Premise: The DAO should endeavor to decrease incentives for Yacht Club members to deposit their apes in contracts outside of their wallets.
Issues:
Bad actor risk: As demonstrated by the Paraspace debacle, 3 rd parties pose additional risk to the ecosystem that may be difficult to fix upfront.
Concentration risk: It’s not good risk practice for 5 % of the collection to be in one wallet for any reason.
BendDao has 466 BAYC in one wallet
ParaSpace has 587 BAYC in one wallet
Main drivers of Ape holders risking their apes in 3 rd party contracts
Easily Fixable
$APE auto compounding
Renting out $APE staking rights
Probably not fixable
NFTfi (loans, etc.)
Custodial exchanges
Fixing the easy stuff
$APE auto compounding
The official contract should have $APE auto compounding, both at the contract level and on the front end.
Renting out $APE staking rights
Contract should be upgraded such that $APE does not need to be staked to a BAYC/MAYC/BAKC in the same wallet. An upgraded contract should allow for those rights to be delegated to a separate wallet via a solution like Liquid Delegate proposed by delegate.cash or Warm protocol.
Other contract upgrades
Add in batch withdrawals so it doesn’t take multiple txns to withdraw from the separate pools.
The post discusses the need for the DAO to reduce incentives for Yacht Club members to deposit their apes in third-party contracts. It highlights the risks associated with bad actors and concentration of assets in wallets, citing specific examples from BendDao and ParaSpace. The post suggests fixes for issues such as auto compounding, renting out staking rights, and other contract upgrades to address the risks effectively.
I strongly support this proposal. I went for the official staking contract because I didn’t want my…
I strongly support this proposal. I went for the official staking contract because I didn’t want my Ape to leave my wallet. My friend had Apecoin and if we had gone for Paraspace we could have staked his coin and taken on more public staking but I can’t do that in Apestake and we had to go for trust where he sent his APE to my wallet for staking.
strongly in support of this proposal. Also the reason I went with using the contract instead of a …
strongly in support of this proposal. Also the reason I went with using the contract instead of a 3 rd party. Was there every communication why this was not supported in the first roll-out? Development risk? Timing to implement? Etc? The fact that these protocols shenanigans happen on a regular basis (especially on the ape ecosystem due to the value of the assets) are damaging to the long term value of the brand. In other words, there are jokes about how dumb apes are and there are already enough monetary risks in ecosystem that I believe this functionality is overdue and was promised by the company the DAO paid to implement. See: https://twitter.com/domenicocusu/status/ 1603484617209626624 ?s= 46 &t=X 8 Z 5 pRD 013 eCJf 3 w_W 1 MlA
FYI, this tweet is in regards to adding the “CLAIM ALL” function. However it references a “roadmap” on the staking proposal. Can anyone point us to a reference or communication on this roadmap?
adding to string the screenshot of multiple community members asking for insights into the roadmap?…
adding to string the screenshot of multiple community members asking for insights into the roadmap?
image 795 × 939 80 . 9 KB
A question for those of you who have more insights into operations. Does HorizenLabs still have a working relationship with the DAO?
Auto-compunding would be great. If legal, ofc.
The rest like renting etc. is highly speculative an…
Auto-compunding would be great. If legal, ofc.
The rest like renting etc. is highly speculative and unnecessary for normal staking so purely optional IMO.
I won’t stake through 3 rd party or do any renting, etc.
Thanks for this initiative. Yet another that should’ve been in place from Day 1 .
ahimaaz: The delegation feature is not only for useful for renting out staking rights, it allows you to follow security best practices by segmenting the account that claims and handles the $APE from the vault holding the NFTs.
As of now, users must either keep Apes in a transacting wallet (violates cold wallet status) or transfer them frequently from cold wallets or multisig to interact with the staking system.
glad to see this brought here. I have seen a lot of discussion regarding this on twitter and believ…
glad to see this brought here. I have seen a lot of discussion regarding this on twitter and believe the way to get this implemented for the community is via an AIP.
I’ve had several Apes ask me where they should stake, and while I mention ParaSpace, BendDao and ot…
I’ve had several Apes ask me where they should stake, and while I mention ParaSpace, BendDao and other custodial options, I basically have to put on the “MY ASSETS NEVER LEAVE MY WALLET” voice every time. It’s as though BlockFi, Celsius, Voyager, and the others have taught us nothing.
