What Is ApeCoin? Utility, Staking, Tokenomics & More

If you want to purchase a Bored Ape in May https://www.xcritical.com/ 2022, you would need roughly $300,000 for the cheapest one. José is a copywriter and journalist with over 4 years of experience in the crypto field. 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. APE is also integrated into Otherside, a self-described “gamified metaverse.” If Otherside incorporates a play-to-earn mechanic at some point in the future, participants expect APE to be the incentive. ApeCoin’s supply is fixed at 1 billion APE, meaning tokens cannot be mined or burned. If you do not own BAYC/MAYC NFT, you can buy, store, swap and spend ApeCoin in your BitPay Wallet.

Step 4: Securely store your ApeCoin in your personal wallet

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). In the online realm, Yuga Labs has partnered ape meaning crypto with gaming company Animoca Brands to build out a library of play-to-earn (P2E) gaming titles that feature APE crypto payments and rewards systems. Affiliated with the renowned Bored Ape Yacht Club, ApeCoin is the utility and governance token for its APE-inspired web3 ecosystem.

$APE is Not Just for The Yuga Labs Ecosystem

ApeCoin is positioned to fuel this economy as a utility token to create value, and dovetails as a governance token to ensure a decentralized future. The ApeCoin DAO is a decentralized organization that allows all APE holders to vote on governance decisions related to the token. ApeCoin is an ERC-20 token that is built on the Ethereum network. ApeCoin (APE) is a governance and utility token that offers holders certain incentives like being able to vote in the decision-making process in the APE ecosystem.

Step 1: Sign up for a crypto exchange

• A further 15% was distributed to Yuga Labs, and 14% was reserved for investors and contributors to the project.
• ApeCoin token holders (the DAO members) can also remove or replace a Board member at any time with a majority “In favor” vote.
• The total supply of ApeCoin is permanently fixed at 1 billion tokens.
• A lot of BAYC NFT holders are also holders of ApeCoin, sharing community and vision among the NFT collectors and DAO operators.
• 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.

The Foundation is tasked with fulfilling and handling DAO procedures that cannot be handled online or on-chain. 1% went to the Jane Goodall Legacy Foundation, also locked for 12 months and then released over 36 months, totaling 10 million $APE. This token-gated game gave you the chance to buy boosters with $APE.

The Importance of APE Token Distribution

This notable blockchain game leverages decentralized governance to increase accessibility and participation in the P2E gaming industry. You can buy or sell APE on various centralized exchanges (CEXs) and decentralized exchanges (DEXs). The maximum supply for ApeCoin is permanently fixed at 1 billion tokens.

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Their role is to ensure the implementation of decisions made by the ApeDAO, which is governed by holders of the APE token. It generated $300 million in sales from the initial release and another $300 million in resales in the post-market. The demand for land in the Otherside was responsible for the largest amount of traffic on the Ethereum blockchain this year.

What Is ApeCoin? Features, Tokenomics and Price Prediction

Instead, it’s officially the creation of ApeCoin DAO, a new decentralized autonomous organization created to govern the token and its roadmap forward. Based on tweets from Yuga folks and board members, there was clearly a lot of attention put on precise and uniform messaging, likely for regulatory reasons. After being officially revealed just yesterday, ApeCoin (APE)—the Ethereum-based token for the growing Bored Ape Yacht Club ecosystem—is now flowing. Launched today for NFT holders to claim, some 93 million tokens have already been snagged. 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.

What is ApeCoin (APE) and How Do I Use It?

ApeCoin (APE) is an Ethereum-based token linked to the Bored Ape Yacht Club NFTs. Bored Ape Yacht Club NFTs are one of the most successful NFT projects to date. Their notoriety amongst celebrities and high-profile NFT collectors has bolstered their astronomic rise. All tokens are locked for a period of 12 months so shareholders aren’t able to cash out immediately, potentially crashing the price. ApeCoin DAO is the community in charge of governing the entire ApeCoin ecosystem. Each member of the DAO has the right to submit or vote on protocol proposals and basically participate in all things related to the ecosystem.

How Does ApeCoin (APE) Token Work?

ERC-20 is a popular token framework for creating the multi-functional, highly fungible tokens found throughout the Ethereum blockchain ecosystem. ApeCoin launched with a hard-capped supply of one billion APE tokens. No mechanism currently exists to further mint (create) or burn (destroy) these tokens, so its supply is expected to remain constant. At time of launch, roughly 30% of the ApeCoin supply was in circulation, with the rest scheduled to be released over the next several years. ApeCoin is an Ethereum-based token designed for utility and governance. There are 1 billion of them in total, with CoinMarketCap reporting that about 28% are currently in circulation.

ApeCoin will be distributed among four main groups, as detailed in the chartbelow. Wallets holding tokens alloted to the DAO treasury and resources can beviewed here. 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. Other ERC-20 tokens include Uniswap (UNI), Chainlink (LINK) and Aave (AAVE). Mutant Ape Yacht Club (MAYC) is an NFT collection of up to 20,000 mutated versions of the original BAYC Apes.

The mechanism is low-cost for every ApeCoin holder and makes votes as transparent as possible. Further to the points discussed, ApeCoin doesn’t stop in the digital realm. Contrary to popular belief, Apecoin was created by ApeCoin DAO rather than Yuga Labs itself. According to the official ApeCoin homepage, Yuga Labs has a contributor role within the $APE ecosystem.

ApeCoin token holders (the DAO members) can also remove or replace a Board member at any time with a majority “In favor” vote. AIP-137 and AIP-138 outline the Board nomination and election processes. 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.

To learn how to do this, check out this support article on adding an Ethereum account to your Ledger. You’re able to vote on the allocation of funds from the community treasury or improvement proposals (AIP, Ape Improvement Proposal) for example. Finally, 8% or 80 million $APE of ApeCoin’s token supply went to the BAYC founders, locking this amount for 12 months and releasing over 36 months.

The founder of Reddit, Alexis Ohanian, sat on the special council with other notable tech executives. This ERC-20 token was airdropped to wallets holding BAYC NFTs, including those that held Mutant Ape Yacht Club (MAYC) NFTs. The token can also be purchased on the open market through a crypto exchange.

Once you have funded your account, you click on ApeCoin in the list of tradable assets and place an order to buy the amount of APE you would like to purchase. Verify that all the order details are correct and confirm the transaction. As soon as your order is filled, you will receive the APE tokens on your exchange account. 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.

That might sound dry and dull to some, but it may impact future benefits for APE holders. On top of that, 15% will go to Yuga Labs, another 8% will go to the four founders of Yuga Labs, and 14% will go to other ApeCoin launch contributors. In addition, 1% of the total supply will be donated to the Jane Goodall Legacy Foundation—to benefit real apes.