ApeCoin (APE): What is it?
The much-awaited native token ApeCoin (APE), part of one of the most well-known NFT collections called Bored Ape Yacht Club (BAYC), has finally been released. Holders of NFT from the Bored Ape Yacht Club have received airdrops of ApeCoin. We will go through every detail of ApeCoin in this post.
Undoubtedly one of the most talked-about subjects in 2021 was the Bored Ape Yacht Club and its related sub-NFT collections. It appears that in 2022, demand for Bored Ape Yacht Club NFTs will keep rising.
The BAYC team hinted to APE, the local coin that would drive the ecosystem, a few months ago. It was formally unveiled on March 16. The March 17 debut of ApeCoin on various trading platforms, particularly the top cryptocurrency exchanges, finally materialized.
This post will go over all you need to know about the much anticipated APE cryptocurrency from Yuga Labs, the development team behind Bored Ape Yacht Club.
Describe APE Coin.
APE Coin is the BAYC ecosystem’s native cryptocurrency, to put it simply. ApeCoin (APE) was created to serve as the decentralized protocol layer for numerous community-managed enterprises.
The URL above will allow you to explore the contract address for the token used by ApeCoin, which is based on Ethereum’s ERC-20 token standard. On some of the largest exchanges, including Binance, FTX, Huobi, KuCoin, Bybit, Kraken, and others, ApeCoin is traded.
One billion APE tokens are allocated as the whole supply. Through the contract interface, extra tokens cannot be printed. It is safe to conclude that there will never be an increase in the supply of APE. However, ApeCoin does not include a coin burn mechanism, therefore the supply will not be constrained.
The token distribution for ApeCoin is as follows, according the information on the official website:
The ecosystem fund airdropped 150 million tokens to BAYC-related NFT holders at the following prices.
- Bored Ape NFT = 10094 ApeCoins
- Mutant Ape = 2042 ApeCoins
- Bored Ape + Kennel Club = 10950 ApeCoins
- Mutant Ape + Kennel Club = 2898 ApeCoins
The DAO treasury and resources will get 470 million tokens from the same fund, of which 117,500,000 will be released upon launch and the rest 7,343,750 will be released per month for 48 months.
Following is a breakdown of the 16% that will go to Yuga Labs and charities:
- A 12-month lockout will be used to send 150 million ApeCoins to Yuga Labs, following which 4,166,666.67 tokens will be released each month for a total of 36 months.
- The Jane Goodall Legacy Foundation will get 10 million tokens, or their equivalent, with a 12-month initial lockup and 277,777.78 tokens unlocked each month for the next 36 months.
- Additionally, people that donate to the initiative will receive 14% of the token supply. After a 12-month lock period, 8% of the tokens will be distributed monthly as 2,222,222.22 tokens to the BAYC founders and other contributors.
DAO and the Ape Foundation
The following is what the official website says about DAO and apeCoin:
The Foundation supports community-led, decentralized management and aspires to decentralize even further in the future. ApeCoin is in charge of overseeing the DAO’s choices and is also in charge of daily operations, accounting, project management, and other duties to make sure the DAO community has the resources they require to see their ideas through to completion.
However, ApeCoin’s decentralized autonomous organization (DAO) was developed to support its APE-holding community. DAO members can decide on Ecosystem Fund practices, initiatives, collaborations, and more using the ape improvement proposal processes.
The DAO’s board of directors will serve as the APE Foundation’s council, and its members will be in charge of supervising the APE Foundation’s board of directors. The Board’s objectives include serving the community’s overarching mission and managing DAO offerings. The following individuals are the founding members of ApeCoin’s decentralized autonomous organization (DAO):
These names are a few:
- Reddit user Alexis Ohanian
- Amy Wu, FTX’s Director of Ventures and Gaming
- Manager of Sound Ventures Maaria Bajwa
- Yat Siu, co-founder and President of Animoca Brands
- Dean Steinbeck, President and General Counsel of Horizen Labs
APE Coin Protocol
As indicated above, APE is an ERC-20 token that satisfies Bored Ape Yacht Club’s governance functions, but delivers distinct benefits when utilized in the APE ecosystem.
The open-source protocol layer of the entire ecosystem has numerous functions to serve:
APE is dedicated to developers’ products, games, services, etc. It acts as a mechanism for them to be involved in the ecosystem by incorporating them.
Since we discussed previously, governance is one of the key objectives of the APE token, as ApeCoin holders will have a vote in the DAO.
ApeCoin gives access to certain otherwise inaccessible portions of the ecosystem. These include items, events, games and the like that are limited to ApeCoin holders.
ApeCoin’s “instrument of exchange” function should not be forgotten too, since APE holders can utilize their tokens without any central middleman.
How to Buy APE Coins
As indicated above, APE is now listed and accessible for trade on various major exchanges including as Binance, Coinbase, FTX, Huobi, KuCoin, Bybit, Kraken and more.
However, at the time of this writing, the highest proportion of trade volume appears to occur on the Binance exchange. ApeCoin is traded in APE/USDT and APE/BUSD pairings on the Binance exchange