What is ApeCoin
ApeCoin (APE) is a utility (functional) token based on the ERC-20 standard that performs various functions within the APE ecosystem. The original Bored Ape Yacht Club (BAYC) collection was developed by Yuga Labs, a Web3 company founded in February 2021, whose three collections – BAYC, Mutant Ape Yacht Club (MAYC) and Bored Ape Kennel Club (BAKC) have become some of the most successful on the market.
Nicole Muniz serves as CEO of Yuga Labs, having previously been a partner in the advertising company B-Reel and founder of her own boutique consulting agency.
The ApeCoin Improvement Proposal-1 (AIP-1), which created ApeDAO, was submitted by the co-founder of Cartan Group LLC, a Cayman Islands-based consulting firm.The APE token was launched under the ApeDAO in March 2022 and distributed to NFT holders, ApeDAO’s treasury and other stakeholders such as Yuga Labs, Cartan Group and the APE Foundation and its board members.
Reddit co-founder Alexis Ohanian, Yat Xiu of developer and venture capital group Animoca Brands and FTX investor Amy Wu are among the foundation’s board members. Meanwhile, although BAYC founder Yuga Labs does not control ApeCoin, its founders have received a significant portion of APE’s total offering and the company is listed as a participant in the project.
The DAO structure of ApeCoin
Anyone who purchases the APE cryptocurrency is eligible to become a member of the decentralized autonomous organization, which will manage the treasury and vote on proposals for future projects related to the coin. Although ApeCoin is affiliated with BAYC and Yuga Labs, it is technically controlled by the ApeCoin DAO, and Yuga Labs claims no ownership of the ApeCoin DAO.
Rather than a centralized control structure, there is a five-member „board“ of top-tier crypto-investors that will oversee certain proposals related to the ApeCoin DAO and each member is given a six-month term, after which members of the ApeCoin DAO community can vote on who will be the future board.
How does ApeCoin work?
Those who owned Bored Ape NFTs could receive 10,094 APE tokens when the initiative launched, while Mutant Apes holders could receive significantly less – a total of 2,042 APEs.
Aetherium-based APE tokens are interchangeable, allowing for some flexibility in their use, both as a token for network management and as a currency in projects that incorporate it into their projects. The main goals for ApeCoin, according to the project developers, are:
- Holders can participate in ApeDAO by making decisions about the direction of community development and future involvement in new ventures.
- Developers of new blockchain projects such as games or metaverse can incorporate APE into their projects and participate in the Bored Ape ecosystem.
- Owning an APE can provide users with opportunities (such as additional airdrops or exclusive real-world events) as part of the community.
- APE can be used as a decentralized currency powered by the Aetherium blockchain.
ApeCoin Tokenomics
The total number of APE tokens will only be 1 billion as they will be distributed as follows:
- Community: 62% of the tokens will go to the decentralized autonomous organization community. Of these, 15% will go to BAYC and MAYC holders and the rest will be released as part of the DAO’s „ecosystem fund“.
- Yuga Labs: 16% of the tokens will go directly to Yuga Labs, which has designated a portion of the funds to go to primatologist Jane Goodall’s charitable foundation.
- Initial Sponsors: 14% of the tokens will go to the „launch sponsors,“ which are defined as „the companies and people who helped make this project a reality,“ but details on exactly who these sponsors are are scarce.
- Founders: 8% of the tokens will go directly to the four founders of Yuga Labs and BAYC.
How to buy ApeCoin?
1. Choose a crypto exchange
There are numerous cryptocurrency exchanges and exchanges that range from easy-to-use systems to complex dashboards for advanced traders.
Because ApeCoin is so popular, you’ll be able to purchase the token on most cryptocurrency exchanges, but it’s advisable to stick to a few of the more popular exchanges like Binance, Kraken, Coinbase, etc. Different platforms come with different fees, security measures, and may include other features, so it’s a good idea to do your research before signing up.
2.Create an account and confirm it
Start with account registration, which is completely free on the aforementioned platforms. For added security, 2FA – two-factor authentication – is also enabled.This way, you and your device are the only ones who can grant access to the account.
You are then taken through a KYC process, which is providing personal information – ID card/passport/driving license details, proof of address (e.g. bank statement or utility bill).
After completing these steps, you are ready to buy, sell and trade ApeCoin (APE), as well as take advantage of various services such as staking.
3.Fund your account
Once your account has been registered and verified, you need to fund the account so you can start taking advantage of the platform’s buying and trading services.
The main deposit options are:
- Credit/Debit Card
- Bank deposit
- Peer-to-peer (P2P)
Where to buy ApeCoin?
