The ApeCoin DAO makes decisions on matters such as governance rules, partnerships, projects, Ecosystem Fund allocations, and more. The Ecosystem Fund supports community-driven initiatives and was allocated 62% of the ApeCoin supply when launched. Most of cryptocurrencies what is ape coin has their own purpose and can be spent in different ways. In the APE ecosystem, the ApeCoin currency fulfils a variety of functions.

Voting Power in the ApeCoin DAO

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 https://www.xcritical.com/ been immersing himself in the world of crypto and blockchain for quite some time, which he then translates into understandable articles.

APE will be the currency for Yuga Labs’ new projects

Yuga Labs and Charity make up 16%, or 160 million $APE, of ApeCoin’s total token supply. 15%, or 150 million $APE, went to Yuga Labs and was locked for a 12-month period, ending in March 2023. The 150 million $APE are now released over the course of 36 months. Every owner of a Bored Ape Yacht Club or Mutant Ape Yacht Club NFT was eligible to claim their share of $APE. The companion for these two NFT collections — the Bored Ape Kennel Club (BAKC) NFTs —served as a multiplier for the number of tokens that could be received. The answer lies with the Yuga Lab ecosystem and its token allocation at launch.

ApeCoin Frequently Asked Questions (FAQ)

Earlier this week, it was announced that members of the Bored Ape Yacht Club NFT collection would be getting their very own cryptocurrency, ApeCoin. An administrative council within the APE Foundation (the “Board”), will carry out the decisions of ApeCoin DAO members. The Board is responsible for the day-to-day administration, bookkeeping, project management, and other tasks that ensure the Community’s ideas have the support they need to become a reality. Just find Zengo in the App Store or Google Play and follow the steps to set up your wallet. Then, when you have verified your identity, select the APE or any other tokens you want to purchase from the home screen. Threshold key signature (TSS) cryptography is backed by 3-factor authentication and advanced facial recognition software.

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. 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. Currently, Binance, Coinbase, and Kraken are among the largest exchanges supporting APE.

ApeCoin will be integrated into the upcoming metaverse Otherside, potentially making it a sought-after metaverse currency this year. This will turn ApeCoin into a transaction token on metaverse marketplaces. If the metaverse includes P2E elements, it could also be used for rewarding players. ApeCoin can be staked to earn additional APE tokens, making ApeCoin a yield-generating crypto asset. All you need to do is connect your crypto wallet and start earning staking rewards.

• It doesn’t matter if you are buying your first tokens or trading your portfolio.
• APE was announced on Mar. 17, 2022, with approximately 13.3% of the tokens in the initial circulating supply.
• It allows holders to participate in DAO governance votes while also offering access to members-only features of the ecosystem like games, events and other services.
• Trading on the internet comes with risks, including software and hardware failures.
• Then, when you have verified your identity, select the APE or any other tokens you want to purchase from the home screen.
• If you’d like to become an ApeCoin holder or incorporate APE into your investment portfolio you can do so easily with the Tap mobile app.
• However, its price is prone to dramatic fluctuations like many other cryptocurrencies, so as always it’s important to do your homework before investing.

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. APE holders vote to determine the Board’s membership on a yearly basis. In technical terms, APE coin serves as a decentralized layer to realise initiatives brought forward from its own community as a form of self-governing Decentralised Autonomous Organisation or DAO. This meant that APE coin owners would be able to participate in this DAO using their APE tokens to vote.

It doesn’t matter if you are buying your first tokens or trading your portfolio. However, it’s important to also consider potential risks when investing in ApeCoin or any cryptocurrency. Cryptocurrencies are highly volatile and their prices can fluctuate rapidly in short periods of time. In conclusion, whether you should buy ApeCoin ultimately depends on your individual financial situation, goals, and risk tolerance.

Investors have the satisfaction of holding the cryptocurrency of a premium Club irrespective of its future utility. But crypto specialists are confused that the ApeCoin surge is merely a bubble since it is not directly from Yuga Labs. Most of the investors, who are not much digging into the facts, believe that ApeCoin is directly from the parent company of Bored Ape Yacht Club. However, Yuga Labs has launched its Otherside project signaling apparent ties with it.

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.

Through their unique propositions, they demonstrate the broad potential of cryptocurrencies that extend beyond trade. If you know anything about the NFT craze in the cryptosphere, you’ve likely heard of the wildly successful Bored Ape Yacht Club (BAYC). Expanding on this concept is the ApeCoin ecosystem, a cryptocurrency positioning itself at the forefront of Web3. ApeCoin is controlled by the ApeCoin DAO, a decentralized autonomous organization of which all APE holders can become a part.

Additionally, ApeCoin holders can participate in the decision-making process of the APE ecosystem through the ApeCoin DAO. ApeCoin, the fungible token, and a number of products and services make up the ApeCoin ecosystem. The coin is governed by the ApeCoin DAO, of which all token holders are eligible to become members.

This is assured in perpetuity by the Ethereum-based smart contract responsible for the cryptocurrency’s creation, which does not allow for minting (creating) or burning (destroying) of tokens. Holding APE makes users part of the Ape decentralized autonomous organization (ApeDAO), enabling them to vote on system improvement proposals and govern the community surrounding the token. This represented one of the most valuable airdrops in crypto history at the time. In fact, each holder of a BAYC NFT was able to claim over $100,000 worth of APE at launch.

In addition to its use in network governance, APE is meant to be used as a utility token—or currency—in web3 projects like games and metaverse worlds. ApeCoin has a fixed total supply of 1 billion APE tokens, which cannot be minted or burned. This means the number of ApeCoins in circulation will never go up or down.

Moreover, the token serves as an incentive for third-party developers to participate in the Ape ecosystem by creating applications that integrate ApeCoin. From e-commerce marketplaces to decentralized finance (DeFi) applications, Apecoin is building a decentralized future that empowers individuals and communities. As a governance and utility token, ApeCoin serves multiple purposes in the APE ecosystem.

Alternatively, you could deposit APE tokens on Binance to make use of Binance Earn accounts that enable you to earn yield on your ApeCoin holdings for a set period of time. 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. 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 use APE to participate in the ApeCoin DAO if you’d like to have a say in the future of the APE ecosystem.