DEX Smart Contract Development and Testing
Estimated Timeline: 6 - 8 weeks
Phase 3 : Development and Integration
Milestone 5 : Front-end Development and Integration Begins
Starts Week 11
Milestone 6 : Farming Rewards Program Back-End Development (These details are still in the ideation and strategic phase and are not yet able to be shared. Ultimately we hope to incentivize liquidity provision and activity on the DEX, which translates to activity on ApeChain, via token rewards to users.)
Estimated Timeline: 4 weeks
Milestone 7 : Charting and Analytics Back-End Development
Estimated Timeline: 2 weeks
Milestone 8 : Trading Alerts Features
Estimated Timeline: 2 weeks
Phase 4 : Testing and Launch
Milestone 9 : Development and Testing of Tokenomics System(s)
Estimated Timeline: ~ 2 months
Milestone 10 : Completion of Front-end Development and Integration
Estimated Timeline: Weeks 15 - 18
Milestone 11 : Smart Contract/Platform Internal Audit
Estimated Timeline: Weeks 12 - 14
Milestone 12 : Smart Contract 3 rd Party Audit ( We have identified Halborne, QuantStamp, and CertiK as possible auditing partners. Audits would be made public for the ApeCoin DAO so long as the technical team does not deem such disclosures a security risk.)
Estimated Timeline: Weeks 13 - 15
Milestone 13 : Go-Live!
Estimated Timeline: Weeks 16 - 20
Total Estimated Time: 4 - 5 months
[Note: Final launch time may be dependent upon ApeChain launching.]
OVERALL COST:
Total Budget: 750 , 000 APE COIN
Detailed Cost Breakdown and Allocations
Platform Design & Development: $ 340 K
DEX UX/UI Design: $ 30 , 000
Tokenomics & Technical Architecture: $ 65 , 000
Smart Contract Development & Testing: $ 60 , 000
Front-end Development & Integration: $ 65 , 000
Back-End Development for Farming Rewards and Charting/Analytics: $ 45 , 000
Trading Alerts Features: $ 25 , 000
Smart Contract Audits (Internal & 3 rd Party): $ 50 , 000
Marketing, Business Development, and Operations: $ 120 K
Business Development & Partnerships: $ 45 , 000
Marketing & Community Engagement: $ 50 , 000
Operations & Miscellaneous: $ 25 , 000
Legal & Compliance: $ 100 K
Comprehensive legal support and compliance assurance to navigate the regulatory landscape effectively.
Infrastructure & Miscellaneous Costs: $ 190 K
Hosting Costs: $ 35 , 000
Blockchain Indexing/Data Storage: $ 25 , 000
Contingency Fund: $ 50 , 000
1 -Year Maintenance: $ 80 , 000 (Included to ensure ongoing support and updates for the platform, covering server maintenance, product updates, and bug fixes.)
While a plan to submit a follow-up AIP in collaboration with Sushiswap to continue as ApeSwap’s service provider after the conclusion of the initial 1 -year term has not yet been decided, we hope revenue from the DEX will be sufficient to maintain all operations and maintenance expenses post the initial 1 -year term.
Likes: 15
Replies: 0
Likers:
Victex,
Harata,
PapiC,
Pope,
MIKER,
FtmFairy,
CryptoCaro,
Moonlyght,
Davinic,
vitor.px,
thanks-for-all,
Phantomblot,
bczoom,
rikiti07,
Brenno
No replies yet.
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An ApeCoin Run, Royalty Enforced, OpenSea Replacement
by alexmccurry - Accepted AIP Author
Posted on: Sept. 3, 2023, 12:23 a.m.
Content: Love this idea, and coming from a team we can trust. Happy to support on any engineering or technical needs to ensure a smooth implementation. The Blur incentives have unfortunately pushed our market and communities to a place that I think we never expected to be in. A well-funded alternative that can really make a dent would be an excellent initiative for the ApeCoin portfolio of work.
Likes: 5
Replies: 0
No replies yet.
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AIP-257: ApeCoin Marketplace Renewal
by alexmccurry - Accepted AIP Author
Posted on: May 10, 2023, 9:14 p.m.
Content: Snag has executed incredibly well on their marketplace proposal in delivering a community-first product. While the team is very confident in the code/product, I think the cost of $ 10 k ape is highly reasonable to provide the community with an additional layer of security/comfort. In favor of this renewal and proposal and cannot wait to see what the ApeCoin marketplace does next for our community!
Likes: 8
Replies: 0
No replies yet.
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[Resubmission] - Should we fund an ongoing bug bounty for all other AIPs with security risk? (v2)
by alexmccurry - Accepted AIP Author
Posted on: April 10, 2023, 5:28 p.m.
Content: The size and scope of this at scale would result in substantial recurring costs for the DAO. A properly run BBP that only pays out based on bugs that are found will be more cost-effective for the DAO long-term IMO. Over time the DAO will fund protocols that have hundreds of contracts active with thousands of code commits/changes happening to those code bases over time. While secure, the size and scale of ongoing auditing would likely be far more expensive than a performance-based BBP.
Likes: 1
Replies: 0
No replies yet.
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[Resubmission] - Should we fund an ongoing bug bounty for all other AIPs with security risk? (v2)
by alexmccurry - Accepted AIP Author
Posted on: April 10, 2023, 5:25 p.m.
Content: Excited to see this come back up for a vote. A properly run Bug Bounty Program is extremely vital to community security and distribution of $APE-backed software infrastructure and initiatives. I think this new version with lower cost, more defined timeline, and better process implementation more accurately reflects what the community hopes to see from a BBP.
Likes: 1
Replies: 0
No replies yet.
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AIP-229: Establish guidelines for ApeCoin staked in protocols to be counted for voting power
by alexmccurry - Accepted AIP Author
Posted on: March 15, 2023, 9:06 a.m.
Content: Super vital proposal and will offer a lot more inclusion for community members. Highly in favor!
Likes: 7
Replies: 0
No replies yet.
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AIP-223: A Community-First ApeCoin DAO DEX - Ecosystem Fund Allocation
by alexmccurry - Accepted AIP Author
Posted on: Feb. 17, 2023, 1:52 p.m.
Content: @mallard We are content with the feedback, thank you!
Likes: 2
Replies: 0
No replies yet.
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AIP-223: A Community-First ApeCoin DAO DEX - Ecosystem Fund Allocation
by alexmccurry - Accepted AIP Author
Posted on: Feb. 9, 2023, 11:39 p.m.
Content: Hey Amp, appreciate the detailed response and questions. Will answer 1 -by- 1 best as possible:
As for the multi-asset pools we are going to go with standard WETH pairings.
The current thought process for the architecture is that swap fees will be converted into $APE and then paid out to LPs.
When we say deflationary, we are simply implying that the DEX will encourage deflationary pressure on $APE as several core functions will encourage the holding and staking of $APE, as well as reward participants in $APE. People can obviously decide to go and sell $APE at any point that they are rewarded in or that they decide to acquire to benefit from swap fees.
Liquidity is definitely the market as you say, and that could perhaps be worded better. I think the core point is that this product will generally increase the amount of $APE taken out of LPs and put into the hands of users who would presumably be incentivized to hold some or all of this amount. Would love to have your support and feedback on how you think we can create the best offering for ApeCoin holders and participants in this product!
Likes: 7
Replies: 0
No replies yet.
