ApeCoin DAO Special Council Member Captain Trippy and Digital Art Movement Co-Founder Lumberg went back and forth on the timeline last night about whether the initiative’s $DAM token should launch on Blast on July 1st or wait to launch on ApeChain.
On Wednesday, the ApeCoin DAO-funded Digital Art Movement project announced that $Ape holders would be able to start time-locking their ApeCoin to earn $DAM tokens, which represent fractionalized ownership of the initiative's high-end Bored Ape collection that was purchased with DAO treasury funds after the community voted in favor of the proposal back in August 2023, on Blast next Monday.
Following the Digital Art Movement’s announcement, Special Council Member Captain Trippy took to the timeline and suggested they "Move it to ApeChain and support the people that supported you."
“This should be paused and launched on ApeChain,” Captain Trippy tweeted. “Funded 100% by @apecoinDAO, you should support those that support you. $dam on @Blast_L2 is a slap in the face to Apes and $ape.”
Following Captain Trippy’s post, the Digital Art Movement’s Co-Founder Lumberg took to Twitter and said he, MachiBigBrother, and the Digital Art Movement team chose to launch $DAM on Blast because there are more incentives for users and because the chain has already launched.
“Why should $DAM launch on Apechain instead of @Blast_L2,” he wrote. “On Blast, Apecoin holders can start earning $DAM on Monday, along with Blast points, Gold, $ALIEN, Thruster Credits, Hyperlock points. On a leading blockchain with over $2B TvL. Apechain offers no incentives. I recommend using $DAM as a case study and come up with a proper incentive strategy. I’m happy to help. We’re both looking out for Apecoin holders. I believe launching $DAM on Blast now provides the most value to Apecoin holders. You believe it’s Apechain. Tell me why it’s better, I really want to understand.”
Lumberg and Captain Trippy went back and forth a bit more last night, and the conversation ended with Captain Trippy saying he looks forward to talking about this more with the $DAM team, agreeing that everyone wants what’s best for ApeCoin.
As the Bored Ape Gazette previously reported, the ApeCoin DAO allocated 11 million $Ape to the Digital Art Movement back in September 2023 with the goals of purchasing Yuga Labs NFTs, creating a staking mechanism so $Ape holders can stake their coins and earn fractionalized ownership of the collection, and getting Apes and digital art showcased in museums, galleries, and schools around the world.
“Digital art remains underrepresented in the art world, I want to change this,” MachiBigBrother wrote in the original DAM proposal. “I want digital art to be omnipresent. By creating and curating the Digital Art Movement Collection (aka “The DAM Collection”), we can proliferate appreciation for digital art worldwide thus leading to education and adoption. There’s no better group of people than ApeCoin DAO members to cement our place in digital art history."
At the time of this article’s publication. $Dam is set to launch on Blast next Monday, July 1st, beginning at 2 A.M. PST. the $Dam will have a total supply of 10 billion coins with three billion distributed to $Ape holders who lock their coins over the next five years and the remining seven billion placed in the token’s treasury which $Dam holders will control.
