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  • Writer's pictureKyle

'APES GOTTA EAT': The 100 Million $Ape 'Banana Bill' That Aims To Fund Various ApeChain Initiatives Was Officially Shared With The ApeCoin DAO

Things are bananas in the ApeCoin ecosystem this evening after Special Council member Waabam formally shared the highly anticipated 100 million $Ape ‘Banana Bill’ proposal to the DAO’s Discourse Forum that was co-written by the Ape Foundation and Horizen Labs and features advisors from Yuga Labs and Animoca Brands.

After weeks of rumors and talks of a nine-figure AIP being in the pipeline, the $Ape community is getting its first look at the ‘BANANA Bill: Apes Gotta Eat,’ which was written by Special Council members Waabam, Hazel, and BoredApeG, along with Ful Moon Labs’ Aepicurean and Horizen Labs’ Blockchainzilla.

“This proposal requests funding to support the long-term sustainability and growth of ApeChain through the creation of the “Banana Program”, with two complementary initiatives: 1. a Commercial Agreements Initiative; and 2. a User Incentives Initiative,” Waabam wrote. “The Commercial Agreements Initiative is tasked with negotiating commercial agreements with projects, companies and protocols committed to building on ApeChain. These commercial agreements will cover a wide array of structures and incentive models, including the possibility of revenue shares, collaborations, and other ownership arrangements. However, a key commonality will be that the terms of the commercial agreements will provide value to the ApeCoin DAO….Similarly, the User Incentives Initiative  will distribute user incentives with the goal of proportionally growing the network, and may be used as a part of the overall package when negotiating the core economic terms of the commercial agreements.”

 Waabam and his fellow co-authors went on to write that the 100 million $Ape Banana Bill is meant to be a two year initiative that if passed will allocate 73 million $Ape towards the commercial agreement initiatives, 23 million $Ape towards user incentives initiatives, and the remaining 2 million $Ape will be used  as the initiative’s administrate budget.

“Any proceeds generated from the commercial agreements will be redirected back into the overall budget for the programs so that this will become a reusable source of funding for supporting and growing ApeChain,” Waabam wrote. "This proposal will create a vibrant and attractive environment for game publishers and developers, DeFi protocols, and others seeking to build on ApeChain. The commercial agreements will aim to create a steady stream of future revenue and value, empowering the ApeCoin DAO to continue funding growth many years into the future.This proposal will Bolster ApeChain Network Activity through New Allocations (BANANA). This is the BANANA Bill: Apes Gotta Eat.”

Currently, the Banana Bill still in the ideas stage at the ApeCoin DAO. The Bored Ape Gazette is working to bring you additional coverage of the Banana Bill. Stay tuned for updates!

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