Bored Ape Yacht Club’s associated token, ApeCoin, is springing into action with a hefty $1 million donation towards Ethereum (ETH) development.
The community has voted for 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 the development work related to abstracting accounts and introducing developers to ApeCoin.
To achieve these goals, the community plans to donate $300,000 to ETHGlobal, with the remaining $700,000 going to fund 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 promoted by Buterin cheep earlier this year and his call for a greater focus on account abstraction at the protocol level. With $50,000 in prizes out of 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.
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ApeCoin community vote on other initiatives
The ApeCoin community has been actively vote for various other initiatives, including the development of a 24/7 news website dedicated to the Bored Ape Yacht Club called the Bored Ape Gazette. Also, ApeCoin staking has been launched, providing more value to the token.
Furthermore, the community is voting on the establishment of an ApeCoin DAO NFT marketplace, which underscores its 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.
