What Is Apecoin And How Does It Work?

Benji Bananas, a popular action-adventure game based on fun physics, has already announced the use of ApeCoin for the purchase of its NFTs. ApeCoin is an Ethereum-based ERC-20 token developed What is ApeCoin primarily for the Bored Ape Yacht Club ecosystem. Valued highly by NFT collectors and Bored Ape NFT owners, it’s also marketed as a decentralized protocol layer for community-led initiatives.

Additional upside of ApeCoin may be limited by the future expiration of the lock-up provisions on the tokens granted to contributors. For instance, Yuga Labs received 16% of the token’s total supply, with an initial lock-up of 12 months, meaning that they can’t cash out their tokens for that period. The next crucial advantage you can notice with ApeCoin protocol would refer to the facility of incentives. It is a favorable platform enabling third-party developers to join the ecosystem.

Ok, But What Can I Do With Apecoin?

Make an initial deposit of 5 USD on the Bitso app or website to purchase APE or other cryptocurrencies. We are exploring different crypto trends through building a fun, experimental ecosystem around our token. Buy, sell, swap and store your favorite coins with the the most user-friendly crypto app.

• This is because an independent entity allocates tokens to a company and its founders rather than that company and its founders launching their own investments.
• Whether or not the initiative respects the laws depends on whether ApeCoin DAO is fully independent of Yuga Labs.
• Yuga Labs, founded in 2021 and headquartered in Miami, Florida, is a prominent name in NFTs and digital collectibles.
• The acronym DAO stands for Decentralized Autonomous Organization.
• The entirety of the next 14% were paid out to various launch contributors for helping bring the project to life.

The ApeCoin DAO is a decentralized organization that allows all APE holders to vote on governance decisions related to the token. At a time when NFTs are still storming the crypto arena, ApeCoin has managed to steal the limelight since its appearance. As an ERC-20 governance and utility token of the APE ecosystem, ApeCoin is administered by a decentralized autonomous organization, or DAO.

Ape

The ApeCoin DAO will be completely decentralized, with the founders intentionallynot including themselves on the ApeCoin DAO board. All told, 15% of the token supply will be allocated to NFT holders. Another 47% of the total supply will be granted to the DAO treasury and resources, with much of that tally vesting over the next 48 months. On a surface level, ApeCoin is an ERC-20 token that serves as a governance token for the ApeCoin decentralized autonomous organization . ApeCoin, the ApeCoin DAO and Bored Ape NFTs all rely on the Ethereum blockchain for completing transactions, and it is used to help make decisions for the future of the token. ApeCoin is the governance and utility token that serves the Bored Ape Yacht Club community – and the collection of communities owned by it’s parent company, Yuga Labs.

ApeCoin otherwise referred to as $APE or APE, is the native cryptocurrency in the Bored Ape Yacht Club or BAYC ecosystem. As of now, BAYC is the most renowned NFT collection on the Ethereum network. The ApeCoin follows the ERC-20 token standard and serves as a utility as well as governance token within the Bored Ape ecosystem. As a utility token, it helps in purchasing goods and services according to your requirements. In the future, the coin will be used within the BAYC ecosystem, which already constitutes games and e-commerce development projects.

It seems that the current management is already looking to forge strong partnerships which will offer token holders utility beyond the coin’s market value. The acquisition of two prominent NFT competitors, CryptoPunks and The Meebits, is the first sign of things moving forward. Just a few days later, Yuga Labs hinted at creating a massive metaverse game called MetaRPG, which will involve the sale of 200,000 plots of virtual land. After just one day of trading, ApeCoin had a market capitalization of almost $2 billion, owing to its scarcity, as the total supply of tokens is limited to only one billion.

The DAO itself, on the other hand, exists to deliver power to the community of APE holders. Ape Improvement Proposal Processes would allow the DAO members to make decisions on the Ecosystem Fund applications, projects, partnerships, and beyond. There are no capabilities to mint further tokens through its contract interface, and this supply should never increase.

