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What Is ApeCoin and Who Is Behind It?

 

What Is ApeCoin and Who Is Behind It? The Cryptocurrency Behind Bored Ape Yacht Club NFTs



ApeCoin (APE) is the APE ecosystem's ERC-20 utility and governance token. It supports the development of a decentralized APE community at the forefront of Web 3.0.


The ApeCoin DAO governs APE, which is funded by the APE Foundation. Token holders that possess APE may vote on DAO governance proposals and have access to special APE ecosystem features like games, events, and services.



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Yuga Labs, the company behind the well-known Bored Ape Yacht Club (BAYC) NFT collections, has made APE the principal token for all future products and services.


Introduction


Bored Ape Yacht Club (BAYC) has quickly become one of the most popular NFT collections since its debut in April 2021. BAYC is well-known for having a thriving and strong supporting base.


What is ApeCoin (APE)?


ApeCoin (APE) is the APE ecosystem's governance and utility token. It's a decentralized protocol layer that supports the APE community's efforts to push Web 3.0 forward.


APE is an ERC-20 token with a one-billion-token supply. The community is in charge of it and contributes to it. The ApeCoin DAO is a decentralized organization in which all APE holders may vote on token governance issues.


Yuga Labs has also chosen APE as the principal token for all future goods and services. The popular Bored Ape Yacht Club (BAYC) NFT collections were created by Yuga Labs. It also controls the IP of CryptoPunks and Meebits, two other popular NFT ventures.


How does ApeCoin work?


APE was created to be utilized in the ever-expanding APE ecosystem. The ApeCoin DAO is in charge of it, and the APE Foundation provides assistance.


ApeCoin DAO is a decentralized autonomous organization (DAO) that allows all APE token holders to vote on governance. They can determine how the Ecosystem Fund is allocated, establish governance rules, pick initiatives and collaborations, and so on. The APE Foundation will carry out the ideas after the DAO members vote on them.


The DAO's legal steward is the APE Foundation. It promotes the fair and inclusive growth and development of the APE ecosystem. A special council known as the Board exists at the Foundation. Its job is to make sure that the community's visions are carried out. Five members of the tech and crypto communities make up the Board, including Reddit co-founder Alexis Ohanian. The original Board members will serve for 6 months as a decentralized Board before APE holders vote for new Board members on a yearly basis.


What is the ApeCoin (APE) ecosystem?


The ApeCoin community, as well as any products and services that use APE, make up the APE ecosystem.


Yuga Labs is well known for creating the Bored Ape Yacht Club, a web3 firm. It will join the ApeCoin DAO as a community member and use APE as the principal currency in future initiatives. Holders of Bored Ape Yacht Club and Mutant Ape Yacht Club NFTs were allowed to jointly claim 15% of the ApeCoin supply at the debut of ApeCoin (150 million tokens of the 1 billion total tokens in supply).


Let's have a look at some of the NFT collections relevant to the APE ecosystem.


Bored Ape Yacht Club is a club for bored apes (BAYC)


The first NFT collection of the APE ecosystem, Bored Ape Yacht Club (BAYC), was launched in April 2021. On the Ethereum blockchain, there are 10,000 different Apes. Each Ape has its own appearance, style, and rarity.


Mutant Ape Yacht Club is a club for mutant apes (MAYC)


The Mutant Ape Yacht Club (MAYC) is an NFT collection of up to 20,000 modified BAYC Apes. 10,000 mutant serums were airdropped to BAYC NFT holders, with three levels of serums increasing the rarity of the features. BAYC holders might produce many sorts of mutant Apes using the various grades of serum they got. A single mutant may be generated by each BAYC from a single serum type, and the serum itself vanishes after usage.


The MAYC also served as a way to welcome newcomers to the APE community. This is why, following the mutant serum airdrop, 10,000 mutant Apes were coined for public sale in August 2021.


Bored Ape Kennel Club is a kennel club for bored apes (BAKC)


The Bored Ape Kennel Club (BAKC) is a group of dog NFTs that were made available to all BAYC members. Holders of a Bored Ape NFT might "adopt" a random Club Dog NFT for free, with just a gas cost. The 10,000 BAKC NFTs, like the Apes, have a variety of characteristics and rarities.


What can ApeCoin (APE) tokens do?


In the APE ecosystem, the ApeCoin currency fulfills a variety of functions. As a governance token, it lets holders to participate in the ApeCoin DAO. APE holders get access to the APE ecosystem's exclusive features, such as games, apparel, events, and services.


Third-party developers can use APE to participate in the APE ecosystem. They can use the token as a reward in their services, games, and other ventures. APE, for example, is used as an incentive for players in Animoca Brands' Benji Bananas, a play-to-earn smartphone game. Benji Bananas provides a Membership Pass ('Benji Pass'), an NFT that allows owners to earn unique tokens while playing Benji Bananas and then exchange those tokens for ApeCoin.


How to buy ApeCoin (APE) on Binance?


ApeCoin (APE) can be purchased on cryptocurrency exchanges such as Binance.


1. Log in to your Binance account and select [Trade] from the drop-down menu. To begin, choose between the classic and sophisticated trading modes.


2. In the search bar, type "APE" to see the possible trading pairs. As an example, we'll look at APE/BUSD.


3. Enter the quantity of APE you wish to buy in the [Spot] box. We'll utilize a Market order in this example. To complete your order, click [Buy APE], and the purchased APE will be deposited to your Spot Wallet.



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last thoughts


The community anticipates additional features to be introduced to ApeCoin in the future, now that Yuga Labs has adopted it as the foundational token. For instance, a staking mechanism for APE HODLers to make passive revenue, further GameFi apps, or even cooperation with Yuga Labs' other NFT IPs.


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