ApeCoin’s $1M donation to Ethereum: The Power of Community in Crypto
ApeCoin, a token associated with the Bored Ape Yacht Club, has made a significant contribution of $1 million to the development of Ethereum.
The donation was confirmed after the ApeCoin community voted in favor of a proposal named AIP-230, which sought to support the Ethereum ecosystem.
The ApeCoin community voted in favor of the proposal, with 46.21% of voters supporting it, 29.96% opposing it, and 23.84% abstaining. The funds raised will be used for various purposes, including aiding the development of Ethereum’s account abstraction and introducing developers to ApeCoin.
The proposal aims to give back to the Ethereum community by donating $300,000 to ETHGlobal, a leading Ethereum developer community.
11 hackathons for ApeCoin and a minimum of five public good initiatives will be funded with the remaining $700,000. In the proposal, Maariab emphasized the significance of backing Ethereum, stating that “Ethereum is the reason ApeCoin exists.
As a public good, Ethereum thrives on mutual responsibility and group appreciation, and the ApeCoin community must actively contribute to this system.”
Apart from donating to Ethereum, the ApeCoin community has been involved in several other activities. They voted to establish a news website called the Bored Ape Gazette dedicated to the Bored Ape Yacht Club. ApeCoin staking has also gone live, which adds utility to the token. The community is also planning to vote on an ApeCoin DAO NFT marketplace.
The ApeCoin community’s influence on the NFT space continues to grow, and more votes and initiatives will likely take place in the near future.