TL;DR
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The ApeCoin DAO has just funded an accelerator that will build products and services that require ApeCoin as payment.
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The more exciting ApeCoin dependent products and services there are → the more people will use them → the more demand there is for ApeCoin. (Not groundbreaking. But clever.)
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The impressive thing is the fact that a bunch of crypto degenerates responsibly manage a ~$400 million coffers.
Full story
That headline is not a direct quote (we made it up). But it summarizes the intent of this final step of the ApeCoin community.
When ApeCoin was launched, a number of tokens were put into the ApeCoin DAO (aka a big ‘pot’ of money).
This pot of money has since been used to fund new ideas/products/services within the world of ApeCoin/Bored Ape Yacht Club (BAYC).
The basic idea is this: proposals are made and everyone who owns ApeCoin can vote for it (the more ApeCoin you own, the more votes you get).
Which brings us to the DAO’s latest decision:
Basically, there are a lot of ApeCoin holders who want more things to spend their ApeCoin on. So they voted to take some of the money out of the ApeCoin DAO and create a second pot.
This second pot of money will be used specifically to build products and services that require ApeCoin as payment.
This is the kind of time-tested, fiscally sound investment your dad would be proud of.
That is, it is not a groundbreaking approach. But it’s still smart.
The idea behind the approach is:
The more exciting ApeCoin dependent products and services there are → the more people will use them → the more demand there is for ApeCoin.
(And the more demand there is for a scarce good, the greater its total value).
It’s the same idea as the more great products Apple releases/sells, the more valuable Apple stock becomes.
Not groundbreaking. Yet smart.
The impressive thing is the fact that a bunch of crypto degenerates responsibly manage a ~$400 million coffers.
(I honestly didn’t see that coming).