ApeCoin, a new cryptocurrency, was released on the Ethereum network (ETH). ApeCoin, the native cryptocurrency of the APE ecosystem that includes the ApeCoin DaAO and all products and services that use APE, is ApeCoin. Yuga Labs (creator of the Bored Ape Yacht Club NFT collections) has adopted APE as the primary token for all new products.
The Bored Ape Yacht Club was established in April 2021. It is made up of thousands of NFTs from different ape species. Each ape NFT has its unique facial expressions and clothes. This concept was popularized by celebrities like Jimmy Fallon, Justin Bieber, and Paris Hilton, who invested huge amounts in Bored Ape NFTs.
ApeCoin will serve as the protocol layer decentralized for various community-led initiatives.
The APE Foundation manages the token and oversees the ApeCoin DAO’s decisions. ApeCoin holders are the only voters in this DAO, managed by the Foundation.
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Goals of ApeCoin
The ApeCoin token is designed to enable the following:
* Governance: Holders can join the ApeCoin DAO to vote on governance rules and projects.
* Exclusive items, games, and services are reserved for ApeCoin owners
* Incentives: Third-party developers can join the ecosystem by incorporating APE in services, games, and other projects.
* Buying: ApeCoin, a utility token that can be used with no central intermediaries, is a cryptocurrency.
ApeCoin’s total supply is fixed at 1,000,000 tokens. ApeCoin will go into four groups. 62% of ApeCoin tokens will be reserved for BAYC NFT and MAYC NFT holders and the DAO Treasury.
NFT holders have so far claimed 110 million APE tokens. Yuga Labs received 150 million APE, and 10 million went to Jane Goodall Legacy Foundation.
A further 140 million APE will be donated to the “companies and people who made this project possible.”
Eighty million APE are given to the founders of Bored Ape Yacht Club. These tokens are initially “locked” for one year and then gradually unlocked over 36 months.
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ApeCoin, an Ethereum-based ERC-20 token, is available. The total supply of 1 billion tokens is approximately 1 billion. They were all created in one go.
It can be traded on many exchanges, including Binance and Coinbase and KuCoin, Huobi, and Kraken.
According to projections, the company’s market capitalization will reach $2.93 billion. It is the newest cryptocurrency, but it ranks 47th in market capitalization in April 2022.
How does ApeCoin work?
ApeCoin can be used in-game in Animoca Brands mobile games like Benji Bananas.
Each token can also be used to vote in the ApeCoin Digital Asset Organizer (DAO), allowing stakeholders to participate in future ventures democratically. Holders have the right to vote on the Ecosystem Fund’s usage, and only ApeCoin can be used as a criterion for membership.
ApeCoin’s supply is limited to 1,000,000 tokens. 15% goes to Yuga Labs, 14% to people and companies involved with the launch of ApeCoin, 8% to Yuga Labs founders, and 1% to a charity for Jane Goodall Legacy Fund.
Donations will be used to conserve habitats and reserves of chimpanzees.
Who are the ApeCoin Founders?
ApeCoin’s steward is APE Foundation. It is an independent foundation responsible for overseeing the ApeCoin DAO members’ decisions.
A special council of the APE Foundation (the DAO’s “Board”) oversees the Foundation administrators at the request of ApeCoin DAO members. Five prominent tech leaders make up the initial council. There’s also the ApeCoin protocol and APE Foundation boards.
The total supply of APECoin tokens is 1 billion
Note: Yuga Labs does not issue ApeCoin.
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How is the ApeCoin Network secured?
ApeCoin can be used in the Web3 economy. APE is a community-controlled cryptocurrency that supports what’s next. It will be a decentralized protocol layer to support community-led efforts in the metaverse to advance culture.