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ApeCoin: Bored Ape Yacht Club’s New Crypto Token

Voting delegation is the mechanism by which DAO members with tokens under initial lock-up will be able to vote. Members of the DAO may assign their vote to another DAO member they believe to be an authority on the issue. The ApeCoin DAO, the decentralized governance structure that underpins the Ecosystem Fund, is used by the ApeCoin community to govern itself. The APE Foundation’s distribution of the Ecosystem Fund to support a diversified and self-sustaining ecosystem is subject to a proposal procedure that the DAO votes on. After the initial 6-month term, DAO members will vote annually to keep
existing or appoint new Board members. ApeCoin token holders (the DAO members)
can also remove or replace a Board member at any time with a majority “In favor”

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. As an NFT basket of up to 20,000 mutated versions of the BAYC Apes, the MAYC helps onboard new members to the Ape community.

They include the Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and Bored Ape Kennel Club (BACK). ApeCoin was developed in February 2021 by Yuga Labs, a company led by CEO Nicole Muniz. It was initially part of a collection known as BAYC and helped generate $127 million in revenue that year. In March 2022, the APE token was released under the guidance of the ApeDAO and distributed to NFT holders, the ApeDAO treasury, and other stakeholders.

The coin is designed to be used as a medium of exchange on the APE network, which is an online marketplace that allows users to buy and sell items using the coin. In addition to being used as a currency, the coin can also be used to purchase goods and services on the site. ApeCoin what is apecoin is a cryptocurrency that was developed by a team of developers in early 2018. The team behind ApeCoin believes that the current financial system is unfair and centralized. They believe that the current system gives too much power to banks and financial institutions.

The platform allows you to swap, hold, farm, and purchase cryptocurrencies all on the BSC network. Current exchanges can be clunky and frustrating to use, so the team developed an easy-to-use solution for users of all skill levels. With ApeSwap’s user-friendly interface, you’ll never have to worry about losing your crypto assets again. Those fortunate enough to secure some ApeCoin today had to do so via airdrop claims. Blockchain-based projects and companies often use crypto airdrops to release free tokens to their community members as part of a broader marketing plan to raise awareness about new offerings. The coin is technically arms-length from Yuga Labs—it will be managed by the ApeCoin DAO—and will be integrated into play-to-earn games developed by the Ubisoft-backed Animoca Brands.

  • YugaLabs plans to take it even a step further and create an entire community based around web3 and blockchain technologies.
  • ApeCoin is an open-source project with a strong community that is building the APE ecosystem.
  • APE is a utility token that allows users to access the services offered by the APE project.
  • It also provides access to a metaverse economy, powered by a DAO and features an array of applications and services.
  • Additionally, APE has a limited history of profitability and its financials are not readily available.
  • In the future, ApeCoin has the potential to revolutionize the way that digital assets are managed and traded.

The total supply of ApeCoin is permanently fixed at 1 billion tokens. No minting
capability is exposed through the contract interface, thus the total supply will
never increase. Similarly, the contract interface does not expose any token
burning capability, so the total supply will never decrease. Culture has found new expression in web3 through art, gaming,
entertainment, and events. The possibilities for blockchain’s impact on culture
are so endless that they can’t possibly all be predicted yet. APE is a token
made to support what’s next, controlled and built on by the community.

How was ApeCoin developed

All of this was considered to be the “Ecosystem fund” part, which thus consists of 62 % of the 1 billion supply of APE. This is assured in perpetuity by the Ethereum-based smart contract responsible for the cryptocurrency’s creation, which does not allow for minting (creating) or burning (destroying) of tokens. Meanwhile, although BAYC creator Yuga Labs doesn’t control ApeCoin, its founders did receive a significant portion of the total supply of APE and the company is listed as a contributor to the project. This represented one of the most valuable airdrops in crypto history at the time. In fact, each holder of a BAYC NFT was able to claim over $100,000 worth of APE at launch. As the legal representative of the DAO, the ApeCoin Foundation facilitates the growth of the ecosystem.

How was ApeCoin developed

In late April 2022, YugaLabs launched an auction for “land” in the Otherside. To kick off their ambitious goals, YugaLabs airdropped the newly minted ApeCoin to holders of Bored Apes. Based on the price at the time of the original airdrop that was about $70,000. YugaLabs used the blockchain to find all wallet addresses of Bored Ape buyers and deposited ApeCoin. Owners literally woke up on March 17th to tens of thousands of dollars in their wallets. ApeCoin (APE) is an Ethereum-based token linked to the Bored Ape Yacht Club NFTs.

Third-party developers use ApeCoin to play a role in the ecosystem and incorporate the token into their services, games and various projects. For instance, in Animoca Brands’ Benji Bananas, a play-to-earn (P2E) mobile game, the coin is adopted as an incentive for players. They will be able to earn special tokens when playing and swap these tokens for ApeCoin. A non-fungible token (NFT) branch collection of the well-known Bored Ape Yacht Club (BAYC) collection, Mutant Ape Yacht Club (MAYC) is made up of unique Mutant Ape digital art images.

In total, Yuga Labs generated more than $300 million through the sale—all transacted in ApeCoin. With use cases spanning from decentralized payments to land sales on metaverse, the company has a range of supportive components in place. As the APE ecosystem grows, ApeCoin earns more value than can be realistically expected. The fact that ApeCoin has been issued by a dynamic online community like the Bored Ape Yacht Club has given it streams of takers right from the start. Aficionados of arts, culture, gaming and entertainment are more likely to use the cryptocurrency.

It is governed by the ApeCoin DAO and supported by the APE Foundation. Do not mint anything, click links, or link your wallet to anything. If you do not own BAYC/MAYC NFT, you can buy, store, swap and spend ApeCoin in your BitPay Wallet. Spend your APE or more than a dozen other cryptocurrencies as easily as cash. The BitPay Wallet is a non-custodial crypto wallet meaning you, and only you, control your ApeCoin.

ApeCoin had a market valuation of almost $2 billion just after a day of flowing into the market; one APE is worth approximately $14. The biggest piece of this supply is allocated to DAO treasury and resources, which should receive around 47 % of the overall supply, with a 48- months release period of about 7 million tokens per month. Additional 15 % of the supply was allocated to be claimed by the holders of NFTs, which can do so in the next 90 days.

ApeCoin’s New DAO Tasked to Acquire Top And Influential NFTs – The Coin Republic

ApeCoin’s New DAO Tasked to Acquire Top And Influential NFTs.

Posted: Sun, 01 Oct 2023 20:12:00 GMT [source]

It was inspired by one of the world’s most valuable and well-known cryptocurrencies. The goal of ApeCoin is to create a decentralized web3, which will enable users to interact with applications and services securely and safely. Compared to traditional networks, the ApeCoin network will provide users with improved speed, scalability, and security. As a result, users will be able to experience enhanced privacy and low transaction fees when using ApeCoin.

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