ApeCoin DAO greenlights accelerator to boost $APE

ApeCoin DAO greenlights accelerator to boost $APE

ApeCoin DAO (Decentralized Autonomous Organization) has announced a new initiative set to turbocharge the ApeCoin ecosystem. A recent community proposal laid the groundwork for the “Ape Accelerator”, an initiative to bolster the ecosystem by incubating projects that leverage the ApeCoin ($APE) token.

DAO approves ape expansion

The approved AIP-209, a result of the DAO’s Idea Proposal system, has laid the foundation for the Ape Accelerator. Its primary goal is to elevate the worth of the Bored Ape Yacht Club (BAYC) NFT collection and promote the expansion of other projects under the ApeCoin umbrella.

The Accelerator’s design encourages proactive engagement from the ApeCoin community. In the roles of initiators, voters, and participants, the DAO community stands at the forefront. Initiators propose project ideas, voters wield their APE tokens to decide the fate of these projects, and participants get the opportunity to back chosen projects through NFT purchases and other yet-to-be-named tokens.

Projects that earn a spot on the Accelerator platform will integrate ApeCoin. This incorporation is projected to boost the coin’s value as these ventures generate revenue, benefiting token holders in the process.

The accelerator’s launchpad is set to function on the Ethereum network and is being developed and managed by Forj, a subsidiary of Animoca Brands. Moreover, it will offer a tiered system for user participation, which will hinge on the amount of APE tokens they hold and the qualifying NFT assets in their possession.

$APE struggling

The origins of ApeCoin trace back to Yuga Labs, which introduced it as a governance token for Bored Ape Yacht Club NFT enthusiasts. But the reach of ApeCoin extends beyond just BAYC. Other NFT collections under Yuga Labs, such as Otherside, Mutant Ape Yacht Club (MAYC), CryptoPunks, MeeBits, and Bored Ape Kennel Club (BAKC), also employ Apecoin.

However, the token has struggled to find a price floor amidst the bear market, constantly putting in new lows. A recent unlock event, in which 40 million $APE was added to the supply, has also worsened the situation by creating added selling pressure.

With this Accelerator, the ApeCoin DAO aims to fortify the value of $APE and solidify its position in the burgeoning world of NFTs, all while fostering a community-driven approach to project incubation and launch.

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