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This approach fosters innovation and growth within the Ape ecosystem, what is ape coin leading to more opportunities for token holders. To adhere to industry standards, a portion of the tokens allocated for project contributors was initially subjected to a lock-up period. These locked tokens will be gradually released over a 48-month period, following a predetermined unlock schedule outlined in the chart, commencing on the launch day of March 17, 2022. This measured approach to token allocation aims to foster a controlled and sustainable distribution, promoting long-term stability and trust within the ApeCoin ecosystem.
What Are the Features of ApeCoin (APE)?
This includes entry to exclusive games, merchandise, events, and https://www.xcritical.com/ services. The token also exists to incentivize third-party developers to participate in the APE ecosystem by incorporating the token into games and various projects. ApeCoin has a total supply of 1 billion tokens, and the contract interface disallows the minting of any more tokens, thus instilling a cap. There is no burning mechanism as well, so the supply won’t go down. ApeCoin (APE) is an ERC-20 token compatible with the Ethereum blockchain and any supported wallet.
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It is a crypto token that powers the APE ecosystem, providing holders with access to exclusive physical and digital events, online games, Web3 services, merch, and more. For investors, ApeCoin provides investment exposure to the Web3 ecosystem built on the Bored Ape brand. ApeCoin, operating as an ERC-20 governance and utility token, plays a pivotal role within the APE ecosystem, facilitating the establishment of a decentralized community at the forefront of web3 innovation. As the open-source protocol layer of the ecosystem, ApeCoin serves multiple functions. Firstly, it operates as the governance token, empowering ApeCoin holders to actively engage in the decision-making processes of the ApeCoin DAO.
What Can You Do With Zengo’s ApeCoin Wallet?
Acquiring a Benji Bananas Membership Pass allows the user to swap in-game tokens into ApeCoin. When loading your account with fiat, all bank transfers are free, and once you have a positive balance, users can use the funds to pay bills both within and outside of the crypto service ecosystem directly from the app. Buy, sell, store and trade APE from the secure location of your Tap app. ApeCoin was created by Yuga Labs, inspired by the Bored Ape Yacht Club project. Supported by the Ape Foundation, ApeCoin is governed by the ApeCoin DAO which creates a framework for permissionless governance processes.
ApeCoin protocol, APE foundation, ApeCoin DAO, and special board are the main parts of the project. Additionally, it has a 5 member “Board”, a special council of the Ape Foundation. It is responsible for project management, record keeping, coordinating DAO actions, and other day-to-day activities. According to its official website, $APE is designed for and controlled by the community. It will operate as a decentralized protocol layer for community endeavors.
ApeCoin’s total supply is set at a permanent cap of 1 billion tokens, with no provision for minting or burning capabilities through the contract interface, ensuring that the overall supply remains constant and unalterable. On March 17, 2022, ApeCoin entered the trading market, initially distributed to Bored Ape and Mutant Ape NFT holders, who received approximately 10,000 and 2,000 tokens, respectively. However, the use of ApeCoin is not limited to projects developed by Yuga Labs. Animoca Brands’ Benji Bananas is a play-to-earn (P2E) game in which players can realize their gains in the form of ApeCoin. It is the vision of ApeCoin’s creators that this kind of adoption expands and continues into the future. 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.
Five people from the technology and cryptocurrency communities make up the APE Board. Collectively, holders of APE tokens make decisions about governance, voting on matters such as funding distribution, rule-making, partnerships, project selection, and more. The community’s decisions regarding governance are put into action by the ApeCoin Foundation. Sixty-two percent of the total ApeCoins are being set aside for token holders and the DAO treasury. Instead, the public relations messaging insists ApeCoin is a product of ApeCoin DAO, a brand new organizational unit governed entirely by token holders. Holding APE makes you a member of the DAO (that’s short for decentralized autonomous organization, a kind of online collective centered around crypto); you don’t even need to own a Bored Ape NFT to join.
ApeCoin DAO stands to offer decentralized governance for the ecosystem. It streamlines transparent decision-making regarding governance rules, fund allocations, and partnerships. Covering the straight facts, ApeCoin is the native cryptocurrency of the APE ecosystem. In simple words, ApeCoin is an ERC-20 token on the Ethereum blockchain. According to Rohan Grey, a law professor at Willamette University and crypto regulation observer, the distinction between ApeCoin DAO and Yuga Labs probably also has to do with something called the Hinman Test. ApeCoin DAO is (at least nominally) decentralized; Yuga Labs is not.
- While some investors may have optimistic predictions for ApeCoin, it is important to do thorough research and approach any investment decision with caution.
- APE holders can vote on proposals or craft and introduce proposals to take actions that include allocating community treasury funds, making license exemptions, and promoting protocol development and adoption.
- The increase in ApeCoin’s price can be attributed to several key factors.
- The token has experienced both significant price spikes and prolonged price dips.
- In fact, each holder of a BAYC NFT was able to claim over $100,000 worth of APE at launch.
Firstly, like many cryptocurrencies, its main purpose is a currency. To explain, ApeCoin will be the currency for the Otherside Metaverse, created by Yuga Labs. The token will allow users to buy items and power-ups in this highly anticipated metaverse.
