The ApeCoin community recently took an important step towards supporting the Ethereum Network. After a voting proposal, ApeCoin decided to donate $1 million to the development of Ethereum. According to the proposal, the funding will be used to provide a $300,000 donation to Ethereum Global and $700,000 for ApeCoin hackathons and other public good initiatives. This vote was mainly inspired by a tweet from Ethereum co-founder Vitalik Buterin which asked for a collective effort towards protocol account abstraction. Following the vote, parts of the funding will be allocated towards initiatives related to NFTs, DAOs and zk scaling. This is the latest in a series of contributions by the ApeCoin community, which includes the launch of an around-the-clock news website named the Bored Ape Gazette and the launch of Apecoin staking. The community has now also decided on a vote to establish an ApeCoin DAO NFT marketplace.

The ApeCoin donation follows a recent trend of blockchain projects lending their resources to the Ethereum network. It is estimated that Bitcoin’s dominance index over the Ethereum Market is at its lowest since March, indicating that the Ethereum network is clawing its way back up to the top. The generous donation from ApeCoin could be a major contributing factor in Ethereum’s regaining of some traction among blockchain projects. The donation also underlines the community’s commitment to collaborating and developing public good initiatives, along with a show of support to Ethereum. It remains to be seen what will come of this donation and the potential impact it may have on the Ethereum Network.



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