ON THE BALLOT: The Banana Bill AIP Seeks To Establish A 100 Million $Ape Fund To Support ApeChain Builders And Users!

Things are bananas at the ApeCoin DAO this voting cycle as the community heads to the polls to cast their coins on an ApeChain spending bill that would allocate 100 million $Ape towards making ApeChain anything but boring.

With the ApeCoin DAO’s highly anticipated ApeChain set to launch as part of Arbitrium’s Orbit chains next month, ApeCoin DAO contributors are voting on Ape Improvement Proposal 454 titled ‘The BANANA Bill: Apes Gotta Eat,’ written by Special Council Member Waabam and co-authored by Special Council Members BoredApeG and Hazel, Ful Moon Labs’ Aepicurean, Horizen Labs’ Blockchainzilla, along with advisors from Yuga Labs and Animoca Brands.

If passed, the Banana Bill would create the Banana Program that would consist of a commercial agreements initiative and a user incentives initiative that would work to bring builders to ApeChain and provide opportunities and perks for $Ape holders. It would also establish an advisory committee that includes two new teams (a Program Facilitator team and Strategic Accounts Manager team) to oversee the program.

“The User Incentives Initiative will provide a pool of rewards for users of ApeChain,” Waabam wrote. “This initiative will focus on growing the ApeChain ecosystem by educating and encouraging users to try out different dApps, with the goal of a larger proportion of rewards being allocated to dApps that most strongly contribute to the sustainable growth of ApeChain. This initiative will also focus on indirectly growing the ApeChain ecosystem by incentivizing the creation of dApps, community intellectual property, and other content on ApeChain… The Commercial Agreements Initiative will facilitate the seamless creation of bespoke commercial agreements with companies and individuals that want to utilize ApeChain. The Advisory Committee may also leverage the User Incentives Initiative to optimize the terms of the commercial agreements. This initiative will be overseen by the Advisory Committee, with day-to-day support from the Program Facilitator and Strategic Accounts Manager.”

Waabam and the Banana Bill team are asking the ApeCoin DAO to allocate 100 million $Ape to their proposal.

Of this, 73 million $Ape will go to commercial agreements and 23 million $Ape to user incentives, and 4 million $Ape will go towards the administrate budget costs , according to the AIP.

 

 

“The administrative budget is also meant to cover any incidental costs related to the management of the program, including compensation for the Regional Community Advisors,” Waabam wrote. “The administrative budget is currently estimated at 2% of the total budget annually and should not exceed 3%. Note that this administrative budget is an estimate, and may be higher or lower depending on the number of Advisory Committee members. The compensation paid to each eligible Advisory Committee member will be based on their experience and skillset. However, in all cases, the total amount paid to any individual Advisory Committee member will not exceed 250,000 APE per-year, and all compensation will be subject to a 50% one-year lockup.”

While this 100 million $Ape price tag is high, Waabam explained that the DAO will be earning revenue from gas fees on ApeChain so making sure the ecosystem is anything but boring is important.

“We anticipate that the ApeCoin DAO will receive ongoing revenue from capturing around 77.5% of the fees generated from user activity on ApeChain,” he wrote. “As such, ensuring the chain’s success should be a top priority of the DAO. Additionally, the chain’s growth will offer other valuable opportunities for the DAO, including but not limited to airdrop negotiations, bridge liquidity with associated fee capture, and increased utility for $APE.”

 

The window to vote on AIP-454 is currently open and ApeCoin DAO Contributors have until July 3rd to cast their coins and vote on this AIP.

 

$Apes can read the full Banana Bill here: https://forum.apecoin.com/t/aip-454-the-banana-bill-apes-gotta-eat/24367

 

The Bored Ape Gazette is working to find out more about the Banana Bill and will continue to follow this proposal. Stay tuned for updates!