We’re building a home for Happy Harmony Apes, a place for the Harmony community to assemble, new apes to onboard and for a new community owned crypto to emerge to drive the world bananas. ApeCoin is an ERC-20 token on the Ethereum blockchain that gives holders membership of the ApeCoin DAO along with governance rights. The APE coin allocation includes a 62% share for the Ecosystem Fund, which aims to support community initiatives voted on by DAO members.

  • The sale went viral, and helped raise $320 million within just 45 minutes.
  • The first NFT collection of the APE ecosystem, Bored Ape Yacht Club , was released in Apr. 2021.
  • 17, 2022 as the native governance and utility token of the APE ecosystem, comprising the APE Foundation, the ApeCoin DAO, and the Board.
  • Charts Explore more data on the digital asset markets with comprehensive graphs.

System response and access times may vary due to market conditions, system performance, and other factors. Online trades are $0 for stocks, ETFs, options and mutual funds. See our Pricing page for detailed pricing of all security types offered at Firstrade. Lastly, it’s worth mentioning that an attack on the ApeCoin airdrop was detected, and the attacker seized a large sum of tokens via a flash loan, leveraging BAYC NFTs, according to Certik Alert. For each Bored Ape NFT a holder possesses, they may “adopt” a selected Club Dog NFT for the cost of gas. Similar to apes, the 10,000 BAKC NFTs exhibit a variety of traits and oddities.

The ApeCoin website promises that DAO members will vote for future board members. There are members of the ApeCoin DAO board, this group committed to improving the APE ecosystem. Furthermore, there will be a six-month term limit for the DAO board members, and fresh members will replace them every year.

Apecoin Tokenomics

These are the businesses and individuals who contributed to the success of this project. Therefore, each Ape has its appearance, personality, and rarity. The first NFT collection of the APE ecosystem, Bored Ape Yacht Club , was released in Apr. 2021.

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 is the native cryptocurrency for the ecosystem and also serves as the governance token.

What Is Apecoin?

Importantly, ApeCoin’s Board of Directors oversees several projects. Otherside deeds are available in the Ape ecosysemIn April 2022, Yuga Labs started minting virtual land in its metaverse project Otherside. The sale https://xcritical.com/ went viral, and helped raise $320 million within just 45 minutes. APE is poised to be deeply integrated with Yuga Labs’ metaverse project, Otherside, where it could be used for any transaction within the environment.

20 and 28, APE coin price grew by more than 66% from around $9 to over $15. As a result, its market capitalization increased from $3.25 billion to $4.29 billion. The APE ecosystem aims to build the future of Web 3.0 and the ApeCoin DAO as well as the APE Foundation work together to drive growth. The Board, a special council on the Foundation consisting of five members, performs an administrative role at the DAO’s behest. The greater vision of the ApeCoin community goes well beyond the art and design many have come to recognize the popular NFT brand by.

BAYC has been one of the most successful NFT projects to date, enjoying viral popularity including famous owners like Jimmy Fallon and Eminem. Prices fluctuate, but individual pieces in the series sell for a minimum of $130,000 as of this writing, with a ceiling well above $1 million. In other words, ApeCoin holders in the ApeCoin DAO can build upon this foundation and create new projects and assets. The goal of the foundation is to administer the decisions of the ApeCoin DAO and support its members. It’s intended to serve as a decentralized token for various community-led initiatives. Since ApeCoin is an ERC-20 token, it runs on the Ethereum network.

Chainlink Plans To Only Support Pos After Ethereum Merge

Articles on Node are intended for educational purposes only and should not be construed as investment or tax recommendations. We are a team of degenerate designers and developers who aped into the Harmony One ecosystem in March 2021. APE can be stored in Ethereum-compatible web wallets like MetaMask and Trust Wallet, and in hardware wallets like Ledger and Trezor. You can also store them on exchange wallets like the Coinbase and OKX wallets. Charts Explore more data on the digital asset markets with comprehensive graphs. Chris has been writing and following the cryptocurrency space for several years, and he is enthusiastic about this new industry’s potential to transform the world as we know it.

