Moreover, you can use APE to participate in the ApeCoin DAO if you’d like to have a say in the future of the APE ecosystem. Following that, 4.167 million tokens will be unlocked every month for 36 months. Additional upside of ApeCoin may be limited by the future expiration of the lock-up provisions on the tokens granted to contributors. For instance, Yuga Labs received 16% of the token’s total supply, with an initial lock-up of 12 months, meaning that they can’t cash out their tokens for that period. ApeCoin has utility as the membership pass and governance token of the ApeCoin decentralized autonomous organization , where every token holder can vote on the use of the Ecosystem Fund or cast their own proposals. The token can also be used as an open currency for payments and transactions without centralized intermediaries.

However, at the time of this writing, the lion’s share of the liquidity seems to be on the Binance exchange and it’s centered in both APE/USDT and APE/BUSD pairs. As mentioned above, APE is already listed and trading on some of the major exchanges such as Binance, Coinbase, FTX, Huobi, KuCoin, Bybit, Kraken, and so forth. As explained above, governance is one of the main purposes behind APE as it allows holders to participate in the DAO. As mentioned above, APE is an ERC-20 token that serves the purposes of governance, but it also brings utilities when used within the APE ecosystem. APE then stooped to a 90-day low of $2.63 on 14 November following the collapse of the FTX exchange, but managed to recover to $4.54 on 11 December before sinking to a low of $3.27 on 17 December. APE closed the year at $3.64 and rallied in the New Year, breaking past $5 on 10 January and trading at around $4.85 the following day.

what is apecoin

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Step 3: Select ApeCoin among the available assets and buy the token

Spend your APE or more than a dozen other cryptocurrencies as easily as cash. The BitPay Wallet is a non-custodial crypto wallet meaning you, and only you, control your ApeCoin. 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.

what is apecoin

Animoca Brands and Yuga Labs have teased a Bored Ape secret project that would be powered by ApeCoin. The considerable risk with APE is that, unlike tokens like Avalanche or Algorand , it’s not tied to a utility of its own. Instead, it relies on the metaverse and BAYC as the primary drivers of ApeCoin price. Additionally, the Ape NFT coin space is very volatile, even more so than the crypto space, so you need to be able to stomach higher levels of risk to invest in 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.

ApeCoin’s Future Value Projection

YugaLabs plans to take it even a step further and create an entire community based around web3 and blockchain technologies. This is the legal entity that serves to oversee and apply the DAO’s decisions. It is run by an administrative board, made up of proven crypto investors and builders. The foundation is indeed separate from Ape DAO, and runs its day-to-day operations such as project management and bookkeeping.

what is apecoin

A mobile game called Benji Bananas, developed by Animoca Brands (whose co-founder, Yat Siu, is on the board of the Ape Foundation), is adopting ApeCoin as a kind of in-game currency. For 25 ApeCoins, you can buy a Benji Bananas Membership Pass, which lets you earn “special tokens” in-game. Yuga Labs is getting 150 million APE, 10 million of which (“or equal value”) will go to the Jane Goodall Legacy Foundation. Next, 140 million APE goes to “the companies and people that helped make this project a reality” – an as yet unnamed group that most likely includes members of the Yuga Labs team. All these coins are “locked” for the first 12 months, so holders can’t just cash out and tank the price. Because APE has a discrete value and is already trading on major exchanges, claiming these coins is a little like claiming free money.

What Is ApeCoin (APE) ?

The former is the world’s most valuable NFT collection, as it has recently overtaken the famous CryptoPunks . FTX’s Amy Wu, and they’ll serve for six months before APE holders vote for next members on an annual basis. The creation of ApeCoin DAO, a new decentralized autonomous organization created to govern the token and its roadmap forward. Based on tweets from Yuga folks and board members, there was clearly a lot of attention put on precise and uniform messaging, likely for regulatory reasons. 10 million tokens or their equal value will be donated to the Jane Goodall Legacy Foundation with an initial lock-up of 12 months, and 277,777.78 tokens unlocked per month for 36 months after that. 150 million will go to Yuga Labs under a 12-month lockup, and then 4,166,666.67 tokens unlocked per month for 36 months.

It’s affiliated with a non-fungible token project known as the Bored Ape Yacht Club , a massively successful and valuable collection launched by Web3 company Yuga Labs. For investors, ApeCoin provides investment exposure to the Web3 ecosystem built on the Bored Ape brand. The Apecoin DAO, the project’s decentralized autonomous organization, exists to make various ecosystem decisions on fund allocation, governance rules, projects and partnerships, among other responsibilities. As mentioned before, APE token holders are eligible to be DAO members, and are thus able to vote on proposals. Decentralized autonomous organization 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.

  • While the founders of the ApeCoin DAO and BAYC are different, APE also serves as the governance token for BAYC.
  • ApeCoin can be staked to earn additional APE tokens, making ApeCoin a yield-generating crypto asset.
  • Buy, sell, and exchange $APE along with 160+ other cryptocurrency coins and tokens at Easy Crypto.
  • ApeCoin is an Ethereum-based token linked to the Bored Ape Yacht Club NFTs.
  • However, the ApeCoin Foundation will be the one responsible to execute and act on the decisions.

The ApeCoin DAO is a decentralized organization that allows all APE holders to vote on governance decisions related to the token. At a time when NFTs are still storming the crypto arena, ApeCoin has managed to steal the limelight since its appearance. Mutant Ape NFT holders will benefit most initially, given that they all get a free stash of valuable tokens that they could sell off, anyone can buy APE from popular exchanges. According to the team behind APE, there are plans ahead for the token, naturally, including exclusive games and services. Alternatively, you could purchase ApeCoin on a decentralized exchange by swapping another cryptocurrency for it.