ApeCoin DAO Governance Working Group

They aimed to revolutionize financial services and create an accessible platform for digital currency. With ApeCoin, users can buy, hold, and trade APE tokens on cryptocurrency exchanges. The use of APE tokens within the platform is versatile, ranging from conducting transactions to using them as collateral for Decentralized Finance (DeFi) applications. You can use ApeCoin to gain entrance to physical or digital events held by the APE community, purchase BAYC merchandise, and spend it within the APE ecosystem’s suite of products and services. Moreover, you can use APE to participate in the ApeCoin DAO if you’d what is coin ape like to have a say in the future of the APE ecosystem.

What’s the Most Profitable NFT Strategy: Buying at Mint or Later?

Before you find out more about the cryptocurrency ApeCoin, it is important to notice the background of the project. As a matter of fact, the BAYC NFT collection registered around 335 https://www.xcritical.com/ NFTs in sale in the first few weeks of March 2022. The total sale of BAYC NFTs amounted to almost $95.48 million for the 335 NFTs.

What is the tokenomics of ApeCoin?

Consult with a qualified professional before making any financial decisions. This article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies nor can the accuracy or timeliness of the information be guaranteed. The total supply of ApeCoin is permanently fixed at 1 billion tokens. No mintingcapability is exposed through the contract interface, thus the total supply willnever increase. Similarly, the contract interface does not expose any tokenburning capability, so the total supply will never decrease. Yuga Labs is getting 150 million APE, 10 million of which (“or equal value”) will go to the Jane Goodall Legacy Foundation.

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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 also allows its holders to access metaverse projects like Yuga Labs’ Otherside. Parcels of digital real estate Otherside land NFTs, known as “Otherdeeds”. ApeCoin provides holders accessibility to the APE ecosystem that is otherwise unavailable. To everyone’s surprise, Yuga Labs was on point with the launch of the Otherside metaverse project whose exclusive token was none other than the ApeCoin. We’ll get back to that later, first let’s cover how it has come into the scene of evolving cryptocurrencies.

The token will allow users to buy items and power-ups in this highly anticipated metaverse. 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. A lot is happening in the cryptocurrency market, and ApeCoin is as changeable as the weather. Check our ApeCoin price page and use our handy charts to keep track of the latest APE developments. Schedule a free demo with our team to learn more and start fundraising with non-cash assets like cryptocurrency, stock and DAFs.

Yuga Labs, the creator of the popular Bored Ape Yacht Club (BAYC) NFT collections, has also adopted APE as the primary token for all new products and services. When ApeCoin initially launched in March, 2022, it climbed to several initial price peaks of USD$15.24 and USD$15.44. Riding the NFT bull run at that time, the APE value reached an all time high price of USD$23.26 at the end of April of that year. However, within a few weeks and with the bear market of 2022 taking hold and subduing the NFT mania, APE’s value dropped back down to price levels ranging between USD$3.13 and USD$7.30. 👔The Ape Foundation Board includes Reddit co-founder, Aliexis Ohanian, and Yat Siu of developer and venture capital group, Animoca Brands.

Buying ApeCoin works in the same way as buying any other cryptocurrency. The main difference between buying Bitcoin or Ethereum and ApeCoin is that the latter is not supported by all leading cryptocurrency exchanges. DAO members vote biannually to keep eligible existing Board members, 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” vote.

The DAO’s decisions are then implemented by the ApeCoin Foundation, which serves as the DAO’s legal representative and supports the growth of the ecosystem in various ways. 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.

However, its price is prone to dramatic fluctuations like many other cryptocurrencies, so as always it’s important to do your homework before investing. There is a maximum total supply of 1 billion APE (1,000,000,000 APE). At the time of writing (May 2022), roughly 29% of this is supply is in circulation, trading for $7.46 for a market capitalisation of $2.18 billion.

• The Bored Ape NFT stays ahead of other standard NFT collections because of its real-time utility.
• Of course, with BitPay’s recent support for the token, you can also buy ApeCoin (APE), store, swap and spend in the BitPay app.
• Buy, sell, and exchange $APE along with 160+ other cryptocurrency coins and tokens at Easy Crypto.
• Each holder of a BAYC NFT was able to claim over USD$100,000 worth of APE at launch.
• The Foundation includes a 5-member board made up of luminaries in the world of crypto and tech.

A unique organization that carries out the community’s vision within the Foundation is called the Board. Five people from the technology and cryptocurrency communities make up the APE Board. ApeCoin is also used as incentives in third-party services, games, and projects. By integrating ApeCoin into different platforms, developers can offer unique rewards to their users, boosting engagement and growth. From a governance perspective, holders of APE can become members of the ApeCoin DAO which vote on decisions impacting the ecosystem’s functioning and growth.

So, let’s explore the ins and outs of ApeCoin to determine if it’s a viable investment opportunity or a gamble not worth taking. Moreover, to pass an exchange’s KYC (Know Your Customer) process, you will also need to provide a copy of your government-issued ID and proof of address. You may also be asked questions about your income and your level of expertise as an investor.

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. You can answer the doubts regarding hype around ApeCoin with the implications for functionalities as a decentralized protocol layer in community-driven activities. For example, the popularity of ApeCoin in crypto revolves largely around improvements in the metaverse for event hosting and creation of digital products. The functionalities for serving as decentralized protocols can empower new innovations in the web3 landscape.

The token originated from the Bored Ape Yacht Club (BAYC), 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. Prices fluctuate, but individual pieces in the series sell for a minimum of $130,000 as of this writing, with a ceiling well above $1 million.

This might include anything from which partnerships the ecosystem should pursue to how funds are allocated. These decisions are then implemented by the ApeCoin Foundation, the 5-member Board acting as the DAO’s legal representative. ApeCoin is an ERC-20 utility and governance token used within the APE ecosystem. The founding roots of ApeCoin lie in the NFT series Bored Ape Yacht Club (BAYC), a creation by Web3 company Yuga Labs. ApeCoin has some actual utility within the APE ecosystem, so it’s more than just a speculative “meme coin”.

Next, 140 million APE goes to “the companies and people that helped make this project a reality” – an as yet unnamed group that most likely includes members of the Yuga Labs team. All these coins are “locked” for the first 12 months, so holders can’t just cash out and tank the price. The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website’s content as such. Bloom does not recommend that any cryptocurrency or NFTs should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions. 👉 Inspired by one of the most famous and valuable NFT collections – the Bored Ape Yacht Club (BAYC), ApeCoin is a cryptocurrency intended to support the development of a decentralized web3.

Use the BitPay Card to instantly convert APE to cash online, in-store or at compatible ATMs around the world. Buy gift cards for your favorite brands and shops from the app or extension. With an all-time high price of $39.40 in April 2022, however, APE fell more than 80% in less than a month, faring much worse in the current bearish market than more established crypto like Bitcoin and Ethereum. In mid-May 2022, the first such game to use APE was introduced as Benji Bananas. APE is used to buy a game pass (in the form of a ‘Benji Pass’ NFT). In-game tokens earned in Benji Bananas (called PRIMATE) can also be swapped for APE.

Meaning, the maximum supply of $APE is likely to be hit by the year 2026. 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.