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 Yuga Labs and the APE DAO.
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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.
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The ApeCoin Foundation will now work on implementation of the proposal in line with DAO governance protocols.
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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.
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ApeCoin and its DAO launched in March, with all Yuga Labs NFT token holders being airdropped the APE token.
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APE has surged by 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 falling tumbling alongside wider crypto market pressure and dwindling interest across the NFT market.
