Despite the ups and downs of crypto prices, no one can deny there’s a lot of passion in ApeCoin 🐵. It traded over $2.3 billion 🤩 in the digital trading post Coinbase on March 24, 2022, shattering any ApeCoin price prediction. No wonder it was one of the most discussed cryptocurrencies throughout Twitter and Reddit. This may leave many wondering: What is ApeCoin 🤔? You’re about to find out!
What Is ApeCoin (APE)?
ApeCoin (APE) is the cryptocurrency associated with the APE community. Created by Yuga Labs in March 2022, ApeCoin is an ERC-20 token, so it’s built using the Ethereum token standard in the crypto market 👩💻. It has a finite overall supply of 1 billion, which is perhaps part of its impressive launch price chart performance. APE is embraced by Yuga Labs as the native token for all brand-new products or services. Yuga Labs specializes in NFTs and has several popular collections. If you’re not yet sure what an NFT is, check out our article on the topic 👀. Yuga Labs is the maker of the trending Bored Ape Yacht Club (BAYC). No, this isn’t an exclusive club or social club; it’s a collection of non-fungible tokens. And the BAYC isn’t Yuga Lab’s only concept for NFTs, including CryptoPunks and Meebits. Yuga Labs offers a lot of incentives for buying some ApeCoin on one of the major exchanges. ApeCoin was initially dispersed to proprietors of the Bored Ape Private Yacht Club 🛥 and the Mutant Ape Yacht Club, but it’s now available to everyone. While ApeCoin is one of many special tokens with a goofy name, don’t let that fool you. Because of the active community associated with the Bored Ape Yacht Club’s membership and Yuga Labs’ move to make ApeCoin their native cryptocurrency for their investment-style NFTs, ApeCoin is likely here to stay.
Like many cryptocurrencies, ApeCoin isn’t regulated by a government or county or even by Yuga Labs’ executive team. Instead, The ApeCoin decentralized autonomous organization (DAO), a separate organization, created and controls 🦾 ApeCoin.
ApeCoin DAO is not a conventional corporation. Instead, it’s a decentralized self-governing company (DAO) for all APE token owners to join administration choices. This decentralized organization is an independent entity from the corporate entity that is Yuga Labs. The DAO can determine exactly how to assign the Community Fund, make administration guidelines, choose jobs, collaborations, and so on.
After the DAO participants elect the propositions, the APE Structure carries out the community-led administration choices as part of its protocol layer. The APE Structure is the lawful guardian of the DAO. It promotes the development and growth 📈 of the APE environment in a comprehensive and reasonable means.
In lieu of a central entity in control, there is a five-participant ApeCoin board of leading crypto capitalists that look after specific propositions associated with ApeCoin DAO. Each participant obtains a six-month term. ApeCoin DAO neighborhood participants elect a new board when the term is up.
Part of the excitement about APE price is due to the fact that there’s a throttled token supply. 1 billion ApeCoins will be created 😱, and no more. In addition to the cap on maximum supply, most of these coins are already headed to a specific crypto wallet.
A crucial point to keep in mind 🧠: some ApeCoins remain out of circulation thanks to a principle called “secured” symbols. During this lock-up period, ApeCoin allowances belonging to Yuga Labs, launch factors, and the owners of BAYC won’t be “opened” for a minimum of one year. After the twelve-month, this group can access a specific number of digital assets each month. This is a key part of APE tokenomics and prevents any specific crypto investor from dumping all their assets early and devaluing the currency on decentralized exchanges.
- 62% of the ApeCoins will go to the entire community associated with the ApeCoin DAO. Of that, 15% will probably be in the Bored Ape Yacht Club (BAYC) and MAYC (Mutant Ape Luxury Yacht Club 🛥). Owners of BAYC can get 10,094 $APE for every NFT they possess, while MAYC owners can get 2,042 $APE.
- DAO will allocate the remaining APE coins to its “environment fund,” with 16% of the symbols going straight to Yuga Labs. Appropriately for the name of the coin, as one of the exclusive features of this plan, Yuga Labs has allocated some of its governance tokens to primatologist Jane Goodall’s ape foundation. Yes: ApeCoin will assist actual apes 🐵.
- Of the amount headed for the parent company, 14% will go to initial contributors and supporters, called “launch contributors.” 8% of the will go straight to the 4 owners of Yuga Labs and the BAYC.
Getting in on ApeCoin
With the entire ecosystem of ApeCoin so carefully crafted, getting some of this seemingly exclusive coin may seem like a good idea. Also, if you want to use any of Yuga Lab’s existing products and services or any upcoming project of theirs, you’ll need to become one of the many APE holders out there.
The good news is that there are a handful ✊ of preferred exchanges that offer a way into this online investment collective. Coinbase, Gemini, Binance, Uniswap, and FTX all list ApeCoin along with other mainstream cryptocurrencies on a convenient dashboard. Unlike a stock price, the crypto market doesn’t have a specific day of trading or hours of trading, so you can make a purchase at current prices whenever you want. Just keep in mind that there is no investor protection and that 24-hour ⏱ trading volume can vary greatly.
Keeping Up on ApeCoin and Other Web3 Topics with Ian Corzine
Sure, you can get some ApeCoin on one of the centralized exchanges and use your supply of tokens to invest in some future project. But with web3 news constantly evolving, it’s best to keep in the loop 🔄 about the APE ecosystem, for which the ApeCoin is the primary token, along with other big news. Sign up ✍️ for our mailing list for news on web3 projects, exclusive games, crypto exchanges, token holders, and more to get in on the ground floor of the metaverse.