What is ApeCoin APE and the BAYC Ecosystem

The sale went viral, and helped raise $320 million within just 45 minutes. But Thursday’s daily candlestick hit a low of 14% from its open, which is what caught many investors off-guard. As a result of this sudden shock, $855 million in long positions and $194 million in short positions were wiped out.

What is ApeCoin used for

The primary goal of this project is to create a metaverse space for crypto users. ApeCoin is the brainchild of Yuga Labs – a reputable business that owns the once-popular and expensive Bored Ape Yacht Club NFT collection. 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 https://www.xcritical.com/blog/what-is-apecoin-ape/ use APE to participate in the ApeCoin DAO if you’d like to have a say in the future of the APE ecosystem. Unlike traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. (SIPC). Therefore, unless user terms specify otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds as unsecured creditors.

How it was distributed

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. ApeCoin (APE) is an ERC-20 governance and utility token that serves a variety of functions within the APE ecosystem, which is made up of individual token holders and the products and services utilizing the token. It’s affiliated with a non-fungible token (NFT) project known as the Bored Ape Yacht Club (BAYC), a massively successful and valuable collection launched by Web3 company Yuga Labs.

What is ApeCoin used for

The College Investor does not include all companies or offers available in the marketplace. And our partners can never pay us to guarantee favorable reviews (or even pay for a review of their product to begin with). The APE Improvement Proposal Process (see Governance) will allow
ApeCoin DAO members to make decisions regarding Ecosystem Fund allocations,
governance rules, projects, partnerships, and beyond.

Bored Ape Yacht Club’s ApeCoin Surges 90% on Second Day of Trading

The project has not held a Private Sale, but there has been an announcement about the Public Sale of APE tokens on Binance. Let’s take a look at the requirements to open an account on a crypto exchange. APE has a circulating supply of 284,843,750 APE coins and a maximum supply of 1 billion APE coins. The team behind the project has implemented a number of security measures, such as two-factor authentication and a secure wallet. ApeCoin has a number of other advantages over traditional fiat currencies. For example, APE is not subject to inflation, as there are a fixed number of coins in circulation.

What is ApeCoin used for

The ApeCoin Foundation fosters the development of the ecosystem as the DAO’s official legal representative. 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 token also exists to incentivize third-party developers to participate in the APE ecosystem by building applications that incorporate ApeCoin. The popularity of BAYC led to athletes, musicians, and actors purchasing Bored Ape NFTs to use as profile pictures on social media, adding to the cult status of Bored Apes as profile picture (PFP) NFTs. In this guide, we will delve into Worldcoin’s history, operation, criticisms, and the potential use cases the project aims to appl…

Bored Ape Kennel Club (BAKC)

It also handles proposal management, and “other tasks that ensure the DAO community’s ideas receive the support to become a reality.” It provides legal support for ApeCoin DAO. A subcommittee of the Ape Foundation will also serve as the “board” of the ApeCoin DAO, which will oversee specific proposals. The ApeCoin website promises that DAO members will vote for future board members. It is planned to grow even more decentralized over time and supports community-led governance. The Foundation handles day-to-day administration, bookkeeping, and project management, among other things. Furthermore, ApeCoin will facilitate web3 in the APE network, allowing creators to sell their digital artworks and various industries, including games, entertainment, and events.

  • Like every other cryptocurrency token, ApeCoin can be transferred between users, businesses, and institutions.
  • The game blends mechanics from massively multiplayer online role-playing games (MMORPGs) and web3-enabled virtual worlds.
  • 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.
  • So far, around 110 million APE tokens have been claimed by NFT holders (here’s a convenient dashboard for tracking APE tokenomics, courtesy of a Dune Analytics wizard called Hildobby).
  • APE has a circulating supply of 284,843,750 APE coins and a maximum supply of 1 billion APE coins.
  • The APE Foundation’s goal is to steward the growth and development of the APE ecosystem, with a special council, the Board, to administer DAO proposals and manage administrative reviews of proposals.

To some extent, Yuga Labs’ BAYC project inspired the decentralized ApeCoin idea. As the legal representative of the DAO, the ApeCoin Foundation https://www.xcritical.com/ facilitates the growth of the ecosystem. The Foundation has a special body called the Board that executes the community’s visions.

How Does ApeCoin (APE) Token Work?

While the yields offered are high, they come with the risk of leaving your funds on a centralized exchange, thus giving up control over your crypto. ApeCoin (APE) is a utility and governance token that was created to empower the community surrounding the APE ecosystem, which was built on the back of the Bored Ape Yacht Club (BAYC). At its core, ApeCoin is a decentralized platform that allows for creating, exchanging, and managing digital assets. The ApeCoin blockchain is powered by DeFi protocols and utilizes a Proof-of-Stake consensus mechanism.