IQIP-15: Staking BrainApe and ApeCoin to earn ApeCoin Rewards for BrainDAO

Background:

Earlier this year, BrainDAO launched a strategy of acquiring Blue Chip NFT assets in addition to Ethereum and stablecoins to diversify the BrainDAO treasury. These acquisitions began after IQ stakers voted overwhelmingly in favor of IQIP-10: BrainDAO To Acquire Blue Chip NFTs to Distribute NFT Derivatives and Intellectual Property to IQ Stakers.

BrainDAO then acquired Bored Ape #9665 and voted to name him BrainApe. BrainDAO also later acquired Pudgy Penguin #2614 and the Hashmask named Gnostic.

The ApeCoin DAO which manages ApeCoin recently launched staking pools. The pool with the highest rewards, the BAYC Pool, is only available to Bored Ape Holders. The ApeCoin DAO has set aside 47,105,000 $APE for pool rewards for Year 1.

Overview:

We propose BrainDAO acquires 5,000 ApeCoin using its treasury funds and stakes BrainApe with the Bored Ape Staking Pool. This will allow BrainDAO to start earning ApeCoin rewards. As of writing the Bored Ape Staking Pool offers over 250% APR.

By staking BrainApe and ApeCoin, BrainDAO will be able to leverage the assets it already holds, diversify its treasury, and bring in a new source of revenue.

Vote Options

YES, acquire 5000 ApeCoin and stake BrainApe to earn ApeCoin rewards.

NO, Do Nothing