ApeCoin ($APE) is a cryptocurrency built on Ethereum by Yuga Labs and used by Bored Ape Yacht. If the price holds, and traders outside the Bored Ape Yacht Club ecosystem start taking positions in APE, you can expect the use cases to, uh, evolve. It hinges on the idea that ApeCoin DAO is entirely independent from Yuga Labs. If Yuga Labs issued a token explicitly as a reward for Bored Ape holders, you could more easily make the argument that a Bored Ape is a kind of investment, and therefore subject to securities regulations. In the way that certain stocks pay dividends, part of the value of investment-style NFTs would be tied to the perks they could get you down the line.
Some investors may have become bearish on the project due to concerns over the sustainability of its growth trajectory or uncertainty about its future direction. As a new type of currency with innovative technology and unique use cases, APEPE has broad market potential and significant room for development. The distinctiveness and appeal of APEPE may attract the interest of specific groups, thereby driving up its market value. The Pepe Token, also designed on the Ethereum blockchain, promotes a democratic economy by enabling its holders not only to earn but also to vote on crucial decisions. This fosters an environment of genuine inclusion and equal opportunities – appealing to masses who have been traditionally left out of finance deliberations.
The entirety of the next 14% (140 million tokens) were paid out to various launch contributors for helping bring the project to life. The final 8% tranche of ApeCoin (80 million tokens) was distributed to the quartet of founders behind Yuga Labs and BAYC. It’s also used by a number of developers outside of the APE ecosystem, such as play-to-earn (P2E) game Benji Bananas by Animoca Brands, which uses ApeCoin to incentivize and reward players. This isn’t to say that memecoins can’t flourish – take Dogecoin as an example – but you should always be aware of what you’re getting into when investing in new tokens like APE that ride high on hype.
It’s meant to field proposals from the community, which token holders can then vote on. ApeCoin is an ERC-20 governance and utility token used within the APE Ecosystem to empower and incentivize a decentralized community building at the forefront of web3. APE can be used to vote on governance decisions put forward by Ape DAO, gain exclusive access to services in the APE ecosystem, be used as a shared currency within the APE ecosystem, and interface APE with other projects.
ApeCoin (APE) is a utility token on the Ethereum blockchain network. Its beginnings lay with the non-fungible token (NFT) brand Bored Ape Yacht Club (BAYC), which played a significant role in popularising the collectible NFT art markets in 2021. Once you have funded your account, you click on ApeCoin in the list of tradable assets and place an order to buy the amount of APE you would like to purchase. Verify that all the order details are correct and confirm the transaction.
Just share your APE wallet address with the person sending the token. To do this, go to the Zengo home screen, select APE, and swipe to the right. The string of numbers and letters that appears is your unique address. After the funds are sent, check for a notification from Zengo when the funds arrive. The wallet has several unique features that make trading a breeze, whether you are highly experienced or a complete beginner. The crypto market is always evolving, but there is no need to waste hours of your time trying to keep up with trends.
As the custodian of ApeCoin, the APE Foundation serves as the foundational layer for ApeCoin holders within the ApeCoin DAO, fostering decentralized and community-driven governance. Its evolving decentralization aims to oversee day-to-day tasks, administer decisions of the ApeCoin DAO, and manage responsibilities like bookkeeping and project management to support the realization of community ideas. At the moment, there isn’t much you can do with APE directly except to trade it on several crypto exchanges. Despite plans for APE to be used as the primary token for all new services and products launched by Yuga Labs, many of these projects remain very much in development. The eventual core utility will be for third-party developers to create new apps in the APE ecosystem, integrating APE as a crypto and incentive for new services and products. Alternatively, you could purchase ApeCoin on a decentralized exchange by swapping another cryptocurrency for it.
ApeCoin is explicitly linked to these famously pricey non-fungible tokens, and is very much involved with Yuga Labs, the company stewarding the intellectual property behind the Bored Apes. But a carefully coordinated marketing campaign has taken great pains to dissociate ApeCoin from any one conventional corporation. ApeCoin is a decentralized project inspired by Yuga Labs’ Bored Ape Yacht Club project. ApeCoin was founded to be used within the burgeoning APE Ecosystem, which is supported by the APE Foundation.
On the other hand, were BAYC to be displaced by more successful brands, APE holders should expect a corresponding loss of value in the crypto. This mainly owes to the fact that in 2021, there was huge celebrity interest in Bored Apes, with mega-wealthy personalities such as Paris Hilton, Eminem and even investment gurus like Adam Draper and Mark Cuban. All of these celebrities bought their very own Bored Ape for millions of dollars, many of them using their own Bored Ape avatar on Twitter – creating immense visibility for the project. The ApeCoin DAO hopes to be the decentralised governance mechanism that will build and manage APE’s community all over the world. It is meant to be a fair and objective system to manage the decision-making processes of the collective DAO.
APE holders can vote on proposals or craft and introduce proposals to take actions that include allocating community treasury funds, making license exemptions, and promoting protocol development and adoption. The maximum supply for ApeCoin is permanently fixed at 1 billion tokens. A portion of tokens was withheld at launch to release over a period of 48 months. Meaning, the maximum supply of $APE is likely to be hit by the year 2026. You may have heard about the Bored Ape Yacht Club – the most successful NFT project to date. The BAYC pioneered its way into the NFT space and served as an influence for many other projects.