The vision behind Yung Ape Squad was always to stay true to the values of the blockchain ecosystem: Operate with open-source values, empower our community, appreciate self-sovereignty, and desire transparency.
Our roadmap was designed to pursue these values and a big milestone towards decentralization is the launch of our DAO. In this article, we will go over the features, responsibilities of the Yung Ape DAO and how to participate in it.
Yung Ape DAO is the governing body of the Yung Ape Squad that works in harmony with the project team and the community. The only way to participate in the DAO’s decision mechanism is by owning a Yung Ape Squad NFT as the DAO is set up to provide exclusive rights to the owners. The main responsibilities of the DAO are to track and approve expenditures, decide on project activations, fund growth on multiple verticals.
In order to execute these responsibilities, the DAO can be viewed as a combination of two main bodies: The treasury and the proposals.
Yung Ape DAO Treasury
The Yung Ape DAO treasury will have a base treasury of 25% of funds raised through minting. On top of that, 5% of the secondary sales will flow into the treasury continuously, including the ones until now. This means our capabilities will grow with our achievements. There is a positive feedback loop being created here: In order to thrive as a project, we will have to work towards tangible deliverables and as we execute on those, the treasury will grow, giving us even more resources to prosper.
In simpler terms, Yung Ape Squad is a non-stop self-charging engine that does not only run relentlessly but also gains more horsepower every step along the way.
The use of treasury funds will be a collective decision and the focus will be on covering the following expenses: Marketing, staking and tokenomics development, liquidity provision, game development, technical maintenance tasks and impromptu costs that cannot be foreseen now.
The spending should focus on the growth of the project and support a long-term sustainable strategy for the well-being of the DAO members.
How To Participate?
The Yung Ape DAO treasury will be 100% transparent so the DAO members can track the spending. In order to check the treasury budget and latest transactions, members can visit our Gnosis Safe multi-sig by clicking here.
Once landed, members can clearly see the total balance of the treasury as shown in the screenshot below:
Transactions and transaction history can be viewed by following the steps outlined in the screenshots below:
Yung Ape Proposals
Yung Ape Proposals (YAPs) are proposals that are anticipated to play a big role in the future of the project. YAPs can be perceived as alignments that drive action points, the biggest difference for Young Ape DAO will be the fact that everybody will have a voice.
The YAPs process and the project’s overall development are supported by a dedicated team. This team is responsible for bringing the proposals to the DAO. DAO will get to choose whether to pursue the proposed strategy or not.
How To Participate?
Every Yung Ape holder can play an active role in the decision-making of the DAO. In order to vote on proposals, members can visit our Snapshot platform by clicking here.
In order to vote, DAO members will need to connect their wallets. This is a safe and necessary step as only by confirming that the wallet actually holds a Yung Ape, members will be able to vote. Once a wallet is connected, the only thing that needs to be done is to select the proposal and cast a vote. Yung Apes the members hold will represent the votes they can cast.
The first proposal will be the designed governance model that further details the working groups, the types of proposals and the proposal process we will have.
Moving forward, we will actively use our decentralized governance layer as the main supporting body to execute our roadmap. Treasury will be fully operational, proposals will be coming in and Yung Ape Squad will continue its undeniable growth.