For instance, ApeCoin has become an in-game currency in Benji Bananas, a mobile game developed by Animoca Brands, positively impacting the APE price. In addition, Yuga Labs, launching its metaverse ‘Otherside’, will also boost the coin’s utility. ApeCoin’s primary use is as a governance and utility token within the APE ecosystem. It allows holders to participate in DAO governance votes while also offering access to members-only features of the ecosystem like games, events and other services.

MetaCryp (MTCR) Launches as New Alternative for Decentraland (MANA), ApeCoin (APE) – U.Today

MetaCryp (MTCR) Launches as New Alternative for Decentraland (MANA), ApeCoin (APE).

Posted: Wed, 10 Aug 2022 16:57:39 GMT [source]

On the day of ApeCoin’s launch, 15% of APE token’s total supply of 1 billion was set aside for holders of Bored Ape Yacht Club , Mutant Apes Yacht Club , and other related NFTs, who could claim APE coins for free. Initially, ApeCoin token holders only get voting and governance rights in the ApeCoin DAO, but Yuga Labs has more What is ApeCoin (APE) use-cases in store and plans to design further products and experiences for the APE ecosystem. Apecoin is a decentralized autonomous organization that enables APE holders to participate in administrative decisions. After the DAO members vote on the proposals, they also implement the community-based administrative decisions.

Before Jun. 15, 2022, both BAYC and MAYC have a 90-day claim period. Wylie Aronow and Greg Solano started Yuga Labs in 2021, and its main office is in Miami, Florida. The company started selling Bored Ape NFTs in Apr. 2021 with Bored Ape Yacht Club . While the market remains stagnant, crypto gains momentum in Congress, gaming, and eco-friendly initiatives.

Whats Next For Apecoin?

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. Released a teaser video of its metaverse ‘Otherside’ where ApeCoin will be the native token. The launch of ‘Otherside’ is set to boost ApeCoin’s adoption and utility.

Here we go over what ApeCoin is, how it works and the roles it plays in the NFT ecosystem. Bored Ape Yacht Club , is almost a household name at this point and the latest NFT collection, Mutant Ape Yacht Club , is no less popular. The team recently released its proprietary cryptocurrency, ‘ApeCoin ,’ which has attracted considerable interest since its debut. All ApeCoin tokens were minted at launch, which means you cannot mine them. Yuga Labs adopting APE as the native token for the BAYC ecosystem was the biggest driver of APE price. With billions in sales, BAYC and MAYC are some of the most popular NFT collections and celebrities like Justin Beiber, Mark Cuban, and Snoop Dogg are among collectors.

Bored Ape Yacht Club Bayc

If Otherside eventually incorporates a P2E mechanic, APE could be given as rewards to players. It’s also used by a number of developers outside of the APE ecosystem, such as play-to-earn game Benji Bananas by Animoca Brands, which uses ApeCoin to incentivize and reward players. Node is operated by Voyager Digital, LLC, a wholly owned subsidiary of Voyager Digital Holdings, Inc and Voyager Digital Ltd. Opinions belong to contributing authors, not to Voyager Digital LLC or any of its subsidiaries or affiliates. Please consult your financial adviser or investment adviser regarding your individual financial and investment decisions.

The entirety of the next 14% were paid out to various launch contributors for helping bring the project to life. The final 8% tranche of ApeCoin was distributed to the quartet of founders behind Yuga Labs and BAYC. Bored Ape Yacht Club is the first NFT series in the ecosystem, consisting of 10,000 unique digital avatars featuring colorful cartoon apes. ApeCoin DAO members vote as a community on issues impacting the direction of the ecosystem’s growth, from how funds are allocated, how rules are enforced, what partnerships to pursue and which projects to undertake. As for next steps, the goal of ApeCoin is to power its entire Ape ecosystem, which already consists of NFTs and a metaverse.

The Ape Foundation is essentially the bedrock upon which ApeCoin holders and ApeCoin DAO members can continue to grow. The primary aim of the Foundation is to promote the equitable development of the APE ecosystem. The Ape Foundation serves as the legal representative of the DAO. It is planned to grow even more decentralized over time and supports community-led governance. The Foundation handles day-to-day administration, bookkeeping, and project management, among other things. Despite its fluctuating price and market size, it’s intriguing to see how ApeCoin will be employed in web3.