ApeCoin (APE) – the native token of the Bored Ape Yacht Club (BAYC) ecosystem – will be used to fund the Bored Ape Gazette, a 24-hour news site covering BAYC creator Yuga Labs and the APE DAO.
Dubbed AIP-70, the proposal – which involves allocating a portion of the project’s ecosystem fund to enhance the news site – was approved by the community on Thursday. The overall cost of updating and operating the Bored Ape Gazette website is expected to be $150,000 for the first year.
The ApeCoin Foundation will now work on implementation of the proposal in line with decentralized autonomous organization (DAO) governance protocols.
The website will also include an ApeCoin price chart, a DAO tracker that monitors governance votes, an APE calendar and a live sales ticker showing activity across all Yuga Labs projects.
ApeCoin and its DAO launched in March, with all Yuga Labs NFT token holders being airdropped the APE token.
APE surged 11.9% over the past 24-hours to trade at $6.54, still well below an all-time high of $26.19 hit on April 28 before tumbling amid wider crypto market pressure and dwindling interest across the NFT market.
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