What is APE Coin? The Cryptocurrency Behind Bored Ape Yacht Club NFTs

What is APE Coin? The Cryptocurrency Behind Bored Ape Yacht Club NFTs

This means the number of ApeCoins in circulation will never go up or down. APE token holders take governance decisions collectively, casting their votes and deciding on issues like allocation of funds, framing of rules, partnerships, project selection and more. The ApeCoin Foundation implements the governance decisions taken by the community. As an ERC-20 governance and utility token of the APE ecosystem, ApeCoin is administered by a decentralized autonomous organization, or DAO. Anyone holding the coin is allowed to cast their vote on the relevant governance decisions.

  • Looking ahead, the token appears poised to benefit from increased utility in Web 3.0, especially when projects by Animoca Brands, NWayPlay and other game-makers are released.
  • It’s affiliated with a non-fungible token project known as the Bored Ape Yacht Club , a massively successful and valuable collection launched by Web3 company Yuga Labs.
  • FTX’s Amy Wu, and they’ll serve for six months before APE holders vote for next members on an annual basis.
  • Top 10 Cryptocurrencies to Invest In 2023 – Best Cryptocurrencies In India Cryptocurrency is a digital currency which can be used to purchase goods and services without the u…
  • A bitcoin exchange is a digital marketplace where traders can buy and sell bitcoins using different fiat currencies or altcoins.

Provides holders with access to certain parts of the ecosystem that are unavailable to others, such as exclusive games, merchandise, events and services. 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. Unlike http://blog-map.ru/articles/blizhniy-vostok/izrail-blizhniy-vostok/izrail-plyazhi-drevnost-i-volshebstvo.html traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. . Therefore, unless user terms specify otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds as unsecured creditors. Investing in cryptocurrencies, decentralized finance , and other initial coin offerings is highly risky and speculative, and the markets can be extremely volatile.

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03 by the end of the day and continued to move sideways on 19 March 2022 before falling to just above $9 on 21 March 2022. A blockchain is a digitally distributed, decentralized, public ledger that exists across a network. ApeCoin can be staked to earn additional APE tokens, making ApeCoin a yield-generating crypto asset.

This gave the launch and airdrop event of ApeCoin more publicity and fame, as the community behind these NFTs became instantly involved in the project and coin. These two NFT collections have had a large reputation in the cryptocurrency community, and especially in the NFT community. ApeCoin is an ERC-20 token that operates on the Ethereum blockchain. It was designed to embody the future of culture, art, gaming, and entertainment through blockchain technology and community-led initiatives. With a market cap of almost USD $2 billion on its first day of trading, ApeCoin definitely took the spotlight in the crypto space in recent weeks.

ApeCoin’s Tokenomics

As a utility token, it helps in purchasing goods and services according to your requirements. ApeCoin is an ERC-20 token compatible with the Ethereum blockchain and any supported wallet. The coin was launched in March 2022, with all 1 billion tokens minted at once. When minted, 62% of the coins were allocated to the Ecosystem Fund which are then allocated to community-based projects based on Ape DAO decisions. 30.25% were released into circulation for the community to engage with. ApeCoin has a fixed total supply of 1 billion APE tokens, which cannot be minted or burned.

what is apecoin

Bored Ape NFT owners can receive around 10,950 APE tokens, which is around 15% of the total marked ratio. The founder of ApeCoin is Yuga Labs, the team behind BAYC NFT collections. ApeCoin or $APE has evolved as a favorable token for commerce, culture, and gaming to empower the decentralized community. The utility of ApeCoin can help in empowering many web3 development projects effortlessly. As APE is a prominent token in the cryptocurrency and metaverse space, several third-party developers incorporate APE into their products.

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. 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.

Consult with a qualified professional before making any financial decisions. This article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies nor can the accuracy or timeliness of the information be guaranteed. ApeCoin was officially released on March 16, 2022, as “a token for culture, gaming, and commerce” and is the main cryptocurrency of the Bored Ape Yacht Club ecosystem. Trading under the symbol $APE, the Ethereum-native ERC-20 token has a market capitalization of US$4.02 billion, according to data by CoinMarketCap.

One factor to consider is that the token wasn’t launched by Yuga Labs, despite its role as the official token of the BAYC. Below we’ll explore ApeCoin’s peculiar launch, tokenomics, and future outlook. While this can seem like a lot for a digital avatar, investing in a BAYC NFT has been lucrative thanks, in part, to the launch of ApeCoin.

To purchase APE coins on a P2P exchange, you first need to choose a marketplace that supports ApeCoin, sign up for the platform, and complete the verification process. Next, scroll through the available offers to buy ApeCoin for a payment method that works for you. These marketplaces typically use escrow to enhance security, but it’s still advisable to only trade with users with high trust ratings. While purchasing ApeCoin on a crypto exchange is arguably the simplest option, you could also purchase APE on a peer-to-peer exchange or a decentralized exchange . Finally, make sure to transfer your APE tokens from the exchange to your personal, non-custodial crypto wallet that supports ApeCoin.

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