The ApeCoin is an ERC-20 utility token created by Yuga Labs – the same studio behind the widely successful Bored Ape Yacht Club. However, according to ApeCoin, it’s a DAO-created product that allows you to join its society by holding an ApeCoin.
This is a short article for all the essential knowledge you need to understand the technology behind Apecoin.
In a Nutshell
The ApeCoin cryptocurrency is considered another meme coin, such as Dogecoin and Shiba Inu that goes bananas from its investors. The supply of ApeCoin Token is presently capped at 1 billion tokens. The whole token will be produced (unlike popular cryptos like BTC). 62% of the token will be used in the ecosystem, with 150 million coins airdropped.
The DAO will work as a holding company for the coins, voting on what to do with the money. The first goal is to provide liquidity for the tokens and get them listed on exchanges.
The rest of the funds will be invested in new initiatives. The remaining 90%, or 8 million tokens, are designated for Bored Ape Yacht Club’s initiators.
The “Otherside” is a game-based Metaverse developed by Yuga Labs. BAYC and APECoin are rising in popularity, while APEnomics will set the memeverse ablaze, just like Dogecoin did a while ago. However, everything is still in its early stages, and much remains to be seen how everything will play out.
Who Earns It?
If you have a Bored Ape Yacht Club or a Mutant Ape Yacht Club NFT in your wallet, you may collect free tokens from the official ApeCoin website. Each NFT has its own token allocation, so if you have a large number of them, your enjoyment will increase.
If you have an original Bored Ape, the 10,094 tokens will be worth more than $80,000 at press time. The 2,042 tokens are worth roughly $16,400 as of this writing for Mutant Ape holders. If you have a Kennel Club NFT on its own, it won’t give you any free tokens, but it will allow you to collect from the ApeCoin website.
In the end, 15% of the total supply will be given to token holders. The DAO treasury and resources will receive another 47% of the remaining supply, with much of it vesting over the next 48 months.
Finally, a further 22.6% will be spent on marketing costs and professional fees. Of the remaining amount, 15% will go to Yuga Labs, 8% to the four founders of Yuga Labs, and 14% to other ApeCoin launch contributors. In addition, 1% of the total supply will be donated to the Jane Goodall Legacy Foundation.
This distribution will allow the DAO treasury and resources to grow over time, incentivizing contributors to work on the project and helping to ensure that ApeCoin is well-funded and successful. With these measures in place, ApeCoin is sure to become a major player in the world of digital currencies.
The Bored Ape NFT was released in late April and is currently trading on a variety of cryptocurrency exchanges for those who didn’t help create the Bored Apes or ApeCoin. APE is now available on Coinbase, FTX, and Gemini, three notable cryptocurrency exchange platforms.
The Purpose
ApeCoin was created for usefulness and governance. What exactly does that imply? It’s a decentralized token that may be utilized in Web3 apps of all sorts, including those not developed by Yuga Labs or connected to the Bored Ape Yacht Club.
Apecoin’s stability and growth are guaranteed by its DAO, which gives users the opportunity to cast a vote on community-initiated issues like, for example, ecosystem fund allocation and staking rewards. To others, it may seem dry and uninteresting, but this could have an impact on future APE advantages.
Animoca Brands, a game developer that specializes in creating games for cryptocurrencies, has announced plans to integrate APE into a “mysterious project” it is working on with the Bored Ape Yacht Club. It appears to be linked with the recent creation of a website (somethingisbrewing.xyz), which gathers information from interested players in a treasure hunt-like fashion.
The announcement of this partnership has caused the price of APE to skyrocket, and it’s not hard to see why. With such a big player in the industry getting behind APE, it is sure to gain even more traction and become an even more valuable currency. This could be great news for holders and could result in a significant price increase in the coming weeks and months. Keep your eyes peeled for further development.
