What is ApeCoin? ApeCoin is a governance and utility token created to empower the community around the APE ecosystem. So what’s special about ApeCoin? Let’s find out with Weakhand in this article.
Before jumping into the article, everyone can refer to some of the following articles to better understand ApeCoin
- What is Bored Ape Yacht Club (BAYC)? Overview of the BAYC collection
- Yuga Labs & web3’s journey from zero to Disney in two years
- What is Mutant Ape Yacht Club (MAYC)? Overview of the MAYC collection
- Yuga Labs with some notable updates
What is ApeCoin?
Overview of ApeCoin
ApeCoin is an ERC 20 governance and utility token used in the ApeCoin ecosystem to empower decentralized community building at the forefront of the web3 sector.
ApeCoin was launched in March 2022 and immediately created a fever in the market. Initially, APE Tokens will be Airdropped to NFT holders Bored Ape Yacht Club (BAYC) with 10,094 APE and Mutant Ape Yacht Club (MAYC) with 2,042 APE. This is considered one of the largest Airdrops on the market when each BAYC owner received an airdrop amount of more than 100k USD at that time.
How ApeCoin works
ApeCoin was established for use in the growing APE ecosystem. It is managed by ApeCoin DAO and supported by APE Foundation.
ApeCoin DAO is a decentralized autonomous organization (DAO) for all APE Token holders to participate in governance decisions in the APE ecosystem. They can decide how to allocate APE Tokens in the Ecosystem Fund, make governance rules, project selection, partnerships, etc. After members in the DAO vote on proposals, the APE Foundation will proceed with implementing community-led governance decisions.
APE Foundation is the legal governing body of the DAO. It facilitates the growth and development of the APE ecosystem in a fair and inclusive manner. At the Ape Foundation there is a special council called the board of directors, tasked with ensuring that the community’s vision is realized.
The Board of Directors consists of 5 members from the community including: Bored Ape G, Gerry, Vera Li, Waabam and CaptainTrippy. As a decentralized board, initial board members will serve for 6 months before APE holders vote on new board members annually .
What is the difference of ApeCoin?
ApeCoin inherits what Yuga Labs has brought. Yuga Labs is a famous web3 company behind the success of Bored Ape Yacht Club (BAYC). Yuga Labs is also a community member in the ApeCoin DAO and uses APE tokens in projects across its ecosystem.
Core Team
Although ApeCoin was introduced by Yuga Labs, APE Foundation is the main team that operates and develops ApeCoin. As I said above, APE Foundation consists of 5 people with a term of 6 months and will be re-voted by the community every year.
Investor
Update…
Tokenomics
Basic information about APE tokens
- Token Name: ApeCoin
- Ticker: APE
- Blockchain: Ethereum
- Contract: 0x4d224452801aced8b2f0aebe155379bb5d594381
- Token Type: Utility, Governance
- Total Supply: 1,000,000,000 APE.
Token Allocation
Token Release
- Ecosystem Fund: Unlocked every month for 48 months.
- Yuga Labs + Charity: Lock for the first 12 months, then unlock monthly for the next 36 months.
- Launch Contributors: Lock for the first 12 months then unlock monthly for the next 36 months.
- BAYC Founder: Lock for the first 12 months then unlock each month for the next 36 months.
Token Use Case
APE tokens are used for the following purposes:
- Governance: ApeCoin is the governance token of the APE ecosystem that allows ApeCoin holders to participate in the ApeCoin DAO.
- Access: ApeCoin provides access to certain services such as: Exclusive games, goods, events and services.
- Incentive: Apecoin is a tool for third-party developers to participate in the ecosystem by incorporating APE into services, games, and other projects.
Exchanges
APE tokens can be traded on CEX exchanges such as: Binance, Coinbase, Kucoin, …
Information Channel of ApeCoin Project
- Website: https://apecoin.com/
- Twitter: https://twitter.com/apecoin
- Forum: https://forum.apecoin.com/
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Instagram:
summary
ApeCoin is continuously growing and becoming the strong DAO community it is today. The fact that the APE token is used in the Yuga Labs ecosystem such as: as a currency token in the game Otherside, … brings many utilities and creates value for the APE token. Above is all the information that I want to introduce in this article, hope everyone has received useful knowledge.