Apecoins Future Value Projection

The governance part refers to token holders’ voting rights on the direction of the ecosystem and partnerships. ApeCoin has a fixed total supply of 1 billion APE tokens, which cannot be minted or burned. This means the number of ApeCoins in circulation will never go up or down. The token originated from the Bored Ape Yacht Club , an NFT series from Web3 company Yuga Labs. The collection features 10,000 unique cartoon ape drawings, each with a distinct look and style, with ownership of each verified on the blockchain. BAYC has been one of the most successful NFT projects to date, enjoying viral popularity including famous owners like Jimmy Fallon and Eminem.

ApeCoin crypto and its tokenomics, alongside its significance in the evolving NFT landscape. The acquisition of these NFTs will ensure further diversification of ApeCoin, as CryptoPunks and The Meebits retain a large following and active communities behind each project. According to Yuga Labs, the move will seed a vibrant new community in the BAYC ecosystem, which is already teeming with third-party developers and creators. ApeCoin DAO will gradually evolve the proposal and vote procedures into a full, on-chain platform as selected by the community. As the ecosystem’s open-source protocol layer, ApeCoin serves various objectives.

What Is Apecoin Ape? How Does It Work?

The Foundation includes a 5-member board made up of luminaries in the world of crypto and tech. The Board is responsible for ensuring the community’s vision is being followed as the ecosystem continues to develop. APE holders vote to determine the Board’s membership on a yearly basis. Holders of BAYC can claim 10,094 APE for each NFT they own, while MAYC holders are entitled to 2,042 APE. The remaining part will be released as a component of the DAO’s ecosystem fund. All these coins are “lock-in” for the first 12 months, so holders cannot simply withdraw and pocket the profits.

While it is still too early to speculate on the potential growth of ApeCoin, the community is proactively engaging in the NFT space and have opened to doors for integration on other decentralised platforms. As prefaced above, ApeCoin has been designed with the future in mind. Focusing on evolution of Web3 and blockchain technology to facilitate art, entertainment, gaming, and many more possibilities beyond. With the launch price of ApeCoin hovering above USD$15, this means holders of these NFTs received between $30,000 – $150,000 worth of ApeCoin for free per NFT.

As explained above, governance is one of the main purposes behind APE as it allows holders to participate in the DAO. As mentioned above, APE is an ERC-20 token that serves the purposes of governance, but it also brings utilities when used within the APE ecosystem. The Bored Ape Yacht Club is living up to its name, as it is an exclusive club indeed. Since their first minting at a price of 0.08 ETH in April 2021, BAYC NFTs have reached a floor price of more than 100 ETH. ApeCoin bears the Bored Ape logo and the ApeCoin airdrop was received by owners of a Bored Ape or Mutant Ape NFT, two NFT collections that belong to the Bored Ape Yacht Club . The former is the world’s most valuable NFT collection, as it has recently overtaken the famous CryptoPunks .

They are one of the most major success stories within the NFT world. To add to the popularity of these NFT collections, an airdrop to all holders of Bored Ape and Mutant Ape NFTs took place. For each Bored Ape NFT, 10,094 tokens were allocated and for each Mutant Ape NFT, 2042 tokens were allocated. These two NFT collections have had a large reputation in the cryptocurrency community, and especially in the NFT community. The total supply of Apecoin is permanently fixed at 1 billion tokens, there are no plans to mint further tokens and APE has been designed with no burning capabilities – essentially cementing this supply cap. ApeCoin is an ERC-20 token that operates on the Ethereum blockchain.

Anyone holding the coin is allowed to cast their vote on the relevant governance decisions. The metaverse game Otherside will also get an Apecoin integration. After mentioning this news, the coin also rose significantly in price. The ApeCoin https://xcritical.com/ is currently being used for several purposes in the ApeCoin ecosystem. As described earlier, the crypto coins are used for the Apecoin DAO. Holders can access special events here, vote on upcoming decisions, play games, and much more.

