Donation to Ethereum from the ApeCoin Community

The ApeCoin community has decided to donate $1 million to aid the development of Ethereum with a vote proposal. The proposal, called AIP-230, was “I don’t hate monkeys, I just want them to finance public goods,” citing a tweet by Vitalik Buterin. While 46.21% of the voters voted in favor of the proposal, 29.96% opposed and 23.84% abstained.

The purpose of the proposal was to give back to the Ethereum community, advance development around account abstraction, and introduce ApeCoin to developers. To achieve these goals, the community plans to donate $300,000 to ETHGlobal. The remaining $700,000 will be used to fund 11 ApeCoin hackathons and at least five public good initiatives.

The impetus for the proposal was Buterin’s March 22 tweet. Also a few months later, the co-founder of Ethereum made a statement about account abstraction at the protocol level. He suggested that we would be in a “wallet security utopia” especially if they had done “one-fifth” of their work in this area. Therefore, $50,000 of the $700,000 allocated for hackathons and public good initiatives will be used for account abstraction and rewards for initiatives related to NFTs, DAOs and zk scaling. An Ethereum proposal called EIP-4337 regarding account abstraction is already in the works.