BAYC’s ApeCoin donates $1 million to Ethereum development
The Bored Ape Yacht Club-associated token, ApeCoin, is swinging into action with a hefty $1 million donation to the development of Ethereum (ETH).
The community has voted in favor of a proposal aptly named “I don’t hate apes, I just want them to fund public goods!” – a nod to a tweet made by Vitalik Buterin.
With 46.21% of voters in favor of the proposal, 29.96% against, and 23.84% abstaining, the ApeCoin community aims to achieve various goals, such as giving back to the Ethereum community, advancing development work related to account abstraction, and introducing developers to ApeCoin.
To accomplish these objectives, the community plans to donate $300,000 to ETHGlobal, with the remaining $700,000 funding 11 ApeCoin hackathons and at least five public good initiatives.
Maariab, the author of the proposal, emphasized the importance of supporting Ethereum as a public good, stating:
“ApeCoin would not be possible without Ethereum. As a public good, Ethereum benefits from shared responsibility and collective appreciation, and the ApeCoin community should make a concerted effort to directly support this ecosystem.”
The proposal was spurred by Buterin’s tweet earlier this year and his call for increased focus on protocol-level account abstraction. With $50,000 in prizes from the $700,000 allocated for hackathons and public good initiatives, ApeCoin aims to support account abstraction and initiatives related to NFTs, DAOs, and zk scaling. EIP-4337, an Ethereum proposal related to account abstraction, is already in the works.
ApeCoin community voting on other initiatives
The ApeCoin community has been actively voting for various other initiatives, including developing a 24/7 news website dedicated to the Bored Ape Yacht Club named the Bored Ape Gazette. Additionally, ApeCoin staking has been launched, providing more value to the token.
Further, the community is voting on establishing an ApeCoin DAO NFT marketplace, underscoring their significant influence in the NFT space. With more votes possibly in the works, the token and its community are poised to make even bigger waves in the future.