The BAYC NFT holders showed the necessary proof of eligibility for claiming around 10,950 APE. Interestingly, holders can sell or buy ApeCoin without any restrictions on a decentralized exchange, serving as a digital trading post for different cryptocurrencies. First, it’s backed by a reputable brand that’s overseen by prominent founders who have a history of managing crypto projects. Secondly, investors have shown a keen interest in the coin, as evidenced by its current value after the cooling-off period. Thirdly, the coin is backed by an active community which includes celebrities.

At the time of writing, the cheapest Bored Ape is even worth $124,000 USD. Animoca Brands’ game Benji Bananas leverages ApeCoin in a play to earn style game. Also according to ApeCoin DAO, there will be future access to BAYC styled games, services and possible further airdrops. Animoca Brands and Yuga Labs have teased a Bored Ape secret project that would be powered by ApeCoin.

Apecoin Dao

However, the NFTs are extremely expensive, and many smaller investors want a way to invest in the project without paying more than the $150,000 floor price at the time of writing. This demand caused BAYC to release its own token and and give smaller investors access to invest in its projects. Of the two, Bitcoin is by far the more established and familiar to the general public.

Right now, there is no true functionality except membership in the ApeDAO, which oversees the governance of the ApeCoin token. Compared to Bitcoin, it’s a baby, having been launched only this past March . Moreover, in contrast to Bitcoin with its native blockchain, ApeCoin is an Ethereum-based token. It’s built on Ethereum’s ERC-20 token standard, and its address can be found here. The cryptocurrency is traded on some of the biggest exchanges, such as Binance, FTX, Huobi, KuCoin, Bybit, Kraken, and so forth.

Earlier this week, it was announced that members of the Bored Ape Yacht Club NFT collection would be getting their very own cryptocurrency, ApeCoin. It’s also used by a number of developers outside of the APE ecosystem, such as play-to-earn game Benji Bananas by Animoca Brands, which uses ApeCoin to incentivize and reward players. Designed identically to any other Web3 coin, ApeCoin can be used for payments. ApeCoin is technically acceptable by most merchants because it is a pervasive ERC-20 token. The coin is also already in use as NFT rewards, and holders with the BAYC receive free APE that they can immediately cash.

Axie Infinity is a blockchain-based trading and battling game that is partially owned and operated by its players. To deposit cryptocurrency, you only need to check the encrypted address on Huobi Global and send funds to that address. There are many ways to use fiat currency to fund your account for transactions, including credit cards, cash, and other cryptocurrencies.

What Is The Bored Ape Yacht Club?

APE was developed by Yuga Labs, a company that specializes in cryptoassets, especially NFTs, and has become known for its collection of assets called Bored Apes. However, ApeCoin DAO was created to manage and develop the next steps of the project. Therefore, despite being created by Yuga Labs, APE is managed by its own user community, which is ApeCoin DAO.

Apecoin

Holders can begin claiming their APE token as of March 17, 2022 on the ApeCoin website. APE Coin has finally become a reality and was airdropped to BAYC NFT holders. According to the website, ApeCoin wants to implement specific changes and governance, and access to all users. The Ape Foundation “provides an infrastructure for ApeCoin holders to collaborate through open and permissionless governance processes.” There is not enough prediction information for ApeCoin for a reason, ApeCoin expands to a broader market than most cryptos. According to reports, members of the Bored Ape Yacht Club NFT collection are highly involved in the new crypto in town.

Now that we understand what is ApeCoin, it’s time to delve deeper and find out what is the ApeCoin DAO. Simply put, ApeCoin DAO is the governing body behind the BAYC ecosystem and ApeCoin. It’s widely perceived as an independent establishment that makes its own decisions based on the wishes of its members. All APE holders are members of the ApeCoin DAO, and share voting rights. Accordingly, anyone can become a member of the DAO by purchasing an Ape NFT. Overseeing the DAO is the Ape Foundation, which ensures that ideas of the DAO community are brought to fruition. The Ape Foundation is headed by five high-profile crypto investors.