ApeCoin DAO has passed a community proposal that would see the launch of an Accelerator that supports the incubation of projects utilizing apecoin tokens (APE) to bolster the fledging ecosystem.
The new AIP-209, which was submitted and approved via ApeCoin DAO’s Idea Proposal system, will incubate and launch community-approved projects that focus on improving the value of the Bored Ape Yacht Club (BAYC) NFT collection, and other projects that use ApeCoin.
The “Ape Accelerator” aims to engage the ApeCoin community as initiators, voters, and participants. Initiators can submit proposals for projects to be incubated, while voters can use their APE tokens to vote on whether the proposed projects should be launched. Participants will be able to support approved projects by purchasing NFTs and other yet-unspecified tokens.
Projects which finally launch on the Accelerator will utilize apecoin which may ultimately accrue value for the tokens are they generate revenue and returns for holders. ApeCoin was initially issued as a governance token by creator Yuga Labs to holders of the popular BAYC NFT collection, which is composed of 10,000 unique images of cartoon apes that sell at $83,000 apiece as of Thursday.
These tokens find use in other Yuga Labs projects, such as Otherside, Mutant Ape Yacht Club (MAYC) CryptoPunks, MeeBits and Bored Ape Kennel Club (BAKC) – all popular and influential NFT collections. The launchpad within Ape Accelerator will initially operate on the Ethereum network and feature a tiered structure for participation, based on users’ APE stakes and qualifying NFT holdings.