31 July
Last Update: 31 July

ApeCoin DAO will Provide $150,000 in Funding for Its New Site

Although the NFT industry is decreasing generally, a Bored Ape centered site will benefit greatly from ApeCoin DAO's treasury. ApeCoin DAO has voted to sponsor The Bored Ape Gazette, its new website. The funding transaction was accepted by a huge majority of voters, according to the results of the vote.


ApeCoin DAO has made a vote!


The funds will be used by Bored Ape Gazette to construct, pay for, and renew its website. The proposal, dubbed AIP-70, was presented to a vote. Over 1.1 million ApeCoin tokens supported the proposal. In addition, 149,000 ApeCoin tokens voted against the proposed $150,000 allocation to support the Gazette. The approved fund is also expected to be used for an average of one year.


The proposal also includes plans to include ApeCoin price monitoring, as well as activity monitors in the BAYC, MAYC, BAKC, and Otherdeed Ethereum NFT collections. Kyle Swenson, the team's lone author and editor, will be paid $7,000 a month to write content. Furthermore, with the leftover cash, staff will be compensated $100 each article to attract ApeCoin community contributors.


There has been some debate over whether a website authored by BAYC supporters and supported by the ApeCoin DAO could be considered impartial. Furthermore, given Swenson's long history as a BAYC holder, concerns have been raised regarding the evident danger of biased reporting. Kyle Swenson has issued a statement on the matter. He emphasized in his statement "objective reporting is very essential to him." He also promised to "always be the voice of the community and to be neutral when writing anything." Although the vote was mostly welcomed, it elicited some comments on social media. This initiative, according to the majority of answers, is unnecessary.


There were problems in the previous voting!


The ApeCoin DAO community sought to select the blockchain on which BAYC would be hosted in the AIP-41 proposal. Initially, an overwhelming 99 percent of those polled preferred ApeCoin to remain on Ethereum. The community of Bored Ape does not wish to transfer to Ethereum Layer-1 competitors such as Avalanche. However, the project's founder, Yuga Labs, made an attempt to shift ApeCoin to their chain in order to enhance scalability. The offer came shortly after the release of the much-anticipated Otherside NFTs in April.

 

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