According to a recent voting proposal, the ApeCoin community has donated $1 million to aid in the development of the Ethereum blockchain.
The majority of the votes were cast in favor of the donation under the community-led effort “I don’t hate apes, I just want them to fund public goods!” that made reference to a tweet by Ethereum co-founder Vitalik Buterin.
APE is a well-known cryptocurrency that is connected to the Bored Ape Yacht Club, a group of distinctive digital ape NFTs. The Ethereum network, which has been essential to the expansion of the whole cryptocurrency ecosystem, will benefit from the $1 million donation from the community. With 7,286 votes in favor, 4,737 votes against, and 3,749 votes abstained, the voting proposition garnered 15,772 votes.
The Ethereum community was supported, account abstraction research was encouraged, and ApeCoin was made known to developers through the multifaceted proposal made by the community.
The community intends to give $300,000 to ETHGlobal as part of the proposal in order to support its goals. With the remaining $700,000, 11 ApeCoin hackathons will be held and at least five public good projects will be supported.
An ex-member of the ApeCoin special council and the donation’s proposer, Maariab, indicated that the hackathon judges will be chosen by the ApeCoin community.
The proposal’s primary impetus came from a desire to assist with and contribute to the expansion of 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.”
To address account abstraction on the network, a suggested Ethereum Improvement Proposal (EIP-4337) is already under development.
