What is ApeCoin (APE)?

TL;DR
ApeCoin (APE) is the ERC-20 utility and governance token of the APE ecosystem. This token supports building a decentralized APE community at the forefront of Web 3.0.
APE is managed by the ApeCoin DAO and supported by the APE Foundation. With APE, token holders can vote on governance proposals in 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 collection, has also adopted APE as the primary token for all new products and services.

IntroductionSince its launch in April 2021, Bored Ape Yacht Club (BAYC) has become one of the most popular NFT collections. BAYC is renowned for having a passionate and active community of supporters.

What is ApeCoin (APE)?ApeCoin (APE) is the governance and utility token of the APE ecosystem. This token is a decentralized protocol layer that supports building the APE community at the forefront of Web 3.0.
APE is an ERC-20 token with a total supply of 1 billion tokens. APE is controlled and built by the community. ApeCoin DAO is a decentralized organization that allows all APE holders to vote on governance decisions regarding the token.
Additionally, APE was adopted by Yuga Labs as the primary token for all new products and services. Yuga Labs is the creator of the trending Bored Ape Yacht Club (BAYC) NFT collection. Yuga Labs also owns the IPR (Intellectual Property Rights) of two other popular NFT projects, namely CryptoPunks and Meebits.

How does APE work?APE was created for use in the growing APE ecosystem. This token is managed 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 Ecosystem Funds, create governance rules, choose projects, partnerships, etc. Once DAO members vote on the proposal, the APE Foundation will proceed with implementing community-led governance decisions.
The APE Foundation is the legal administrator of the DAO. This organization facilitates the growth and development of the APE ecosystem in a fair and inclusive manner. In this Foundation, there is a special council called the Board. This council is tasked with ensuring that the community's vision is implemented. This board contains 5 members from technology and crypto, including the co-founder of Reddit, namely Alexis Ohanian. As a decentralized Board, initial Board members will serve for 6 months before APE owners vote for new Board members each year.

What is the APE ecosystem?The APE ecosystem is comprised of the community of ApeCoin owners, as well as all products & services that utilize APE.
Yuga Labs is a web3 company best known for creating Bored Ape Yacht Club. Yuga Labs will become a community member within the ApeCoin DAO and adopt APE as the primary token on new projects. At the launch of ApeCoin, owners of the Bored Ape Yacht Club and Mutant Ape Yacht Club NFTs will be entitled to claim 15% of the ApeCoin supply collectively (150 million tokens out of a total token supply of 1 billion).
Let's take a look at the NFT collections related to the APE ecosystem.

Bored Ape Yacht Club (BAYC)Bored Ape Yacht Club (BAYC), which launched in April 2021, is the first NFT collection from the APE ecosystem. This collection 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 consisting of up to 20,000 mutated versions of the original Ape BAYC. 10,000 mutant serums were sent via airdrop to initial BAYC NFT owners with three serum tiers added to their attribute rarity. With various levels of serum received, BAYC owners can create various types of Ape mutants. Each BAYC can only produce one mutant from one type of serum and the serum will disappear after use.
MAYC is also a way to welcome more new members to the APE community. This is the reason 10,000 Ape mutants were also printed for public sale in August 2021 after the mutant serum airdrop.

Bored Ape Kennel Club (BAKC)Bored Ape Kennel Club (BAKC) is a collection of dog NFTs provided to every BAYC member. For every Bored Ape NFT owned, owners can “adopt” a random Club Dog NFT for free just by paying a gas fee. Just like Ape, the 10,000 BAKC NFTs have various attributes and rarities.

What is the function of the APE token?The ApeCoin token achieves several goals within the APE ecosystem. This token allows its owner to participate in the ApeCoin DAO as a governance token. APE owners can also access exclusive features of the APE ecosystem, including games, merchandise, events and services.
APE is also a tool for third-party developers to participate in the APE ecosystem. They can bundle these tokens into services, games and other projects as incentives. For example, APE was adopted as an incentive for players in Benji Bananas, a play-to-earn mobile game developed by Animoca Brands. Benji Bananas offers a Membership Pass (‘Benji Pass’), which is an NFT that will allow its owner to earn special tokens when playing Benji Bananas and which will also allow swapping these tokens for ApeCoin.

How to buy APE on Binance?You can buy ApeCoin (APE) on cryptocurrency exchanges, such as Binance.
1. Log in to your Binance account, then click [Trade]. Choose classic or advanced trading mode to get started.
2. Type “APE” in the search bar to view available trading pairs. We will use APE/BUSD as an example.
3. Open the [Spot] box, then enter the amount of APE you want to buy. In this example, we will use a Market order. Click [Buy APE] to confirm the order, then the purchased APE will be credited to your Spot Wallet.

ClosingWith Yuga Labs adopting ApeCoin as its fundamental token, the community expects more utility to be added to this token in the future. For example, a staking function for APE HODLers to generate passive income, more GameFi applications, or even collaboration with other NFT IPRs owned by Yuga Labs.