The Bored Ape Yacht Club, one of the most popular NFT collections, has made headlines once again. ApeCoin, an associated token with the Bored Ape Yacht Club, recently announced a donation of $1 million to the Ethereum development fund.
This decision was made after the ApeCoin community voted on a proposal called AIP-230, which aimed to further the development of Ethereum and introduce developers to ApeCoin.
The proposal had three main objectives, which included giving back to the Ethereum community, furthering development work around account abstraction, and introducing developers to ApeCoin.
The ApeCoin community plans to donate $300,000 to ETHGlobal, while 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. The motivation behind this decision was to support Ethereum, which is considered a public good.
According to Maariab, Ethereum benefits from shared responsibility and collective appreciation, and the ApeCoin community should make a concerted effort to directly support this ecosystem.
This decision was influenced by a tweet made by Vitalik Buterin on March 22, which called for the funding of public goods.
In addition, Buterin made a statement a few months later regarding protocol-level account abstraction. He suggested that if a fifth of the work put into other areas was directed towards wallet security, we would already be in a ‘wallet security utopia.’
As part of the donation, $50,000 in prizes from the $700,000 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.
The ApeCoin community has been active in making decisions related to their token. Recently, they voted to establish an around-the-clock news website called the Bored Ape Gazette, dedicated to the Bored Ape Yacht Club. ApeCoin staking has also gone live, adding utility to the token.
