In a recent report published by Messari, ApeCoin (APE), an ERC-20 token used for the governance of the ApeCoin DAO, underwent significant changes in the second quarter of 2023. The report provides an in-depth analysis of the performance, governance, and APE’s future plans. .

The report highlights that APE trade volume was dominated by sharks, traders with daily trade volumes between $1 million and $10 million, for the first time since APE’s inception. This change marked a significant change in the trading dynamics of the token.

In Q2 2023, approximately 25 million APEs were unlocked for non-DAO entities, and nearly 26 million APEs were claimed by Yuga ecosystem assets and APE holders. This increased selling pressure potentially contributed to a 32% drop in APE’s average price.

Governance within the ApeCoin DAO also underwent changes with the election of two new members of the Special Council. This transition of power within the special functions of the DAO demonstrates the organization’s commitment to decentralization and community involvement.

WebSlinger, the administrator of the APE Foundation, completed his first full quarter in this role in Q2 2023. Despite a decline in all of ApeCoin’s key metrics, daily token transfers, government proposal votes, and the transfer volume remained higher than in certain previous ones. quarters.

The report also noted that APE’s fully diluted valuation hit a floor of $2 billion at the end of Q2 2023, marking a 91% drop from its all-time high in Q2 2022. Despite this , ApeCoin DAO continued to approve proposals and allocate funds for the development of the ecosystem.

In terms of staking, APE holders and projects in the Yuga Labs ecosystem claimed 25.8 million APEs in Q2 2023. This followed the implementation of staking rewards in Q4 2022.

ApeCoin DAO also saw an increase in governance activity, with 34 proposals voted on in Q2 2023. Of these, 11 passed, 18 failed, and 5 were elections. The DAO approved a $480,000 grant to Forj, a subsidiary of Animoca Brands, to create a launch pad called the Ape Accelerator. This platform aims to incubate and grow projects using ApeCoin and Bored Ape Yacht Club (BAYC) IP.

In a move to fund crypto public goods, the ApeCoin DAO approved a proposal to allocate $1 million to ETH Global and ApeCoin hackathons. This initiative aims to give back to the Ethereum community, further development work around account abstraction and introduce developers to ApeCoin.

Despite the challenges faced in Q2 2023, ApeCoin DAO continues to demonstrate resilience and commitment to its community. The DAO’s ability to assign and transfer power without conflict, coupled with its efficient allocation of capital, suggests a promising future for ApeCoin as the ecosystem continues to grow.

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