AIP-474: Delegated ApeCoin Community Voting Wallet

PROPOSAL DESCRIPTION

This proposal is for the creation of a 15M $APE multi-sig “Community Voting Wallet” controlled by members of the DAO community.

The purpose is for the CVW to be the voting voice of the community without the influence of whale wallets which tend to override the wishes of the community whereby whale wallets vote against the community pulse.

This mechanic will require a temp check voting period during which the “pulse” of the voting community is based on a “1 wallet = 1 vote” linear voting Snapshot recipe. The results of this voting temp check then determines how the community CVW votes on proposals.

The period of the delegated wallet will last for a period of ONE YEAR (term) from the date that the wallet is used to vote in any AIP. The term can be renewed if a member puts up an AIP to extend it before the term ends. The newly created delegation cannot be used to vote in any subsequent vote concerning its own delegation (e.g., a vote to renew, a vote to end the delegation early, etc.).

Background Overview

• Despite the size of the ApeCoin community, a few whale (1M+ $APE) wallets control the outcome of most proposals up for vote.

• In fact, the majority of token holders don’t actually participate in the DAO voting system.

• The voting turnout continues to decline because, as in real-life, the general consensus among voters is that they can’t be bothered because they know that their vote isn’t likely to count.

• In the June 2024 period alone, the average voting turnout for all AIPs was 189 (!)

• The introduction of the Horizen wallet in the voting system last October has thus far created a polarizing effect whereby, at 4.3M $APE, it is now the 2nd largest voting wallet next to the Mocaverse (delegated by Animoca) at 6.3M $APE. And due to the turnout of the voters, these two wallets control the outcome for every vote in the DAO.

• The effects of whale voting wallets controlling the outcome of the DAO voting is a centralized paradigm that is outside the realms of decentralization, trust, and fairness.

• Putting caps on a voting wallet isn’t the answer as that will just lead to Sybil solutions whereby that same wallet can be split into amounts below the cap, then all vote anyway.

• The Ape Foundation, acting at the behest of the DAO, has an obligation to ensure that each member of the DAO has a voice, and that the voting system is fair and equitable to all.

See also: Special Council To Propose Voting System Reform

BENEFIT TO APECOIN ECOSYSTEM

This initiative ensures that the DAO community voting, via this proposal, is fairly representative of the wishes of the community.

It can also dramatically reduce - even eliminate - the influence of whale wallets in the DAO voting system.

This community temp check Snapshot voting system is similar to the For|Against ApeChain vote which came ahead of the final AIP vote for the selected team to build ApeChain.

OVERALL COST

Total amount requested from the ApeCoin Ecosystem Fund = 0 ApeCoin

PROPOSAL

Link to the full proposal: https://forum.apecoin.com/t/aip-474-delegated-apecoin-community-voting-wallet/24629

The AIP implementation is administered by the Ape Foundation. Implementation may be immaterially or materially altered to optimise for security, usability, to protect APE holders, and otherwise to effect the intent of the AIP. Any material deviations from an AIP, as initially approved, will be disclosed to the APE holder community.