About ApeCoin ($APE)
ApeCoin is a new cryptocurrency released on the Ethereum (ETH) network. ApeCoin is the native cryptocurrency for the APE ecosystem, which includes the ApeCoin DAO and all services and products utilizing APE. Yuga Labs, the creator of the famous Bored Ape Yacht Club (BAYC) NFT collections, has adopted APE as the primary token for all new products and services.
The Bored Ape Yacht Club started in April 2021 and is comprised of thousands of individual ape NFTs. Each has its distinct facial expressions and clothing. The concept gained popularity as celebrities such as Jimmy Fallon, Justin Bieber, and Paris Hilton invested enormous money in the Bored Ape NFTs.
ApeCoin is intended to serve as the decentralized protocol layer for various community-led initiatives.
The token is managed by the APE Foundation, which administers the decisions of the ApeCoin DAO (decentralized autonomous organization). The holders of ApeCoin are the only voters in the DAO, which the Foundation facilitates.
Objectives of ApeCoin
The ApeCoin token aims to facilitate the establishment and growth of a decentralized web 3.0 community by enabling the following:
· Governance: Holders of ApeCoin can be members of the ApeCoin DAO and can vote on governance rules, projects, partnerships, and more.
· Access: Exclusive items, games, services, and even events are reserved for ApeCoin holders.
· Incentivization: Third-party developers can participate in the ecosystem by incorporating APE into services, games, and other projects.
· Spending: As a utility token, ApeCoin is a cryptocurrency that can be used without centralized intermediaries.
The total supply of ApeCoin is permanently fixed at 1 billion tokens. ApeCoin will be distributed among four main groups. 62% of total ApeCoin tokens are reserved for BAYC and MAYC NFT holders and the DAO treasury.
NFT holders have claimed about 110 million APE tokens thus far. Yuga Labs was allocated 150 million APE, with 10 million going to the Jane Goodall Legacy Foundation.
On top of that, 140 million APE goes to "the companies and people that made this project a reality."
The Bored Ape Yacht Club founders are allocated 80 million APE. These tokens are "locked" for the first year, then unlocked gradually over 36 months.
ApeCoin is an Ethereum-based ERC-20 token. There are 1 billion tokens in total supply, which were all minted in one go.
It is being traded on several exchanges, including Binance, Coinbase, KuCoin, Huobi, Kraken, etc.
The company's market capitalization is projected to be $2.93 billion. Despite being the newest cryptocurrency on the block, it is already ranked 47th in market capitalization as of April 2022.