News
ApeCoin community approves $1M donation to Ethereum development ApeCoin community approves $1M donation to Ethereum development

ApeCoin community approves $1M donation to Ethereum development

The ApeCoin community voted in favor of the proposal โ€” allocating $50,000 towards account abstraction, NFTs and DAOs.

ApeCoin community approves $1M donation to Ethereum development

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

The community behind ApeCoin (APE) has donated $1 million to support the development of the Ethereum blockchain, as per a recent voting proposal.

The community-led initiative titled “I donโ€™t hate apes, I just want them to fund public goods!” referencing a tweet by Ethereum co-founder Vitalik Buterin โ€” received a majority of the votes in favor of the donation.

APE is a popular cryptocurrency linked to the Bored Ape Yacht Club โ€”a collection of unique digital ape NFTs. The $1 million donation from the ApeCoin community will boost the ongoing development of the Ethereum network โ€” which has been crucial to the growth of the entire cryptocurrency ecosystem.

The voting proposal received 15,772 votes โ€” with 7,286 votes in favor, 4,737 against, and 3,749 abstaining.

ApeCoin community
ApeCoin proposal vote results: Snapshot.

ApeCoin community donation goals

The ApeCoin community had a multi-faceted proposal that served multiple purposes, such as supporting the Ethereum community, promoting development efforts concerning account abstraction, and familiarizing developers with ApeCoin.

As part of the proposal, the community plans to donate $300,000 to ETHGlobal to facilitate its objectives. The remaining $700,000 will be allocated towards organizing 11 ApeCoin hackathons and supporting at least five public good initiatives.

The proposer of the donation, Maariab โ€” an ex-ApeCoin special council member โ€” mentioned that the ApeCoin community would have a say in choosing the judges for the hackathons. The main driving force behind the proposal was the desire to support and contribute to developing the Ethereum network.

According to Maarib, “ApeCoin would not be possible without Ethereum,” adding that:

“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.”

A proposed Ethereum Improvement Proposal (EIP-4337) is already in progress to address account abstraction on the network.

Mentioned in this article
Posted In: , Tokens