Welcome to
The ultimate ApeCoin DAO ELI5
you will now understand everything about ApeCoin DAO, $APE token, learn how to vote on proposals using SnapshotLabs, what are AIPs, how to submit your own improvement proposal and much more.
Let’s get to it
First things first, what is a DAO?
If you’re not living under a rock you should know at this point that DAO stands for Descentralized Autonomous Organization.
There are many DAOs in the #crypto space and ApeCoin DAO, formed by $APE holders is one of them
Actually one of the biggest ones, according to the Pass, a website used to rank DAO treasuries and stats, ApeCoin DAO has the 2nd biggest treasury of all NFT DAOs and the 8th biggest treasury in the general rank.
Check the live rank here: https://thepass.to/leaderboard/nft_dao/ethereum
If you check ApeCoin’s official website you’ll see a short and straight to the point description of the DAO role:
To descentralize governance and decide the future of the APE ecosystem.
More on https://apecoin.com/about
Being a member of the ApeCoin DAO is really simple, you just have to do one thing:
HOLD $APE
If you hold 1 $APE you’re a member, as simple as it sounds.
You can buy $APE on @uniswap or many other DEX and CEX
Most of the serious discussions happen on the ApeCoin Discourse
The forum which uses Discourse as a base, which is really common for other crypto projects too.
Some discussions are also happening on ApeCoin discord: https://discord.gg/apecoindao
As a rule of thumb consider Discourse as the place to go for more important discussions and AIPs and Discord for everyday talk and other subjects (there are important conversations going on there too)
By the time of this writing ApeCoin has 137029 Token holders, 155 Proposals, 8477 Voters on Proposals, 385.4K Twitter Followers, 2.2K Discord members and and $282.1M USD Treasury value (most held in $APE).
$APE max supply is 1 billion coins and you can check the initial distribution on the attached image
62% of initial supply went to BAYC and MAYC owners and DAO treasury
The structure of the DAO is way more complex than what will explore in this introductory overview, with an elected council, different entities and more.
I highly suggest you to check the ApeCoin DAO website too after reading my ELI5
Let’s get to Voting
All ApeCoin proposals are voted on Snapshot: https://snapshot.org/#/apecoin.eth
A common and clever website that makes it easy to check and vote on current proposals.
As mentioned before all you have to do is hold 1 $APE to be able to vote.
The first time you access the website you’ll simply have to connect your wallet on the top right corner, as any web 3 website, it supports @metamask, @rabby, wallet connect and Coinbase wallet as well as other alternatives.
After connecting you’ll be able to click on proposals to check their:
Description - telling you what the proposal is about
Start/End date - you’ll be able to vote within this period
Current Results - showing you what option is winning at this moment.
Results are shown in quantity of $APE as well as % making it quite easy to understand.
Take your time to read the description before deciding for which option you want to cast your votes, if you need more details you can always click the link to check discussions on discourse website too
Once you decide who you want to vote for, click on your option to select it and go ahead and click vote.
A new screen will appear with your choice, a block snapshot confirmation and your total weight in ApeCoin.
You can add your reason for voting as a text if you wish.
Afterwards just click confirm and sign the off chain transaction to register your vote.
(by my experience sometimes there was a small bug in this screen where I had to submit my vote more than once using @snapshotlabs maybe by the time of this writing this was already corrected)
You’ll be able to see your vote and weight on the participant list once you’ve confirmed the off-chain transaction
An interesting feature is that if you click on “See more” you’ll also have the possibility to search voters by ENS or address,
try it yourself!
This is all you need to know for voting using SnapshotLabs website
Make sure you check active proposals, read and vote for it.
By the time of this writing we have 6 active proposals ending in 2 days.
https://snapshot.org/#/apecoin.eth
In this example I'm using AIP-256
discussed here
https://forum.apecoin.com/t/aip-256-apecoin-dao-mission-statement/12540
Now we’ll talk a little bit about discourse, how to keep up with new AIPs and how to propose your own ideas for ApeCoin DAO
AIP stands for Ape Improvement Proposal and it’s a way for the community to bring ideas and receive funding to contribute for the success of @apecoin DAO
There are 3 main categories for proposals:
Core (Composed by Brand Decisions and Fund Allocation)
Process (Changing process or implementation, including guidelines, changes in the decision making process and more)
Informational (Proposals that aim in informing the community)
Each proposal has an specific template beautifuly detailed on ApeCoin DAO website
You must include as much information as possible in your proposal.
Abstract, Motivation, Rationale, Key Terms, Specifications, Steps to Implement, Timeline and Overall Cost.
for more details it’s a good idea to check ApeCoin website in depth
https://apecoin.com/governance
Even if you’re proposal is not accepted in the first try members are encouraged to improve and resubmit proposals.
There are 9 stages for a proposal from draft to implementation.
It starts with the idea (Phase 1), moves for a draft on discourse (Phase 2), then the AIP Draft is sent to analysis and reviewed by a project management team (Phase 3), reviewed by moderators (Phase 4), tagged as “Straight to Vote” or “Needs Administrative Review.” (Phase 5), sent to Administrative Review (Phase 6), then finally the AIP goes live for voting (Phase 7), voting closes (Phase 8) and it moves for the final phase which is where it’s implemented (Phase 9).
I highly suggest all people interested in submitting a proposal to check two main links:
Discourse to see the AIP ideas, how discussions go, and how was the process of approved AIPs from draft to implementation.
And Apecoin Snapshot page to see how was voting on each proposal.
https://snapshot.org/#/apecoin.eth
Creating new ideas for ApeCoin DAO is not the easiest process but members are really supportive and you’ll be able to ask questions if you need help in the process.
Joining the discussions and contributing to the ApeCoin forum is also a good way to be present and interact with the community
there’s even a Help & Resources section in the forum so you can have all your questions answered
Make sure to use it if you need.
https://forum.apecoin.com/c/help-resources/26
ApeCoin DAO is a huge DAO and we see really interesting proposals happening every week, I hope this 3-part series on how to join the DAO, vote and create your own proposals was useful and helped you learn a bit more about their ecosystem.
This mirror article was possible thanks to @nounsprophouse and @ThankAPE
Thanks for @bayc3593, @aravenape, @inverted, @nfthuhu, @gregcardo, @elvy, @charlesc, @desconstruct and everyone who voted for my proposal.
https://prop.house/thank-ape/governance:-making-apecoin-antifragile/6967
Thanks for tuning in and reading it.
Ape out.