The upcoming ApeCoin Community vote is fast approaching. The proposal is quite significant as an APE-themed Hotel in Bangkok, Thailand, is proposed. Experts believe that this move is to solidify the expansion of the APE ecosystem within the broader Bored Ape Yacht Club (BAYC) community. This shows the positive reception that crypto and blockchain have been receiving from the general public.
ApeCoin DAO Considers Hotel Launch After Layer-2 Network Rollout
The ApeCoin community vote kicked off on July 19; the vote was on ApeCoin Improvement Proposal #448 (AIP-448), which aims are targeting 410,000 APE tokens worth $3.6 million to construct the APE-themed hotel in Bangkok, Thailand. Analysts suggest that the primary purpose of this move by APE is to enhance visibility and utility and to maximise exposure for the BAYC IP. This, in turn, will generate revenue for the DAO.
The proposal reported that “50% of the revenues from themed rooms will be received by ApeCoin DAO for one year once these rooms are completed. DAO will receive revenue from all themed rooms, including APE, BAYC, Otherside, Apechain, and Mocaverse. Funds will be returned to the DAO Treasury on a quarterly basis.”
ApeCoin Community Vote Sparks Mixed Reactions from the Crypto Community
The recent ApeCoin Community Vote has stirred different reactions from the crypto community. The idea was criticised by Zach Burks, founder of Mintable, a well-known NFT marketplace. He cited the saturated market for hotels and hostels in Bangkok and the limitations that hinder tourism numbers from climbing. Burk stated, “I lived in Bangkok for two years. Way too many hostels and hotels, most go out of business, especially given prices are so low and competitive, and the Thai government has been struggling to get tourism numbers back up,”.
Despite these concerns, the ApeCoin community vote has seen substantial support, with about 5 million APE tokens cast as votes taking 92% in favour. A single address, 0xC602, contributed 3.1 million APE tokens, making that address responsible for 67% of the yes votes. Some experts believe that this development may influence the movements of Bitcoin (BTC) and Ethereum (ETH).
Recent Developments in the ApeCoin Ecosystem
The recent ApeCoin community vote on situating the hotel in Bangkok follows a line of recent launches. The launch of the ApeChain testnet by the ApeCoin DAO is one of those events and it took place on July 16. The APE community gave their approval for the launch of a layer-2 network hosted on the Arbritrum network; this will use APE tokens as both gas and governance tokens.
One of the founders of Yuga Labs, Greg Solana, confirmed the limited activities on the testnet but guaranteed users that various decentralised apps developed by Yuga Labs would run on ApeChain once the mainnet is launched. He remarked, “[There] won’t be much to do on testnet yet, but Other Side and other dapps we’ve been cooking will all be running on the chain once mainnet is here,”
The Role of Ethereum Spot ETF in the Crypto Market
In all these recent developments, one innovation that stands out is the Ethereum Spot ETF. This concept has drawn the attention of investors and traders in the crypto market. An Ethereum spot ETF tracks the value of an asset in real time; in that manner, investors can gain exposure and insight into the movement of tokens like Bitcoin (BTC) and Ethereum (ETF). The approval of the Ethereum spot ETF has the potential to change how investors view the market and their general activities as well. This will provide a regulated and accessible means of investment for institutions and retail investors.
Conclusion
The ApeCoin Community vote recently gave the go-ahead for registering APE as a new top-level domain (TDL) with the Internet Corporation for Assigned Names and Numbers (ICANN). Experts believe that this move, paired with the hotel development proposal and the launch of ApeChain, will lead to the expansion and growth of ApeCoin.
It also reflects the commitment of the Ape Community to expanding and enhancing the APE ecosystem. The Ape Community vote holds crucial implications as it will shape the future of ApeCoin and its presence in the crypto and real-world asset market. Stay updated with news from Turkishnyradio all day, every day.
