What is ApeCoin APE and How Do I Use It?

If you hold a Bored Ape Yacht Club or Mutant Ape Yacht Club NFT in your wallet, then you can claim a certain amount of free tokens from the official ApeCoin website. Each NFT draws its own allocation of tokens, so if you own a bunch, your token rewards will stack. If you’re thinking of APE-ing in to the buzzy token, here’s a look at how ApeCoin works, who’s eligible to claim a stash of them, and the various purposes that ApeCoin DAO has in mind for the just-launched token. ApeCoin is operated on the Ethereum blockchain – one of the most reliable blockchains that exist – and is an ERC-20 token, which is the most common token standard on Ethereum.

what is apecoin

As Yugalabs dive into the metaverse, ApeCoin stands a chance of gaining core relevance in one of the most promising Web3 and blockchain narratives since NFTs – the metaverse. 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. Alternatively, you could purchase ApeCoin on a decentralized exchange by swapping another cryptocurrency for it.

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. Many people have been wondering about the question of “is ApeCoin a good investment” to find out its credibility. The founder of ApeCoin is Yuga Labs, the team behind BAYC NFT collections. ApeCoin or $APE has evolved as a favorable token for commerce, culture, and gaming to empower the decentralized community. The utility of ApeCoin can help in empowering many web3 development projects effortlessly.

what is apecoin

8% of the total supply was allocated to BAYC founders – this allocation will be vested for 12 months after which they will be gradually released per month over the next 36 months. The Bored Apes team has utilized ApeCoin for fundraisers and has reserved some ApeCoin tokens for future developments on the APE ecosystem. There are also exclusive staking pools for ApeCoin, where holding different APE ecosystem NFTs grants different APYs, with the BAKC Pool offering a high of 162.59% APY at time of writing. Furthermore, WienerAI‘s concept represents an intriguing intersection of popular culture and cutting-edge technology within the crypto space.

what is apecoin

Ethereum L2 Arbitrum will be unlocking 92.65 million ARB ($103.76 million) on May 16, all going to the team, future team, advisors, and investors. Meanwhile, Aptos is unlocking 11.31 APT ($102.1 million) on May 12 for the foundation, community, core contributors, and investors. As the merry month of May starts to peek through the clouds, $3 billion worth of tokens are about to be unlocked across seven different projects, according to TokenUnlocks data. The cryptocurrency boasts high liquidity, as indicated by its market cap.

what is apecoin

Projects on the Ethereum blockchain can easily communicate with other projects, using the functionality of other protocols to benefit your own. This relationship attracts more protocols and developers to work on the Ethereum chain, in turn making the ecosystem richer with utility. Ethereum also has a simple programming language in Solidity (at least compared to some other chains like Solana which uses a mix of Rust, C and C++), a decentralized structure and reliable security.

However, only time can reveal what would actually happen with ApeCoin in crypto world. Start learning more about the world of NFTs and different NFT collections. The Bored Ape Yacht Club or BAYC NFT collection is one of the significant trends in the world of NFTs in recent times.

He started his career in 2017 amid the Bitcoin and the cryptocurrency boom, and he hasn’t turned his back on the industry since then. As one of the early investors, Yuga Labs receives a portion of the token distribution. The ApeCoinDAO https://aviationcrew.net/avia-emerges-in-italy/ and the Ape Foundation are two entities working together to ensure the future of ApeCoin rolls out as the community envisions it. ApeCoin holds an essential role as the de facto currency for Otherside, BAYC’s upcoming metaverse.

  • The ApeCoin is an interesting example of introducing new forms of utility with NFT collections.
  • The game blends mechanics from massively multiplayer online role-playing games (MMORPGs) and web3-enabled virtual worlds.
  • The Foundation facilitates decentralized and community-led governance and is
    designed to become more decentralized over time.
  • This ensures mutuality as the projects progress with the ApeCoin token and the ApeCoin ecosystem.

This is shown by its creators, Yuga Labs, stating that ApeCoin will be the coin and token (APE token) for all new products and services launched by their company — from in-game currency to governance tokens. Thus, as both an ApeCoin http://kinoslot.ru/1898-god/ cryptocurrency and an APE token for utility, ApeCoin has been built to launch all Yuga Lab’s future plans in the crypto space. ApeCoin is a very recent cryptocurrency with a lot of its features and functionality still to come.

ApeCoin is supported by a wide range of exchanges including eToro, WeBull and Uphold. If you are looking to purchase the token on a decentralized exchange, then Uniswap is a popular DEX to check out. It can be tricky to distinguish what each part of the BAYC ecosystem does. As it holds today, the ApeCoin DAO is a completely separate decentralized entity, so Yuga Labs doesn’t have complete control over it.

This article explores a selection of promising cryptocurrencies that have caught the attention of crypto traders looking to make strategic investments. 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. Earlier this week, it was announced members of the Bored Ape Yacht Club NFT collection would be getting their very own cryptocurrency, ApeCoin. Georgia Weston is one of the most prolific thinkers in the blockchain space.

The token can also be purchased on the open market through a crypto exchange. The price per token is trading at just under $4, with a market capitalization that is chopping around $1.3 billion. Of the total supply, 15% of tokens were made immediately available to the BAYC and MAYC NFT holders upon launch, and 47% of tokens went to the DAO treasury. A further 15% was distributed to Yuga Labs, and 14% was reserved for investors and contributors to the project. The four founders of Yuga Labs and the BAYC were given 8% of all APE tokens. Finally, 1% was donated to the Jane Goodall Legacy Foundation to aid in its efforts to promote conservation, educational programs, and research of environmental initiatives.

A decentralized autonomous organization (DAO) is the best way to give every
member of the community a vote on important decisions whether it’s a technical
upgrade or a decision to fund a new idea. However, the reality is that today a
DAO cannot sign a lease or hire people or make merch or whatever the community
decides to do on its own. The Foundation is responsible for the https://www.thepearworkshop.com/BeadMaking/fabric-beads-how-to-make day-to-day
administration, bookkeeping, project management, and other tasks that ensure the
ApeCoin DAO community’s ideas have the support they need to become a reality. ApeCoin aims to facilitate decentralized community engagement in the Web3 space, enabling governance decisions and granting access to exclusive features within the ecosystem, such as games and services.

Despite that, the token is already doing well and has significant backing through its parent companies and platforms — both financial and socially, with many backers in the form of household celebrity names. ApeCoin is set to be used across the DeFi space, as a utility token in the decentralized community, as in-game crypto for Yuga Labs’ games as well as those from other developers, and more. Thanks to its adaptability, ApeCoin could become a crypto used across many blockchains and platforms, potentially bringing more unity to the space and more value to itself and its ecosystem.

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