Schedule a free demo with our team to learn more and start fundraising with non-cash assets like cryptocurrency, stock and DAFs. Bored Ape NFT holders were eligible to claim a share of the ApeCoins that debuted earlier this year as the official cryptocurrency of the BAYC ecosystem. ApeCoin can be used and traded on both AVAX and BSC (BNB smart chain) using decentralized exchanges on both these blockchains. 👔The Ape Foundation Board includes Reddit co-founder, Aliexis Ohanian, and Yat Siu of developer and venture capital group, Animoca Brands.
- Some of the most popular NFTs are digital art, collectables, and gaming assets.
- The APE Foundation basically focuses on ensuring the growth of the APE ecosystem through a fair and inclusive approach.
- As of now, BAYC is the most renowned NFT collection on the Ethereum network.
- The collection showcases algorithmically generated profile pictures of cartoon apes.
- The utility of ApeCoin can help in empowering many web3 development projects effortlessly.
Having said that, DEXs are unregulated, and there is no customer protection if funds are lost due to hacks. Crypto exchanges are online trading platforms for digital assets that function in a similar way as online stock brokerage platforms, such as Fidelity or Charles Schwab. The only difference is that you use U.S. dollars to buy and sell cryptocurrencies instead of traditional financial investments, such as stocks and bonds. ApeCoin also grants access to parts of the Ecosystem that would otherwise be unavailable, such as exclusive games and services. ApeCoin is a tool for third-party developers to take part in the ecosystem by integrating ApeCoin into games, services and other projects.
ApeCoin tokenomics
At the time of the airdrop, 62% of the tokens were sent to Bored Ape and Mutant Ape NFT holders, 16% to Yuga Labs and charities, 14% to launch contributors and 8% to the founders of BAYC. Not all of the ApeCoin funds were deployed – just slightly over a third of the one billion ApeCoins in circulation. The ApeCoin DAO is a decentralized organization that allows all APE holders to vote on governance decisions related to the token.
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. Yuga Labs is a web3 company best known for the creation of the Bored Ape Yacht Club. It will be a community member in the ApeCoin DAO and adopt APE as the primary token across new projects. Upon the launch of ApeCoin, holders of Bored Ape Yacht Club and Mutant Ape Yacht Club NFTs were entitled to collectively claim 15% of the ApeCoin supply (150 million tokens of the 1 billion total tokens in supply).
Apecoin DAO
They can incorporate the token into their services, games, and other projects as incentives. For example, APE is adopted as incentives for players in Benji Bananas, a play-to-earn mobile game developed by Animoca Brands. Benji Bananas offers a Membership Pass (‘Benji https://www.xcritical.com/blog/what-is-apecoin-ape/ Pass’), an NFT that will enable its owners to earn special tokens when playing Benji Bananas, and that will also allow those tokens to be swapped for ApeCoin. The token originated from the Bored Ape Yacht Club (BAYC), an NFT series from Web3 company Yuga Labs.
ApeCoin DAO is a decentralized autonomous organization (DAO) for all APE token holders to participate in governance decisions. They can decide how to allocate the Ecosystem Fund, make governance rules, select projects, partnerships, etc. After the DAO members vote on the proposals, the APE Foundation will proceed to carry out the community-led governance decisions. With APE, token holders can vote on governance proposals on the DAO and access exclusive features of the APE ecosystem, such as games, events, and services.
Step 3: Select ApeCoin among the available assets and buy the token
ApeCoin can be purchased on centralized and decentralized exchanges (DEXs). 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. Well, it’s a decentralized token that can be used for payments and transactions within Web3 apps of all sorts, even those not created or controlled by Yuga Labs or related to the Bored Ape Yacht Club. Another 47% of the total supply will be granted to the DAO treasury and resources, with much of that tally vesting over the next 48 months. The ApeCoin is an interesting example of introducing new forms of utility with NFT collections.
It was originally airdropped🪂 to anyone who owned an NFT that was a part of the BAYC collection, or its cousin collection the Mutant Ape Yacht Club (MAYC). Each holder of a BAYC NFT was able to claim over USD$100,000 worth of APE at launch. In previous blog articles, we’ve covered a broad https://www.xcritical.com/ view of cryptocurrency and offered a closer look at Bitcoin, Ethereum and several other memecoins such as Dogecoin and Shiba Inu. Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3.
Blockchain Snapshot April 2023
The APE Foundation is in charge of implementing proposals consented to by ApeCoin holders. Being the utility token of the ecosystem, APE also gives its participants a currency that can be used without any centralized intermediaries. There are no capabilities to mint further tokens through its contract interface, and this supply should never increase.
ApeCoin (APE) is an ERC-20 token that operates on the Ethereum blockchain. It was designed to embody the future of culture, art, gaming, and entertainment through blockchain technology and community-led initiatives. 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.
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As explained above, governance is one of the main purposes behind APE as it allows holders to participate in the DAO. Crypto game maker Animoca Brands has announced plans to integrate APE into a “secret project” that it is developing with the Bored Ape Yacht Club. It appears to be tied into the recent launch of a website (somethingisbrewing.xyz) collecting info from interested parties. Discover what’s fueling the rise of cryptocurrency fundraising and how your nonprofit can build a successful crypto fundraising program. Zoltan is a writer at Forkast with a deep passion for storytelling and blockchain.