Broken Ape Yield Club

We are spinning up a DAO to ape into fractional ownership of the Bored Ape Yacht Club set linked below, then actually fractionalize it, LP the fractions, and distribute the yield to the DAO members.

FraktalDAO (Fraktal.io) has built a fractional NFT marketplace, and YapeswapDAO is working closely with the Raid Guild to build liquidity pools capable of supporting ERC-1155 fractions of one single NFT. A user can fractionalize their Ape on Fraktal’s marketplace and open a liquidty pool on their ape on Yapeswap. We’re expecting all of this to be live and ready for use within the month of Decemeber.

The Fraktal and Yapeswap DAO’s (some combination of these protocol’s themselves and their indivual memebers) are interested in acquiring some NFT assets with which to open the first pools on the new protocol.

Simply put, our idea is to bootstrap 100 ETH into a DAOHaus contract that automatically opens a new DAO (The Broken Ape Yield Club) upon successfully raising the ETH, where the tributing members will each be given DAO shares equal to their percentage of the total ETH raised. The raise will have a deadline feature where all ETH is sent back to tributors in the event that the full amount is not raised.

The Broken Ape Yield Club genesis team is made up of Yapeswap core team and community members, but in reality, there is no team yet and the genesis team will be made up of those who tribute ETH to the DAO. Yapeswap considered buying the Bored Ape with their own treasury, but ultimately decided it would be best to help in summoning a new DAO, where the new DAO can acquire and manage assets to be used in conjunction with Yapeswap and Fraktal products (if the DAO so chooses). The Yapeswap core team will tribute a small amount of ETH to the new DAO, and in doing so will retain a small say in what is done with the assets aquired by the new Broken Ape Yield Club. This strategy could shift back to bootstrapping the Ape into the Yapeswap DAO, but for now this is the path that has been determined as the most viable.

DAOs or individuals will be able to tribute a minimum of 0.5 ETH to the new DAO contract and a maximum of say 10. We will distrubte a link that contains a sort of offering contract when we are ready and it will be setup such that anyone who has access to the link can tribute their ETH. When the contract reaches 100 ETH, the DAO will automatically be formed and governance shares will be distributed proportionally to those who tributed ETH. The link/contract will have a time limit, where if the 100 ETH is not raised within said time limit, the ETH that has been tirbuted will be returned to the tributors.

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