BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
SUBSCRIBE
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result
Home Crypto

ApeCoin: The Basic Knowledge You Need to Know

Alexa by Alexa
June 9, 2022
in Crypto, Guides
Reading Time: 4 mins read
A A
ApeCoin: The Basic Knowledge You Need to Know
1
SHARES
14
VIEWS
Share on TwitterShare on Reddit

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.

You might also like

Around The Block – MAR 17 Week in News

Cassava Network, An African Web3 Platform, Has Partnered With Non-Custodial Wallet To Widen Crypto Reach In Africa

UAE Announces Free Zone for Digital and Virtual Asset Firms

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.

Tags: ApeCoinBAYCYugaLabs
TweetShareShare

Recommended For You

Around The Block – MAR 17 Week in News

by BlockNews Team
March 17, 2023
0
Around the Block

Introduction In this recap of the crypto world, we will explore the events and news that had the most significant impact in the past week of March 13....

Read more

Cassava Network, An African Web3 Platform, Has Partnered With Non-Custodial Wallet To Widen Crypto Reach In Africa

by BlockNews Team
March 17, 2023
0
Africa web3

Cassava Network's v3 aims to build a bridge between Web2 African users and the Web3 space. Cassava Network partners with UniPass, a non-custodial wallet to onboard more African...

Read more

UAE Announces Free Zone for Digital and Virtual Asset Firms

by BlockNews Team
March 17, 2023
0
RAK DAO UAE

Emirate Ras Al Khaimah will launch a free zone for companies in the digital and virtual crypto sectors The RAK Digital Assets Oasis platform is made for the...

Read more

Fidelity Crypto Opens to the Public: A Game-Changer in Commission-Free Crypto Trading

by BlockNews Team
March 17, 2023
0
fidelity building

Fidelity Digital Assets has opened its Fidelity Crypto platform to the public, offering commission-free trading of bitcoin and ether to more than 37 million retail users. Fidelity Crypto...

Read more

The Takedown of ChipMixer: A Turning Point in the Battle Against Crypto Laundering

by BlockNews Team
March 17, 2023
0
chipmixer

International authorities dismantled ChipMixer, a major cryptocurrency mixing service linked to criminal activities, and seized over $42 million in Bitcoin. ChipMixer was allegedly involved in high-profile crypto hacks,...

Read more
Next Post
YouTuber Comedian KSI lost $2.8M after Buying into LUNA during Its Crash

YouTuber Comedian KSI lost $2.8M after Buying into LUNA during Its Crash

Related News

ftx

FTX has a Massive Shortfall in Assets to Repay Creditors says Bankruptcy Lawyer

March 3, 2023
3Commas

3Commas CEO Denies Claims That Company Employees Leaked Users’ API Keys

December 12, 2022
EU Crypto Ban

EU Bans All Crypto Wallet Services to Russia In New Sanctions Package

October 10, 2022

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • Around The Block – MAR 17 Week in News March 17, 2023
  • Cassava Network, An African Web3 Platform, Has Partnered With Non-Custodial Wallet To Widen Crypto Reach In Africa March 17, 2023
  • UAE Announces Free Zone for Digital and Virtual Asset Firms March 17, 2023

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?