What is ApeCoin?
ApeCoin otherwise known as $APE or APE, is the native cryptocurrency for the Bored Ape Yacht Club or BAYC ecosystem. It is an ERC-20 governance and utility token used within the APE Ecosystem to empower and incentivise a decentralised community building at the forefront of web3.
ApeCoin holders govern themselves via the decentralised governance framework controlling the ApeCoin DAO, and vote on how the ApeCoin DAO Ecosystem Fund should be used. The APE Foundation administers proposals agreed upon by ApeCoin holders.
A total of 1 billion tokens, distributed to Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFT holders, make up the ApeCoin supply.
ApeCoin was launched in March 2022 and listed for trading on popular cryptocurrency exchanges and platforms. Although the digital asset's introduction to the market was relatively recent, its genesis dates back several years, when BAYC and MAYC NFTs were first created.
The distribution of ApeCoin began on March 17, 2022, the day following its release. The APE Ecosystem Fund has received 62% of all APE tokens. This includes the 470,000,000 tokens allocated to the ApeCoin DAO's treasury and resources, as well as the 150,000,000 tokens given to owners of BAYC and MAYC NFTs.
Following this time, 4,166,666.67 tokens will be released monthly for the following 36 months. Also given to the Jane Goodall Legacy Foundation were 10,000,000 ApeCoins. 14% of the remaining ApeCoins were handed to launch contributors, and 8% went to the BAYC NFT series founders.
Within the APE ecosystem, the ApeCoin network serves as the open-source protocol layer. The APE cryptocurrency has many other purposes, including serving as the ApeCoin DAO's governance token.
Users can conduct transactions inside the APE Ecosystem using this utility token and in-game currency. Without centralised intermediaries, APE token enables efficient, rapid, and inexpensive payment transfers.
Access to exclusive features
Owners of ApeCoin get access to special events, services, games, and goods within the ape ecosystem, among other benefits. Non-holders of the APE cryptocurrency can not use these features.
Incentives to develop APE ecosystem
Additionally, third-party developers who want to create new initiatives and services for the ecosystem are given incentives in the form of the ApeCoin cryptocurrency. The incentives will promote the development and user adoption of new Web 3.0 projects that use the APE ecosystem and its native coin.
What makes ApeCoin unique?
ApeCoin is the APE Ecosystem’s governance token, allowing token holders to participate in ApeCoin DAO and giving its participants a shared and open currency that can be used without centralised intermediaries. 62% of all ApeCoin was allocated to the Ecosystem Fund, which will support community-driven initiatives as voted on by ApeCoin DAO members.
ApeCoin also gives access to certain parts of the Ecosystem that are otherwise unavailable, like exclusive games and services. For third-party developers, ApeCoin is a tool to participate in the ecosystem by incorporating ApeCoin into services, games, and other projects.
Yuga Labs gifted the APE Foundation a 1 of 1 NFT by the creators of Bored Ape Yacht Club. Yuga Labs has conveyed all rights and privileges to this NFT and its underlying artwork to the APE Foundation. The ApeCoin DAO members can decide how this intellectual property is used.
Who is behind ApeCoin?
The current members are Alexis Ohanian (Co-Founder) from Reddit and Jasmin Shoemaker (COO), who worked with Apple and Facebook.