ApeCoin Community In Support Of Staking, Is This Bullish Signal For APE?

Three proposals related to staking ApeCoin (APE) and reorganizing its governance were approved by the ApeCoin community. The staking proposals AIP-21 and AIP-22 garnered 91.55% and 91.17% votes, respectively.

Meanwhile, the AIP-7 on the forum’s restructuring has gained 99.5% votes.

Staking on ApeCoin and the Bored Ape Yacht Club (BAYC) NFT ecosystem, as well as modifying the forum’s structure, will help APE gain even more popularity. It will also assist ApeCoin in becoming the preferred token in the web3 and NFT space.

ApeCoin Community Approves Staking, Forum Restructure Proposals 

ApeCoin DAO tweeted on Thursday that the AIP-21/22 proposals on staking and the AIP-7 proposal on the ApeCoin forum restructure have been approved after massive voting by the ApeCoin community. In total, the three AIPs received more than 15 million ApeCoin (APE).

For ApeCoin and the Bored Ape Yacht Club (BAYC) NFT ecosystem, the AIP-21 offers a staking method with caps. It encourages existing and potential ApeCoin, Bored Ape Yacht Club, Mutant Ape Yacht Club (MAYC), and Bored Ape Kennel Club (BAKC) NFT users to receive APE in 12 months.

Moreover, the AIP-21 ensures that staked NFTs remain tradeable and that the expansion of the BAYC ecosystem is unaffected by staked asset lockup.

The AIP-22 proposes a three-year staking period and a total ApeCoin allocation for staking pools. It suggests distributing 17.5% of the total ApeCoin (APE) supply for three years. 100 million ApeCoin tokens will be distributed in the first year, 50 million in the second year, and 25 million in the third year.

The AIP-7 proposes a shift in the ApeCoin forum’s structure. The goal is to improve the proposal process as well as governance, education, and community. Furthermore, it promises AIP-related discussions, workstreams on DAO work, and community growth.

All three AIPs will be implemented by the ApeCoin DAO in line with DAO governance protocols.

ApeCoin (APE) Prices Continue Rising

The price of ApeCoin (APE) has risen approximately 20% in the last 24 hours. However, the APE is still trading at a low to its last of about $26. Despite a price drop following the launch of the Otherside metaverse, ApeCoin continues to surge in popularity as NFT and metaverse buzz grow.

Staking and forum structuring may lead to an increase in the APE price trend, as staking will incentivize all users.