Foundation

Read

Balancer

ApeCoin

Apecoin DAO commits $12.5 million to the Digital Art Movement, and announces the launch of a novel governance token, $DAM. 
The APE Foundation has greenlighted a pivotal investment in the Digital Art Movement (DAM), earmarking a hefty 11 million ApeCoins—a valuation of $12.5 million—for the venture. Orchestrated by community leader Machi Big Brother Jeffrey Huang, the proposition gained <a href="https://snapshot.org/#/apecoin.eth/proposal/0x7e5655a9cba84609f079685ac8ebb033d419a795b4053d30f2ccb1788c3da032" target="_blank" rel="noopener noreferrer nofollow">massive approval</a> (64.92% votes) from ApeCoin’s governance community. 
The transaction involves DAM’s significant outlay of 70% of the newly acquired ApeCoins to secure non-fungible tokens (NFTs) from renowned creators YugaLabs. The remaining 30% is slated for investment in other high-caliber initiatives within the digital art ecosystem. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 "OFFICIAL: The ApeCoin DAO AIP-304 proposal has gone through with 64.92% of the votes in favor." Meaning… 11MM <a href="https://twitter.com/search?q=%24APE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$APE</a> ($12 MM) will likely be spent on Yuga NFTs. When the going gets tough… The tough get going…(to sweep their own floors) 🙄<a href="https://twitter.com/hashtag/web3?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#web3</a> <a href="https://t.co/fQwHQmFzHX" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/fQwHQmFzHX</a>— jg_xyz (@jg_xyz_) <a href="https://twitter.com/jg_xyz_/status/1705215534915060112?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 22, 2023</a> 
 </blockquote> 
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div> 
</figure> 
<h2 class="wp-block-heading" id="strategic-implications-and-artistic-aims">Strategic implications and artistic aims</h2> 
Two key outcomes are anticipated from this large-scale acquisition. First, it offers a chance to elevate the profile of NFTs in the global artistic landscape through the enrichment of exhibitions. Second, it opens doors for NFT assets donations to art-focused institutions, thereby serving as a catalyst for digital art proliferation on an international scale. 
During the community voting process, the proposal amassed substantial backing, rallying 16 million $APE tokens in support. Machi Big Brother’s notable influence manifested in his hefty contribution of 4.1 million $APE votes. Still, it’s essential to acknowledge that there was dissent in the ranks, with a non-trivial 8.6 million $APE tokens cast in opposition. 
 You might also like: <a href="https://crypto.news/bitwise-withdraws-crypto-futures-etf-amendment/" rel="noopener noreferrer nofollow"> Bitwise withdraws crypto futures ETF amendment </a> 
DAM is also set to launch its own governance token, dubbed $DAM. The token has been designed with an inherent fairness model, electing not to allocate any tokens to the development team at its outset. Initial disbursements of $DAM will incentivize long-term commitment by being directed at ApeCoin holders who agree to lock in their holdings for up to half a decade. 
As for the $DAM distribution scheme, ApeCoin stakers will receive an initial 30% of the tokens over five years, using a frontloaded distribution model. This method will reduce the distribution rate biannually. The treasury will manage the residual 70% of tokens, pending specific allocation parameters, to be decided by a community vote. 
Overall, this can prove to be a significant boost for ApeCoin. The token’s price has been constantly declining throughout the last quarter, and <a href="https://crypto.news/onchain-data-96-of-ape-holders-are-in-red/" rel="noopener noreferrer nofollow">96% of APE holders</a> were at a loss last month. Since then, the token is further down by 25% – causing significant worries among its holders.&nbsp; 
 Read more: <a href="https://crypto.news/balancer-dao-salutes-defi-response-team-for-aid-in-230k-ui-exploit/" rel="noopener noreferrer nofollow"> Balancer DAO salutes defi response team for aid in $230K UI exploit </a>

Apecoin DAO to invest $12.5M in YugaLabs, community decides

Table of Contents

crypto.news

Other articles published on Sep 22, 2023

Canada’s Bitcoin-only exchange teams up with Costa Rica’s major fiat payments system

Kaspa (KAS) Experiencing Climbing Hashrate and Falling Rewards: What’s Behind the Divergence?

Monero's 0.31% Price Surge to $146.36: Key Takeaways for September 22, 2023

Cryptocurrency Price Analysis: ETH – XRP – ADA – SOL and BNB: Sep 22

NHN Corp Taps Mysten Labs to Build Web3 Games on Sui

Stablecoin Exodus: Crypto's Safe Haven loses Investor Confidence as Markets Consolidate

Join our free newsletter for daily crypto updates!