The APE Improvement Proposal Process (see Governance) will allow
ApeCoin DAO members to make decisions regarding Ecosystem Fund allocations,
governance rules, projects, partnerships, and beyond. The goal of the APE Foundation is to steward the growth and development of the
APE ecosystem in a fair and inclusive way. 8% of the tokens have been set aside for the four founders of Yuga Labs and BAYC. ApeCoin follows the concept of locked tokens to prevent Yuga Labs, the founders of BAYC, and other launch contributors from selling their holdings. After this duration, a specific allotment of tokens becomes accessible to them on a monthly basis. Designed identically to any other Web3 coin, ApeCoin can be used for payments.
In the crypto gaming industry, Animoca Brands and nWay have both agreed to integrate APE into play-to-earn games. Animoca will be integrating it into a ‘secret project’ with the BAYC, while nWay will implement ApeCoin as rewards into a play-to-earn game based on BAYC. However, ApeCoinDAO stated that some functionalities like upcoming games and certain services will be reserved for APE holders.
Members can make decisions about Ecosystem Fund allocations, governance rules, projects, partnerships, and more through the APE Improvement Proposal Process. It is not an administrator but rather the Foundation upon which ApeCoin DAO holders might grow.The Foundation promotes decentralized and community-led governance, intending to become even more decentralized over time. Individuals should do a considerable amount of research before investing in any cryptocurrency project. The crypto space is still very unregulated and many people that are entering the space for the first time can easily feel overwhelmed with the magnitude of data circulating. APE was quickly listed on multiple major exchanges including Coinbase.
In charge of APE distribution is the ApeCoin DAO, a decentralized autonomous organization. When the company announced the minting of 55,000 parcels of digital real estate NFTs called “Otherdeeds,” they were priced in APE. In total, Yuga Labs generated more than $300 million through the sale—all transacted in ApeCoin.
Yugalabs is developing ApeCoin to facilitate improvement plans, incentivize users, and overall, act as the primary token of the BAYC ecosystem. ApeCoin adopts the DAO (Decentralized Autonomous Organization) system to create an impartial management strategy for the ApeCoin treasury and other political affairs. Lastly, it’s worth mentioning that an attack on the ApeCoin crypto airdrop was detected, and the attacker seized a large sum of tokens via a flash loan, leveraging BAYC NFTs, according to Certik Alert. APE is at a very early stage in the world of crypto, so it is hard to speculate on its future market.Due to the recent euphoria surrounding the crypto industry, the coin may experience a short-term increase. Still, the fact remains that there is just not enough information to know if this would be a good long-term investment.
Can ApeCoin (APE) be mined?
ApeCoin’s supply is fixed at 1 billion APE, meaning tokens cannot be mined or burned. It’s also used by a number of developers outside of the APE ecosystem, such as play-to-earn (P2E) game Benji Bananas by Animoca Brands, which uses ApeCoin to incentivize and reward players. Speaking of which, all NFTs released by Yuga Labs in the future will be minted with ApeCoins. This already happened with Otherdeed NFTs—land plot NFTs costing 305 APE a piece when launched. In turn, greater utility translates to increased token value because it can be used for more things, increasing the demand for the token, which increases its price.
- The lawsuit said it turned out the auction buyer was now-bankrupt crypto exchange FTX, whose founder Sam Bankman-Fried is in jail awaiting trial on criminal charges.
- The APE ecosystem is governed by a decentralized autonomous organization (DAO) called the APE DAO, which lets APE crypto holders vote on the direction of ApeCoin projects.
- ApeCoin is an ERC-20 standard token issued on the Ethereum blockchain.
- No minting
capability is exposed through the contract interface, thus the total supply will
never increase. - Within 45 minutes, the virtual real estate clocked the value of $100,000 and raised a total of $320 million, making BAYC the NFT garnering the maximum sales.
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What can I buy with APE?
Right now, ApeCoin mostly exists for speculation and “governance” for the DAO. It hinges on the idea that ApeCoin DAO is entirely independent from Yuga Labs. If Yuga Labs issued a token explicitly as a reward for Bored Ape holders, you could more easily make the argument that a Bored Ape is a kind of investment, and therefore subject to securities regulations. In the way that certain stocks pay dividends, part of the value of investment-style NFTs would be tied to the perks they could get you down the line. Again, Yuga Labs claims zero responsibility for ApeCoin – it’s just taking a significant chunk of the profits.
Moreover, since it is a governance token, the owners obtain the right to vote and also propose different innovations known as AIP (APE Improvement Proposal). As a rule of thumb; do well to carry out your own research before investing in cryptocurrency and NFT projects. One of ApeCoin’s primary roles is to tokenize participation in the governance of BAYC and other Yugalabs’ products through ApeCoinDAO. But ApeCoin itself is to a large extent, an independent entity and some proposals passed by the ApeCoinDAO could be of relevance to Bored Ape NFT holders. By launching ApeCoin, ApeCoin creators established a fertile ground for new projects to grow and adopt a series of infrastructures. The ApeCoin ecosystem will foster young projects through the ApeCoin token.
Each node in the network stores a copy of the blockchain and verifies all the transactions on the network. When a transaction is made, it is broadcast to all the nodes in the network, which then verify the transaction and add it to the blockchain. ApeCoin was created to provide a simple, efficient, secure way to trade digital assets. This decentralized cryptocurrency enables instant, near-zero cost payments to anyone.
After the announcement, the price of ApeCoin (APE) experienced a decline from $1.95 to $1.75 over the subsequent three days. However, ApeCoin (APE) managed to recover slightly and reached $1.80 by August 1. The original class-action was filed in December 2022, https://www.xcritical.in/ and Sotheby’s was added as a defendant in an amended complaint submitted on August 4. The boost to Bored Ape NFT prices provided by the auction «was rooted in deception,» said the lawsuit filed in US District Court for the Central District of California.
The Foundation facilitates decentralized and community-led governance and is
designed to become more decentralized over time. Third-party developers use ApeCoin to play a role in the ecosystem and incorporate the token into their services, games and various projects. For instance, in Animoca Brands’ Benji Bananas, a play-to-earn (P2E) mobile game, the coin is adopted as an incentive for players.
It has also enjoyed a consistent position in the top 100 coins by market cap since its inception. Like every other cryptocurrency token, ApeCoin can be transferred between users, businesses, and institutions. Outside the boundaries of NFT and the metaverse, ApeCoin can be adopted by merchants and peers as a flexible means of value storage and value transfer. ApeCoin is a digital asset and cryptocurrency built on the Ethereum blockchain. It is used to power the ApeSwap decentralized exchange and can be used to trade a variety of assets, including other cryptocurrencies, commodities, and fiat currencies. The APE coin has a fixed supply of 1 billion APE and is trading on several exchanges, including Binance, Huobi, and OKEx.
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