ApeCoin Community Contributes $1 Million to Fuel Further Ethereum Development – CryptoMode

The ApeCoin community, associated with the Bored Ape Yacht Club, has recently voted to donate a substantial sum of $1 million towards Ethereum’s development. This decision was made following a voting proposal, AIP-230, which garnered significant support from community members.

Vitalik Buterin’s Tweet and AIP-230

AIP-230, titled “I don’t hate apes, I just want them to fund public goods!” was inspired by a tweet from Ethereum co-founder Vitalik Buterin. The vote results showed that 46.21% of participants supported the proposal, 29.96% opposed it, and 23.84% chose to abstain.

The primary objectives of this generous donation include giving back to the Ethereum community, advancing development efforts surrounding account abstraction, and familiarizing developers with ApeCoin. The ApeCoin community plans to allocate $300,000 to ETHGlobal to achieve these aims. The remaining $700,000 will fund 11 ApeCoin hackathons and at least five public good initiatives.

Maariab, the author of the proposal, explained that the ApeCoin community would select the judges for the hackathons. Furthermore, they emphasized the importance of supporting Ethereum, 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 support this ecosystem directly.”

Account Abstraction and Ethereum’s Wallet Security Utopia

Buterin’s tweet on March 22 catalyzed the AIP-230 proposal. A few months later, he made a statement about protocol-level account abstraction, suggesting that a ‘wallet security utopia’ could have been achieved if more efforts had been focused on this area. 

In light of this, $50,000 from the $700,000 designated for hackathons and public good initiatives will be directed towards account abstraction and projects related to NFTs, DAOs, and zk scaling. An Ethereum proposal, EIP-4337, addressing account abstraction is already underway.

Other ApeCoin Community Votes and Developments

The ApeCoin community has been actively engaged in other voting activities as well. Among these is a vote to establish a 24/7 news website dedicated to the Bored Ape Yacht Club called the Bored Ape Gazette. Additionally, ApeCoin staking has been introduced, enhancing the token’s utility.

Another notable vote involved the creation of an ApeCoin DAO NFT marketplace. The ApeCoin token and its community continue to wield significant influence in the NFT space, and more community votes will likely be conducted shortly.

By making this substantial donation, the ApeCoin community demonstrates its commitment to the ongoing development and success of the Ethereum ecosystem. 

This generous act helps further technological advancements and showcases the power of community-driven initiatives in the rapidly evolving blockchain and NFT landscape.

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