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  • Writer's pictureKyle

ON THE BALLOT: This AIP Aims To Thank $Ape Holders For DAO Contributions In An Automated Way

Updated: Jan 19, 2023

There is an Ape Improvement Proposal on the ballot this week that aims to thank $Ape holders for their contributions to the DAO in a decentralized and automated way.

AIP-124 titled, “Thank APE: Decentralized, Automated Rewards for Valuable ApeCoin Contributions, “is an Ecosystem fund allocation written by Bored Ape Yacht Club member and ThriveCoin CEO, ThriveGiraffe.

“The long-term success of ApeCoin depends on decentralization, automation and scale,” ThriveGiraffe wrote. “To do that, we must reward all community members helping get us there now! ApeCoin already rewards contributions - but only centralized functions, passed AIPs, and staking. There are many more ways our decentralized community can create value for ApeCoin - but we don’t yet have the infrastructure to scale and automate decentralized contributions.

Thank APE provides that infrastructure.”

ThriveGiraffe goes on to explain that, if passed, Thank Ape would run on the ThriveCoin’s tech, making it possible for the DAO to “thank (reward and recognize) decentralized contributions to ApeCoin with $APE, charitable donations, and an on-chain thank you note,” according to AIP-124.

To make Thank Ape a reality, ThriveGiraffe is asking the DAO to allocate up to 242,000 $Ape.

Of the 242,000 $Ape, 200,000 $Ape would be used to reward ApeCoin DAO members for their contributions to the DAO and the other 42,000 $Ape would be used to “offset some infrastructure costs," according to the proposal.

Take a look at the proposed funding below:

Further ThriveGiraffe explained that Thank Ape’s payments will be entirely performance based and that Thank Ape is working to build “sustainable funding for Thank APE through exciting collaborations with core ApeCoin infrastructure you’ve voted for!”

One of the identified sustainable funding sources for Thank Ape is the transaction fees from the DAO’s marketplace, Snag Solutions.

As the Bored Ape Gazette previously reported in November 2022, Snag Solutions founder, Zheerwagen, pitched the idea of Snag Solutions marketplace fee’s going to fund Thank Ape.

“The goal in setting aside .25% of every transaction is to ensure ApeCoin marketplace usage benefits the DAO,” ZHeerwagen wrote on October 25th, 2022. “But because any behavior from a small group of individuals that directly increases token value could cause $APE to be viewed as a security we must tread lightly. We prefer the approach of AIP-124 because: It directly invests proceeds into the ApeCoin community - rewarding community members who create value for the DAO and 2 it enables us to reward contributions that will drive long-term value for our ApeCoin community including marketplace usage.”

Zheerwagen’s plan to use Snag Solutions’ transaction fees to fund Thank Ape is currently under Administrative Review. You can read his proposal here:

The window to vote on AIP-124 opens tonight at 9 P.M. EST. You can read the full proposal here:

The Bored Ape Gazette will continue to follow Thank Ape. Stay tuned for updates!

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