'We have all this money, now we just need stuff to spend it on' - BAYC / ApeCoin community

Article source, here.

TL;DR

• The ApeCoin DAO just funded an accelerator that will build products and services that require ApeCoin as payment.

• The more exciting ApeCoin dependent products & services there are → the more people will use them → the more demand their is for ApeCoin. (Not groundbreaking. But smart.)

• The impressive part is the fact that a bunch of crypto degenerates are responsibly managing a ~$400M treasury.

Full Story

That headline isn't a direct quote (we made it up). But it summarizes the intent of this latest move from the ApeCoin community.

When ApeCoin launched, a bunch of the tokens were put into the ApeCoin DAO (aka a big 'pot' of money).

This pot of money has since been used to fund new ideas / products / services within the world of ApeCoin/Bored Ape Yacht Club (BAYC).

The basic gist is this: proposals are made, and anyone that holds ApeCoin can vote on them (the more ApeCoin you hold, the more votes you get).

Which brings us to the DAO's latest decision:

Basically, there's a whole bunch of ApeCoin holders out there that want more things to spend their ApeCoin on. So they voted to take a chunk of money out of the ApeCoin DAO, and create a second pot.

This second pot of money will be used specifically to build products and services that require ApeCoin as payment.

This is the sort of time-tested fiscally responsible investment that'd make your dad proud.

That is to say, it isn't a groundbreaking approach. But it's still smart.

The idea behind the approach being:

The more exciting ApeCoin dependent products & services there are → the more people will use them → the more demand their is for ApeCoin.

(And the more demand there is for a scarce asset, the greater its overall value).

It's the same idea as: the more great products Apple puts out/sells, the more valuable Apple stock becomes.

Not groundbreaking. But still smart.

The impressive part is the fact that a bunch of crypto degenerates are responsibly managing a ~$400M treasury.

(Honestly didn't see that coming).