They feature bored-looking apes that could be customized down to the tiniest detail based on the buyer’s taste. These seemingly-ordinary looking artworks attracted extraordinary attention. Some of them even sold for hundreds of thousands of dollars with a customer list, including Justin Bieber, Eminem, Jimmy Fallon, etc. One of the governance and utility tokens that serve the Bored Ape Yacht Club and related communities is ApeCoin (APE). The APE Foundation created APE to be used within the expanding APE ecosystem. APE is managed by the ApeCoin DAO and is backed by the APE Foundation.
ApeCoin will also be used to buy games and merchandise, attend events, and receive services. The Otherside metaverse is an ordinary, bright, and diverse landscape. It consists of 200,000 parcels of “land” that can be acquired by the purchase or minting of “Otherdeeds” — non-fungible tokens that serve as title deeds for the parcels of virtual land. ApeCoin ($APE) was required for participating in this highly awaited metaverse to mint Otherdeeds.
The ApeCoin blockchain is powered by DeFi protocols and utilizes a Proof-of-Stake consensus mechanism. ApeCoin is a decentralized, peer-to-peer digital currency that enables instant, near-zero cost payments to anyone in the world. It is an open source project with a strong community that is building the APE ecosystem. The ApeCoin community is passionate about bringing blockchain technology to the masses and is working on several projects to make this happen. These can range from proposals related to brand decisions, ecosystem fund allocation, informational and resubmission proposals and more. Thus, having the APE token means that you are a full member of the APE DAO community and have equal voting rights as other members of this community.
The distribution of ApeCoins is designed to incentivize participation in the ape ecosystem while maintaining the long-term stability of the token. This project has clearly undoubtedly without any doubt gained a lot of hype attention within the cryptosphere all around the crypto space. Next chunk of the supply consists of around 14 % and is allocated to the launch contributors. This should in essence be given to the team behind the project that helped with the launch of ApeCoin. This part has also a pretty interesting lock-up schedule, which can be more examined here.
This means that your savings will not be eroded over time by inflation. The ApeCoin blockchain is secured by decentralized nodes that run the ApeCoin software. These nodes work together to validate and confirm transactions on the blockchain. The ApeCoin network is designed to be scalable so that it can handle a large number of transactions. Some of the largest exchanges, such as Binance, Coinbase, FTX, Huobi, KuCoin, Bybit, Kraken, and others, have already traded and listed APE. At the request of ApeCoin DAO members, a special council on the APE Foundation, “the Board,” was established.
- The distribution of ApeCoins is planned to be conducted over two years.
- This is a significant accomplishment because many centralized exchanges have high entrance hurdles that are challenging for new projects to overcome.
- Yuga Labs is a web3 company best known for the creation of the Bored Ape Yacht Club.
- BAYC happens to be the talking point in the NFT-crypto space for the last two years and is certain to live up to its frenzy in the coming times as well.
As a governance and utility token, ApeCoin serves multiple purposes in the ecosystem. ApeCoin use cases include enabling holders to participate in the governance of the DAO and enabling them to access exclusive features of the ecosystem, such as games, events, merchandise and services. It allows holders to participate in the ApeCoin DAO as a governance token. APE holders can also access exclusive features of the APE ecosystem, including games, merch, events, and services.
Apecoin uses a Proof-of-Work (PoW) consensus algorithm to validate transactions and add them to the blockchain. PoW is a type of algorithm that requires users to put in work or computational power to validate transactions and add blocks to the what is apecoin blockchain. The ApeCoin blockchain uses a technique called sharding, which allows the network to be partitioned into multiple shards. Each shard can process transactions in parallel, making the ApeCoin network more scalable and efficient.
ApeCoin is a cryptocurrency created to become the standard currency for the ape ecosystem. The team behind ApeCoin believes that by doing this, they will be able to provide a more stable and secure financial system for apes. It’s designed to be the decentralized protocol layer for various initiatives that are supposed to be led by the community. ApeCoin is building a marketplace that allows users to buy, sell, and trade NFTs easily and securely. The ApeCoin team is also working on integrations with popular games and platforms so that users can use their NFTs across the web.
Yuga Labs
A prominent name in the APE ecosystem, Yuga Labs have adopted APE as their primary token for projects. Established in February 2021, Yuga Labs owns three NFT collections – BAYC, MAYC, and BAKC – that have helped it generate $127 million in income in 2021 alone. The company is headed by CEO Nicole Muniz, a former partner at the advertising firm B-Reel and the founder of her own boutique consulting firm. It serves as the decentralized protocol layer for a number of community-led initiatives. 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.
ApeCoin is used as the native currency of the exchange and can be used to trade a variety of assets, including other cryptocurrencies, commodities, and fiat currencies. On Wednesday this week, the new ApeCoin (APE) was introduced by the APE Foundation as well as the official social media of Bored Ape Yacht Club and Yuga Labs. APE is a new Ethereum (ERC-20) token that is supposed to help the Bored Ape https://www.xcritical.in/ Yacht Club grow its ecosystem and bring more features, products and services to the community behind this project. The hottest topic in the cryptocurrency world is now full of one topic and that is ApeCoin (APE) and its new release. Thus, we have decided to dedicate an article on this topic where we will introduce ApeCoin, its team and overall structure as well as tokenomics and utility of the token.
The ApeCoin Foundation implements the governance decisions taken by the community. 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. Through the APE DAO, APE crypto holders can vote on protocol decisions within the APE ecosystem. Proposals are supported by the APE DAO treasury and overseen by the APE Foundation, which is tasked with growing and developing the ecosystem rather than directing it. The crypto market is constantly evolving with the introduction of new coins.
When he’s not writing, he’s usually busy making wine, tinkering with his android device, or hiking some mountains. However, it is yet to be shown if Yuga Labs knows how to manage that money properly. In fact, those interested in becoming a part of the APE ecosystem can take advantage of Otherside’s upcoming SDK (software development kit). Another purpose of the MAYC was to welcome newcomers to the APE community. There were also 10,000 mutant Apes available for public purchase following the AirDrop in Aug. 2021. The fact that APE is adopted by Yuga Labs gives it heft, as it also has CryptoPunks and Meebits, two other frontline NFT projects.
Observing the token’s performance and the dynamics of the broader NFT market will be essential to gauge the direction ApeCoin takes in the coming days. ApeCoin’s future is uncertain as a substantial token unlock looms, posing both price challenges and opportunities for investors. It is important to conduct thorough research before investing in any crypto, including APE crypto.