FIRST THOUGHTS: Notable $Ape Holders And BAYC Members Peel Back The Banana Bill And Share Their Thoughts On This Nine Figure Proposal

Notable Bored Ape Yacht Club members, founders, and builders from around the swamp and the broader Yugaverse took to Twitter late last night to give their initial thoughts on the 100 million $Ape ‘Banana Bill’ that hopes to fund commercial and user incentive initiatives for Apechain.

On Thursday, Special Council member Waabam formally shared the highly anticipated 100 million $Ape ‘Banana Bill’ proposal on the DAO’s Discourse Forum that was co-authored by the Ape Foundation and Horizen Labs, along with advisors from Yuga Labs and Animoca Brands.

In the proposal, Waabam wrote that the Banana Bill will feature a 73 million $Ape commercial agreement initiative along with a 23 million $Ape user agreement initiative that will hopefully grow the chain and encourage builders to ape into the $Ape ecosystem, while also rewarding community members in a wide variety of ways.

 

“We anticipate that the ApeCoin DAO will receive ongoing revenue from capturing around 77.5% of the fees generated from user activity on ApeChain,” Waabam wrote. “As such, ensuring the chain’s success should be a top priority of the DAO. Additionally, the chain’s growth will offer other valuable opportunities for the DAO, including but not limited to airdrop negotiations, bridge liquidity with associated fee capture, and increased utility for $APE.”

After the Banana Bill was shared at the DAO, Yuga Labs CEO Garga took to the timeline to share his two Sats  on the importance of this nine-figure initiative.

“Some thoughts on this proposal: ApeChain should have a development fund that is competitive with other ecosystems,” Garga tweeted. Just look around at the activity that Optimism has been able to incentivize on their network with savvy commercial deals and programs. This bill puts a similar tool in ApeChain's belt. Obviously Yuga is extremely hands off with the ApeCoin DAO. We've never voted, or participated in leadership. But this bill is important. Executing it right can be a huge boon, but fucking it up would be terrible. Having the right people in place to help run it is key. The special council approached us about having one or two members from Yuga participate as part of their advisory board for the Banana Bill, and given it's importance, we agreed. Obviously: Yuga will not be voting on this, and we won't be taking a dime from the fund."

 

 

As Garga highlighted the importance of getting the Banana Bill right, BAYC member and ApeCoin whale Kodama.Eth took to Twitter and shared some concerns he had about having an advisory board instead of a full time team.

“Some thoughts on The BANANA Bill: Apes Gotta Eat: It is very much needed in order for ApeChain to have the slightest chance of becoming a relevant competitor to existing L2/L3 alternatives,” he wrote. “However, if we believe that by just having a 100m fund builders/projects will all come on their own, then we are mistaken The (sad) reality is that Apes & Yuga are not that cool anymore... Other chains have more money/incentives, more experience, a track record, an existing ecosystem, and teams aka full-time employees. So, the 100m are just the first step in ensuring that ApeChain is competitive and taken seriously. Without a solid team actively engaged in sales and business development, approaching builders and trying to get existing games/projects onto the chain, the 100m will be useless. We need people who are committed full-time and put their heart & soul into it. We need a team Not a 5-member advisory board that does this alongside their full-time job.”

Notable BAYC members like AdamHollander, MachiBigBrother, Chris Jourdan, and former Special Council Member VeraTheApe also focused in on the proposed advisory board and their potential pay.

As Apes raised concerns regarding the Advisory board, Special Council member Wabbam asked for feedback and said that he and his co-authors are open to making changes.

 

“I think in reality, these advisors are going to have weeks where they are working a ton of hours to try and close a deal, or multiple deals and then there will probably be quieter weeks,"  Waabam tweeted in a back and fourth with Hollander.“I think that an appropriate route to go here may be for the Foundation to negotiate advisor compensation commensurate with experience, on a case by case basis. With the 1.3M (or whatever the budgeted number ends up being) acting as the upper limit. Keeping in mind that the two Yuga advisors won’t be taking any comp at all, so the 1.3M advisor comp budget proposed in this draft may be a lot higher than it needs to be.”

As Apes grapple with the finer points of the Banana Bill, many BAYC members and ApeCoin DAO Contributors took to the timeline to shared their excitment for ApeCahin.

 

The Banana Bill is currently live in the idea section of the ApeCoin DAO and community members are invited to read the full proposal and share their thoughts and feedback here: https://forum.apecoin.com/t/the-banana-bill-apes-gotta-eat/24367

 

The Bored Ape Gazette is working to bring you additional coverage of the Banana Bill and the possible impact it could have on the $Ape ecosystem. Stay tuned for updates!