Quick take:
- Apecoin DAO members want more than half of the budget provided to go to game development.
- The requirement is one of the five proposals made by the members following the formation of the new organisation.
- Apecoin DAO will govern BAYC’s Web3 and metaverse gaming venture, which raised $450M from venture capital investors.
Apecoin DAO’s formation is beginning to take shape after its members made a five-point checklist of proposals that will help to govern the decentralised autonomous organisation.
According to the publication, the DAO members want more than half of the budget to go to game development. Yuga Labs, the company behind Apecoin raised $450 million from venture capital investors valuing the blockchain company at $4 billion according to an announcement on Tuesday.
The company is foraying into Web3 and metaverse gaming after launching “Otherside”, an immersive gaming ecosystem that will allow the integration of products from other blockchains including NFTs.
Several mainstream game developers pivoting to blockchain gaming have been faulted for focusing more on optimising their revenues at the expense of enhancing gaming features. Apecoin DAO members want the organisation to focus on developing quality games in order to compete with what’s already out in the market.
Ecosystem fund allocation
The members have allocated up to 6% of the ecosystem fund to four foundational spending categories during year one. Of the 6%, 3.2% will go to game development while events will receive 1.2%.
On the other hand, 0.8% is dedicated to merch production, 0.5% to education and marketing, while the remaining 0.3% is for the development of the Apecoin NFT marketplace.
Staking pool allocation
The Apecoin DAO members have also proposed that 17.5% of the total Apecoin supply be allocated to the staking pool. The staking is phased into three periods. In year one, 100 million Apecoin tokens will be distributed, representing 10% of the total Apecoin supply.
The DAO also wants 50 million, or 5% of the total Apecoin supply be distributed in year two, with the remaining 2.5% of the proposed 17.5% staking pool distributed in year three. The initial staking period runs for 12 months from expiry, with the second period beginning right after, and so on.
There are four staking pool types, with the BAYC staking pool carrying the highest allocation with 47,105,000 while ApeCoin has an allocation of 30,000,000. On the other hand, MAYC and BAKC have been allocated 19,060,000 and 3,835,000, respectively.
Staking process
The staking princess provides that the members will also be able to stake ApeCoin and use the BAYC ecosystem NFTs to receive ApeCoin from a preset pool over a set period of time. Members can stake using the ApeCoin token, as well as, MAYC, and BAKC NFTs.
Voting protocol
The Apecoin DAO also provided details about the voting protocol currently live on Snapshot and ending on March 30.
DAO structure
Finally, the members proposed the structure of the DAO with Apecoin serving as the governance token, as well as, the utility token for art, gaming, entertainment, and events in web3.
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