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Apollo was primarily funded by Matt Johnson who covered all the initial costs to launch Apollo and make it fully decentralized and controlled by the Apollo community through the DAO.
However, to provide a budget for ongoing improvements as well as expenses such as listing fees, audit fees, and engineering work, Apollo has a "Developer Donation Wallet" which is a Gnosis safe wallet with a 2/2 “multisig” configuration for security and redundancy which is used to subsidize Apollo’s operating costs.
The first donation to this wallet started required a vote per DAO rules on which any Apollo token holder could vote. On January 25, 2022 the dev team proposed DAO 1.1 which includes a one-time transfer of 10% of the then-current balance of the Creator Prize Fund to the Dev Donation Wallet. On February 1, 2022 the proposal passed with 1,001,000 votes for and 0 against.
In addition to the one-time 10% transfer into the Dev Donation Wallet discussed above, there are two ways that funds can be transferred into the Dev Donation Wallet on an ongoing basis, both of which are controlled fully by the rules of the token’s smart contract and all Apollo token holders via the DAO. The two ways that funds can be added to the dev donation wallet on an ongoing basis include:
- At the completion of each contest, 2% of the Creator Prize Fund will be transferred to the Dev Donation Wallet to help subsidize operating costs such as new currency listings and other expenses and leave plenty of value in the Creator Prize Fund for future contests.
The Dev Donation Wallet will be used to help offset the cost of further development of Apollo, legal and administrative fees, exchange listing fees, research, software tools and licenses, contest operations, community outreach, employees and contractors that help advance the vision and ecosystem supported by the community. The public address of the Dev Donation Wallet can be found here.