I appreciate this being raised here, the greater incentive (and access) to self-custody our assets the better off the community will be.
Im all the way in support of this. We shouldnt need other people (para and bendao) to do what apeco…
Im all the way in support of this. We shouldnt need other people (para and bendao) to do what apecoin should already be doing in the first place. This feels like such a no brainer.
Hey @spencerventures,
Welcome to the forum, glad to see you’re posting up your proposal ideas. :gor…
Hey @spencerventures,
Welcome to the forum, glad to see you’re posting up your proposal ideas. :gorilla::blue_heart:
I posted this comment in response to your post on twitter, so I’m going to re-post here too just to share the same context, so that others looking in have the right expectations as this idea evolves throughout the discussion…
It maybe helpful to consider working with Horizen directly for this proposal. We recently saw a proposal returned for reconstruction by the SC, before becoming eligible for community voting, it was nearly an identical proposal.
Their reasoning behind the return for reconstruction is there as the final comment in the discussion for the proposal.
Thank you,
@Lost
Waabam: Hi @spencerventures,
Following up on the point @Lost made above, which is that a proposal like this needs to come on behalf of or in partnership with Horizen Labs.
Have you been in contact with Horizen about this?
MisterHype: Hi @Waabam,
Sorry for my misunderstood here, happy to hear that. I said it following @Lost comment you mention
Lost:
before becoming eligible for community voting,
Stay hyped!
-Mr. Hype
The delegation feature is not only for useful for renting out staking rights, it allows you to foll…
The delegation feature is not only for useful for renting out staking rights, it allows you to follow security best practices by segmenting the account that claims and handles the $APE from the vault holding the NFTs.
As of now, users must either keep Apes in a transacting wallet (violates cold wallet status) or transfer them frequently from cold wallets or multisig to interact with the staking system.
For clarity, are you referring to apestake.io when referring to front end?
I’m all for shaping this…
For clarity, are you referring to apestake.io when referring to front end?
I’m all for shaping this idea up to enhance $APE staking experience… especially with auto-compounding feature. Thanks for putting this together.
Very supportive of this, on the presumption that ‘front end’ refers to the official Horizon-built A…
Very supportive of this, on the presumption that ‘front end’ refers to the official Horizon-built Apestake platform. As such this would need to implemented in conjunction with Horizon labs.
Thanks for bringing this up again!
: 100 : It’s been asked for some time. And this is the route to get it through as you said ser.
: 100 : It’s been asked for some time. And this is the route to get it through as you said ser.
Hi @spencerventures first post and very valuable !
I agree that decreasing incentives for Yacht Clu…
Hi @spencerventures first post and very valuable !
I agree that decreasing incentives for Yacht Club members to deposit their apes in contracts outside of their wallets is important for the health of the ecosystem. The issues of bad actor risk and concentration risk are definitely concerning, and it’s good to see potential solutions being proposed. I also think that auto-compounding and batch withdrawals would be helpful improvements to the staking contract. Thanks for sharing this proposal and starting the conversation!
-Mr. Hype :fire:
Hi @spencerventures,
Following up on the point @Lost made above, which is that a proposal like this…
Hi @spencerventures,
Following up on the point @Lost made above, which is that a proposal like this needs to come on behalf of or in partnership with Horizen Labs.
Have you been in contact with Horizen about this?
Hi @Waabam,
I believe that @spencerventures proactive approach in reaching out to the community is …
Hi @Waabam,
I believe that @spencerventures proactive approach in reaching out to the community is exactly what we should expect from a DAO aiming for efficiency in our executions. This forum (AIP Idea) allows us to shape ideas together, understand the shared vision we all agree to execute, and gather feedback to refine and finalize the idea before reaching out to execution (aka Horizen Labs). Don’t you agree that this collaborative process helps us ensure that our proposal aligns with the community’s vision and maximizes our chances of success?
-Mr. Hype :fire:
Waabam: Hi @MisterHype,
Yes, I absolutely think that @spencerventures has taken the right approach here. I am asking if he’s reached out to Horizen yet because I could make an introduction for him, if that’s helpful.
