Otherside land refund completed, total amount exceeds 4 million USD; three governance proposals passed, increasing APE staking pool limit

The land grab of Otherside on 5/1 caused a congestion on the Ethereum network for several hours, resulting in unprecedentedly high Gas Fees and many users experiencing losses due to failed transactions. Today, Yuga Labs has refunded all users' Gas Fees through Multisender, with a total refund amount exceeding 4.5 million USD. In addition, ApeCoin DAO also had three governance proposals approved today.

Yuga Labs Full Refund

We have refunded gas fees to everyone who made a transaction that failed due to network conditions caused by the mint. The fees have been sent back to the wallets used for the initial transaction. Here’s how to find your refund… 🧵

— Yuga Labs (@yugalabs) May 4, 2022

Users who experienced failed transactions during the land minting process can check if the refund has been received through Etherscan. By entering their wallet address in the search bar, a transfer from Multisender.app will appear under Internal Txns. If there were multiple failed transactions, the refunds will be consolidated into a single transaction.

Note: Multisender is a tool that allows sending the same token to multiple addresses at once.

According to Etherscan data, the Yuga Labs refund amount exceeds 1,600 ETH, approximately 4.7 million USD.

Governance Proposals AIP-7, 21, 22 Approved

In addition to the Yuga Universe land refunds, ApeCoin DAO also approved three governance proposals today, with AIP 21 and 22 being optimized versions of the previously rejected proposals AIP-4, 5. These proposals mainly discuss ApeCoin's staking methods and increase the staking limits for each pool.

The staking pools are divided into four types with the following staking limits:

• ApeCoin Staking Pool: No limit
• BAYC Staking Pool: 10,094 ApeCoin
• MAYC Staking Pool: 2,042 ApeCoin
• BAKC Staking Pool: 856 ApeCoin

If holders of Bored Ape Yacht Club (BAYC) NFTs wish to stake in the NFT pool, they need to pair their NFTs with their ApeCoin to gain access to the staking pools. Their NFT acts as the key to the safe, and only those with the key can access the rewards of the staking pools. However, before using the BAKC staking pool, BAKC must first be paired 1:1 with BAYC and MAYC.

Furthermore, ApeCoin staked in the pools retains voting rights for ApeCoin DAO governance proposals.

ApeCoin Distribution Ratio

The following chart illustrates the distribution process of ApeCoin over the next three years, distributing 17.5% of the total circulation of ApeCoin within 3 years, with a reduction in distribution amount each quarter. In the first year, the distribution will be 47% for the BAYC pool, 19% for the MAYC pool, and 30% for the ApeCoin pool.

The distribution ratio for the following year will be determined by the average price of NFTs in the fourth quarter of the previous year, with the ApeCoin pool remaining unchanged.

Note: AIP-7 proposal discussed changes to the ApeCoin forum structure to better meet the overall needs of proposal processes, governance, education, and community.

High Proposal Support Rate

All three proposals were passed with an extremely high approval rate, exceeding 90%.

For example, in AIP-21, the token weight held by the top supporter alone exceeded the combined weight of all opposing votes. It can be seen that the criticism of the ApeCoin staking mechanism by well-known cryptocurrency trader Cobie had little impact.