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  • Writer's pictureKyle

ON THE BALLOT: This AIP Wants The DAO To Allocate 10% Of Its Ecosystem Fund To Eth/ USDC.

Updated: Nov 25, 2023

There is an Ape Improvement Proposal on the ballot this week that wants to convert a percentage of the DAO’s funds from $Ape to Ethereum and US Dollar Coin.

AIP-355 titled ‘Reallocation of Ecosystem Fund into Ethereum and USDC’ is an ecosystem allocation fund proposal written by ApeCoin DAO Contributor 0xSword.

“This proposal suggests reallocating 10% of the ApeCoin DAO’s available ecosystem fund into both Ethereum (ETH) and USDC (USD Coin),” 0xSword wrote. “These funds will be utilized for various activities related to operating the ApeCoin DAO, facilitating grant requests, and ensuring the financial stability of the ecosystem.”

In total, 0xSword’s AIP recommends that the DAO allocate 5% of the ecosystem fund to Eth and another 5% of the ecosystem fund to USDC.

“The cost associated with this proposal is limited to 10% of the available ApeCoin in the Ecosystem Fund and the transaction fees for converting funds into Ethereum and USDC,” he wrote. “The exact amount of the fees will depend on market conditions at the time of execution, and the fees from any service providers responsible for the execution of this proposal but are not expected to exceed $200,000. We request that the ApeCoin DAO administration do their utmost in aiding the Over the Counter (OTC) sale of the coin to mitigate any potential adverse price effects.”

The window to vote on AIP-355 is currently open and ApeCoin DAO Contributors have until next Wednesday, November 29th, to vote on this proposal.

The Bored Ape Gazette is working to find out more about AIP-355 and will bring you an interview with 0xSword about his proposal. Stay tuned for updates!

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