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The Bored Apes XRP Club, a burgeoning community within the XRPL ecosystem, has been making waves with its unique governance model, where token holders have a say in key decisions. Here, we delve into the past voting proposals, unpacking the community's choices and their implications for the project's future.
Hog's Ranking System Proposal (BAY-VP / 01)
In early February, the Bored Apes XRP Club community faced a pivotal decision regarding the ranking system for their HOG's collection. The proposal ended on February 19th, with the community favoring Option 1, aligning the HOG collection with the ranking system used for Bored Apes, which prioritizes trait uniqueness. This decision underscores the community's commitment to consistency across collections, optimizing value for holders of both BAY and HOG tokens.
Setting the Minting Deadline (BAY-VP / 02)
The conversation around setting a minting deadline concluded on February 27th. Option 2 prevailed, setting a hard deadline for minting Bored Apes XRP NFTs on March 29th. This move transitioned the project out of the minting phase, providing a clear path forward for holders to mint or claim their NFTs. The resolution to set a deadline highlights the community's desire to progress into new phases of development and promotion.
Hog's Minting Deadline (BAY-VP / 03)
The community also decided on a minting deadline for the HOG collection, concluding on May 23rd. Option 2 was chosen, scheduling the end of minting for June 30th and burning the remaining unminted tokens to reduce supply. This decision reflects the community's strategic approach to scarcity and value retention.
Airdrop Eligibility Criteria (BAY-VP / 04)
A significant discussion on airdrop eligibility criteria led to a vote that ended on July 10th. The community showed a proactive approach to ensuring the value of their holdings by considering criteria for Baynana & CasinoCoin airdrops. This reflects a maturing governance process where the community actively shapes the reward mechanisms.
Deciding on the Threshold Price (BAY-VP / 05)
The community vote on setting a threshold price for receiving daily rewards commenced on July 17th, with an end date of July 24th. This vote demonstrates the community's hands-on approach to aligning individual incentives with the overall health of the project, ensuring that reward systems foster sustainable growth.
Auctions from the Team's Wallet (BAY-VP / 06)
Lastly, the community expressed interest in acquiring certain NFTs held by the team. The proposal started on August 17th, aiming to establish a fair and transparent auction process. This potential policy change underlines the community's desire for equitable access to valuable assets, along with a commitment to using the proceeds for project development.
The Bored Apes XRP Club's governance decisions illustrate a community deeply invested in the project's direction and success. These collective choices showcase a sophisticated understanding of the dynamics between governance, value, and community growth. As the club continues to evolve, it sets a standard for community-led projects in the XRPL ecosystem, balancing individual interests with collective prosperity.
