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Every wallet address holding ApeCoin can vote on live proposals by what is coin ape signing the vote on Snapshot (In Favor / Against). The mechanism is low-cost for every ApeCoin holder and makes votes as transparent as possible. 14% of ApeCoin’s token supply, a total of 140 million $APE, went to launch contributors. These are the companies and people that helped make ApeCoin a reality.
Who Are the Founders of ApeCoin?
However, now the creators are positioning the token as a universal tool for all products and services. They suggest using it to “create a decentralized community at the forefront of Web 3.0”, in particular for gaming and commercial transactions. It should be the main asset for the BAYC ecosystem and future projects of Yuga Labs. ApeCoin (APE) is an ERC-20 governance and utility token underpinning the APE ecosystem, a decentralized protocol layer propelling community building in Web 3.0. Yuga Labs, creators of the prominent Bored Ape Yacht Club (BAYC) NFT collections and rights holders to CryptoPunks and Meebits, has integrated APE as the chief token for its new products and services. The increase in ApeCoin’s price can be attributed to several https://www.xcritical.com/ key factors.
Factors Driving the Increase in Apecoin Price
Cryptocurrencies, like ApeCoin, are decentralized digital assets that typically act as a proxy for the success of a particular crypto project. Investors purchase them to speculate on a future increase in value. However, cryptocurrencies are a high-risk asset class, so any investment in this market should be preceded with in-depth research into the cryptocurrency you plan to purchase. Serving as the participatory key to the ApeCoin DAO, the APE token enables access to unique APE ecosystem features such as exclusive games, merchandise, and events.
Ape NFT Staking Program on Binance NFT
The APE Foundation administers proposals agreed upon by ApeCoin holders. Since its launch, ApeCoin APE has grown into one of the world’s leading digital currency platforms, praised for its user-friendly interface and robust security measures. Crypto exchanges typically require you to make a minimum deposit, ranging from $10 to $20. However, there are a handful of trading apps that allow you to purchase crypto for as little as $1. While purchasing ApeCoin on a crypto exchange is arguably the simplest option, you could also purchase APE on a peer-to-peer (P2P) exchange or a decentralized exchange (DEX). The first thing you need to do if you are looking to buy ApeCoin is to sign up for an exchange that supports the cryptocurrency.
BitPay Now Supports ApeCoin! Buy, Store, Swap and Spend APE with BitPay
When the company announced the minting of 55,000 parcels of digital real estate NFTs called “Otherdeeds,” they were priced in APE. In total, Yuga Labs generated more than $300 million through the sale—all transacted in ApeCoin. 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.
- Currently, Binance, Coinbase, and Kraken are among the largest exchanges supporting APE.
- The initial set of directors serve for six months and are appointed by DAO participants.
- This meant that APE coin owners would be able to participate in this DAO using their APE tokens to vote.
- 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.
- However, it is important to note that the cryptocurrency market is highly volatile and unpredictable, and prices can change rapidly in a short amount of time.
The ApeCoin (APE) is an ERC-20 token with a 1 billion maximum supply that is permanently fixed. APE was announced on Mar. 17, 2022, with approximately 13.3% of the tokens in the initial circulating supply. It is a governance and utility token used within the APE ecosystem.
ApeCoin serves as a decentralized protocol layer specifically designed for community driven initiatives, with the main goal to deliver power to the community of APE holders. As a governance and utility token, ApeCoin serves multiple purposes in the APE ecosystem. ApeCoin grants token holders the ability to participate in the governance of the DAO and provides them access to exclusive features of the ecosystem, including games, events, merchandise, and services.
Having said that, DEXs are unregulated, and there is no customer protection if funds are lost due to hacks. Moreover, for access purposes, the APE token functions as a gating token, providing limited access to certain parts of the ecosystem, such as exclusive events, games, and merchandise. Firstly, as a tool for giving incentives, ApeCoin provides a way for third-party developers to be part of the system by connecting APE with games, ventures, and other services. As an example, APE crypto is accepted in the Benji Bananas game from Animoca Brands.
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. Holders of the NFTs in the Bored Ape Yacht Club metaverse could claim 150 million APE tokens from the ApeCoin site for the first 90 days after launch.
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. So, in addition to the ApeCoin protocol (the code behind ApeCoin tokens), there’s the ApeCoin DAO, the Ape Foundation and the ApeCoin DAO board. Additionally, APES is used for promotional activities, often referred to as “shilling,” where community members actively promote the token to increase its visibility and adoption.
The coin is also already in use as NFT rewards, and members of the Bored Ape Yacht Club receive APE for free, which they can immediately redeem. A select group of Web3 veterans, as well as gaming and technology thought leaders, serve as the special governance board of this Decentralized Autonomous Organization (DAO). The board is responsible for overseeing the decisions of DAO members. ApeCoin operates on the Ethereum blockchain and utilizes smart contracts for processing transactions. The goal of ApeCoin is to engage with meme culture and provide investors with a new and amusing way to manage their wealth. Axel has been immersing himself in the world of crypto and blockchain for quite some time, which he then translates into understandable articles.
Bored Ape Yacht Club is the first NFT series in the ecosystem, consisting of 10,000 unique digital avatars featuring colorful cartoon apes. 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.
The live price of APE is available and updated in real-time on Binance. ApeCoin stands out in the crowded cryptocurrency market due to its unique features and benefits. One of the primary factors that make ApeCoin unique is its use within the APE ecosystem, which offers exclusive events, games, services, and merchandise to token holders. Additionally, ApeCoin holders can participate in the decision-making process of the APE ecosystem through the ApeCoin DAO. Moreover, the token serves as an incentive for third-party developers to participate in the Ape ecosystem by creating applications that integrate ApeCoin.
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. Because APE has a discrete value and is already trading on major exchanges, claiming these coins is a little like claiming free money. That’s around $150,000 at today’s prices – about half of what you’d need to buy yourself another Bored Ape.
This was an accomplishment in and of itself, given the notoriously finicky nature of major players like Coinbase (COIN). APES (APES) is a cryptocurrency that primarily functions as a utility token within the APE ecosystem. This ecosystem is designed to engage users through various interactive and community-driven activities.