ApeCoin Donates $1M to Fund Ethereum After AIP-230 Vote

Bored Ape Yacht Club-associated token ApeCoin has donated $1 million to the development of Ethereum. The community voted in a proposal to confirm the donation.

The ApeCoin community has voted to donate $1 million to aid the development of Ethereum, a voting proposal shows. AIP-230, the proposal, was titled, “I don’t hate apes, I just want them to fund public goods!” referencing a tweet made by Vitalik Buterin.

46.21% of voters were in favor of the proposal, 29.96% were against it, and 23.84% decided to abstain.

The proposal aimed to achieve several goals, including giving back to the Ethereum community, furthering development work around account abstraction, and introducing developers to ApeCoin. To achieve these goals, the community plan to donate $300,000 to ETHGlobal. The remaining $700,000 will be used to fund 11 ApeCoin hackathons and at least five public good initiatives.

Maariab, the author of the proposal, stated that the community would select the judges for the hackathons. As for the motivation, they said that it was important to support Ethereum:

“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.”

Account Abstraction on the Agenda

Buterin’s tweet on March 22 was the impetus for the proposal. Additionally, a few months later, the Ethereum co-founder made a statement about protocol-level account abstraction. Specifically, he suggested that we would already be in a ‘wallet security utopia’ if we had put a ‘fifth’ of the work into this area.

As such, $50,000 in prizes from the $700,000 apportioned towards hackathons and public good initiatives will be used for account abstraction and initiatives related to NFTs, DAOs, and zk scaling. An Ethereum proposal, called EIP-4337, relating to account abstraction, is already in the works.

Happenings in ApeCoin Ecosystem

There have been other votes taking place in the ApeCoin community. This includes voting to establish an around-the-clock news website dedicated to the Bored Ape Yacht Club called the Bored Ape Gazette. ApeCoin staking has also gone live, adding utility to the token.

Other votes include voting on an ApeCoin DAO NFT marketplace. The token and its community continue to have major clout in the NFT space. It is possible that more votes may take place in the near future.