The native token of the Bored Ape Yacht Club ecosystem, ApeCoin, will be used to fund the Bored Ape Gazette, a 24-hour news site dedicated to covering all news related to Yuga Labs and the APE DAO.
The proposal, AIP-70, was approved by the Bored Ape Community on Thursday. The initiative allocates a portion of the DAO funds to updating and improving the news site. The expected cost of running the Bored Ape Gazette is upwards of $150,000 during its first year. The DAO has set governance protocols to serve the community, meaning the ApeCoin Foundation will focus on implementing the proposal within the given limitations.
The approved AIP is AIP-70 which provides $APE to develop @BoredApeGazette into a 24-hour style news site. You can read the full AIP https://t.co/2t1CAitcU9
— ApeCoin (@apecoin) July 21, 2022
Besides consistent updates and news related to the Yuga Labs ecosystem, the website will include various tools. This includes an ApeCoin price chart, an APE calendar, a DAO tracker that focuses on capturing and displaying all governance votes, and a live sales tracker of all Yuga Labs projects, enabling holders to better understand NFT and crypto markets.
Considering that Yuga Labs is continuously adding utility to the ApeCoin, the coin has rocketed 11.9% to $6.54 in the last 24 hours, an unexpected jump when factoring in current market conditions. However, the price of the coin is still trading at a low when compared to all-time highs of $26.19. The asset peaked on April 28th in anticipation of the Otherside launch.
While the bear market has stunted the growth of ApeCoin, it’s clear that additional utility has been added to the token. Bored Ape Yacht Club has held its price during the bear market, showing its industry-leading strength.
