Join Camnang24h to learn about the project “What Is ApeCoin (APE)? What Makes ApeCoin Unique? Who Are the Founders of ApeCoin? How does APE work? What is the APE ecosystem?” through the article below.
ApeCoin (APE) is an ERC-20 utility and governance token of the APE ecosystem. It empowers the decentralized APE community building at the forefront of Web 3.0.
APE is governed by the ApeCoin DAO and supported by the APE Foundation. With APE, token holders can vote on governance proposals on the DAO and access exclusive features of the APE ecosystem, such as games, events, and services.
Yuga Labs, the creator of the popular Bored Ape Yacht Club (BAYC) NFT collections, has also adopted APE as the primary token for all new products and services.
Related: What Is Multichain (MULTI)?
Since its launch in April 2021, Bored Ape Yacht Club (BAYC) has become one of the most popular NFT collections. BAYC is well-known for having a vibrant and active community of supporters.
What Is ApeCoin?
ApeCoin is an ERC-20 governance and utility token used within the APE Ecosystem to empower and incentivize a decentralized community building at the forefront of web3.
ApeCoin holders govern themselves via the decentralized governance framework controlling the ApeCoin DAO, and vote on how the ApeCoin DAO Ecosystem Fund should be used. The APE Foundation administers proposals agreed upon by ApeCoin holders.
What is the price of ApeCoin (APE) today?
In this section one can follow the price and chart of ApeCoin (APE) traded today via the chart below. If you want to know where to buy ApeCoin (APE) at current rates, the top crypto exchanges to trade ApeCoin (APE) currently Binance, OKX, BTCEX, CoinTiger, and CoinW.
Who Are the Founders of ApeCoin?
ApeCoin is a decentralized project inspired by Yuga Labs’ Bored Ape Yacht Club project. ApeCoin was founded to be used within the burgeoning APE Ecosystem, which is supported by the APE Foundation. The ApeCoin DAO aims to build and maintain the APE Ecosystem in a fair and inclusive way, providing an infrastructure for ApeCoin holders to collaborate through open and permissionless governance processes.
An administrative council within the APE Foundation (the “Board”), will carry out the decisions of ApeCoin DAO members. The Board is responsible for the day-to-day administration, bookkeeping, project management, and other tasks that ensure the Community’s ideas have the support they need to become a reality. ApeCoin DAO members vote on Board members.
What Makes ApeCoin Unique?
ApeCoin is the APE Ecosystem’s governance token, allowing token holders to participate in ApeCoin DAO and giving its participants a shared and open currency that can be used without centralized intermediaries. 62% of all ApeCoin was allocated to the Ecosystem Fund, which will support community-driven initiatives as voted on by ApeCoin DAO members.
ApeCoin also gives access to certain parts of the Ecosystem that are otherwise unavailable, like exclusive games and services. For third-party developers, ApeCoin is a tool to participate in the ecosystem by incorporating ApeCoin into services, games, and other projects.
The APE Foundation was gifted a 1 of 1 NFT by Yuga Labs, the creators of Bored Ape Yacht Club. Yuga Labs has conveyed all rights and privileges to this NFT and its underlying artwork to the APE Foundation. The ApeCoin DAO members can decide how this intellectual property is used.
How does APE work?
APE was founded to be used within the growing APE ecosystem. It is governed by the ApeCoin DAO and supported by the APE Foundation.
ApeCoin DAO is a decentralized autonomous organization (DAO) for all APE token holders to participate in governance decisions. They can decide how to allocate the Ecosystem Fund, make governance rules, select projects, partnerships, etc. After the DAO members vote on the proposals, the APE Foundation will proceed to carry out the community-led governance decisions.
The APE Foundation is the legal steward of the DAO. It facilitates the growth and development of the APE ecosystem in a fair and inclusive way. At the Foundation, there is a special council called the Board. It is tasked with ensuring that the community’s visions are implemented. The Board consists of 5 members from the tech and crypto community, including Reddit co-founder Alexis Ohanian. As a decentralized Board, the initial Board members will serve for 6 months before APE holders vote for new Board members on an annual basis.
What is the APE ecosystem?
The APE ecosystem is made up of the community holders of ApeCoin, and all products & services utilizing APE.
Yuga Labs is a web3 company best known for the creation of the Bored Ape Yacht Club. It will be a community member in the ApeCoin DAO and adopt APE as the primary token across new projects. Upon the launch of ApeCoin, holders of Bored Ape Yacht Club and Mutant Ape Yacht Club NFTs were entitled to collectively claim 15% of the ApeCoin supply (150 million tokens of the 1 billion total tokens in supply).
Let’s look at the NFT collections that are related to the APE ecosystem.
Bored Ape Yacht Club (BAYC)
Launched in April 2021, Bored Ape Yacht Club (BAYC) is the first NFT collection of the APE ecosystem. It features 10,000 unique Apes on the Ethereum blockchain. Each Ape has a unique look, style, and rarity.
Mutant Ape Yacht Club (MAYC)
Mutant Ape Yacht Club (MAYC) is an NFT collection of up to 20,000 mutated versions of the original BAYC Apes. 10,000 mutant serums were airdropped to the original BAYC NFT holders, with three tiers of serums that added to the rarity of traits. With the different tiers of serum they received, BAYC holders could create different types of mutant Apes. Each BAYC can only generate a single mutant from a single serum type, and the serum disappears after use.
The MAYC was also a means to welcome more new members to the APE community. This is why 10,000 mutant Apes were also minted for a public sale in August 2021 following the mutant serum airdrop.
Bored Ape Kennel Club (BAKC)
Bored Ape Kennel Club (BAKC) is a collection of dog NFTs that were made available to every single member of the BAYC. For each Bored Ape NFT they own, holders could “adopt” a random Club Dog NFT for free, only paying a gas fee. Like the Apes, the 10,000 BAKC NFTs have various attributes and rarities.
What can APE tokens do?
The ApeCoin token serves several purposes in the APE ecosystem. It allows holders to participate in the ApeCoin DAO as a governance token. APE holders can also access exclusive features of the APE ecosystem, including games, merch, events, and services.
APE is also a tool for third-party developers to participate in the APE ecosystem. They can incorporate the token into their services, games, and other projects as incentives. For example, APE is adopted as incentives for players in Benji Bananas, a play-to-earn mobile game developed by Animoca Brands. Benji Bananas offers a Membership Pass (‘Benji Pass’), an NFT that will enable its owners to earn special tokens when playing Benji Bananas, and that will also allow those tokens to be swapped for ApeCoin.
How to buy APE on Binance?
You can buy ApeCoin (APE) on cryptocurrency exchanges like Binance.
1. Log in to your Binance account and click [Trade]. Select either the classic or advanced trading mode to start.
2. Type “APE” on the search bar to see the available trading pairs. We will use APE/BUSD as an example.
3. Go to the [Spot] box and enter the amount of APE you want to buy. In this example, we will use a Market order. Click [Buy APE] to confirm your order, and the purchased APE will be credited to your Spot Wallet.
With Yuga Labs adopting ApeCoin as the fundamental token, the community expects more utilities to be added to the token in the future. For example, a staking function for APE HODLers to earn passive income, more GameFi applications, or even collaborations with the other NFT IPs Yuga Labs owns.