ApeCoin (APE) is the native token of a decentralized protocol layer that is central to the development of the APE ecosystem. It is an ERC-20 token with a total supply of 1 billion. The community governs APE through the ApeCoin DAO, a decentralized organization that allows APE holders to vote on governance decisions relating the future of the ecosystem.
Key Takeaways
- ApeCoin (APE) is the native utility token for the APE ecosystem, created by Yuga Labs – the same creators that were behind the Bored Ape Yacht Club NFTs.
- ApeCoin is governed by the ApeCoin DAO and supported by the APE Foundation.
- APE is used for governance, transactions, exclusive access, and incentivization, enabling decentralized community building through the ApeCoin DAO.
- The token is also set to be utilized in the Otherside metaverse when it launches.
Yuga Labs uses APE as the primary token for all new products and services. Yuga Labs is the creator of the popular Bored Ape Yacht Club (BAYC) NFT collection. In addition, they own the intellectual property of two other popular NFT projects, CryptoPunks and Meebits.
The APE Ecosystem
The APE ecosystem governed by the ApeCoin DAO that APE Foundation supports utilizes ApeCoin throughout many processes.
ApeCoin DAO
The ApeCoin DAO is a decentralized autonomous organization (DAO) where ApeCoin holders participate in governance decisions. These decisions vary, for instance, users vote on allocating the Ecosystem Fund, making governance rules, and selecting projects and partnerships. After the ApeCoin DAO members vote on proposals, the APE Foundation carries out the community-led decisions.
APE Foundation
The APE Foundation is the legal steward of the DAO. Above all, it facilitates the growth and development of the APE ecosystem fairly and inclusively. The Foundation has a Board consisting of 5 members from the tech and crypto community, including co-founder of Reddit Alexis Ohanian. The initial members of the Board serve for six months before APE holders vote for new members on an annual basis. The Board is responsible for ensuring that the community implements their vision.
Bored Ape Yacht Club (BAYC)
The Bored Ape Yacht Club (BAYC) are the famous and unique 10,000 digital collectibles featuring cartoon apes, each with its own look, style, and rarity. BAYC launched in April 2021 and resides on the Ethereum blockchain. The collection made history bringing the NFT space to the mainstream. Tons of famous celebrities and public figures purchased and supported the Bored freaking Apes.
Mutant Ape Yacht Club (MAYC)
The Mutant Ape Yacht Club (MAYC) is an NFT basket containing up to 20,000 mutated versions of the BAYC apes. They created it to onboard new members to the Ape community. Original Bored Ape NFT holders received 10,000 mutant serums in 3 tiers through an airdrop to add rarity to their traits.
Bored Ape Kennel Club (BAKC)
The Bored Ape Kennel Club (BAKC) comprises of an NFT collection of dogs that launched on 25th of June, 2021. Every BAYC member is eligible to adopt a random Club Dog NFT for a small gas fee.
Otherside Metaverse
The Otherside is a virtual metaverse that Yuga Labs built around the original theme of the BAYC collection. In April of 2022, Yuga Labs began minting Otherside lands, which are virtual parcels that represent ownership. Within the first 45 minutes, their value already broke $100,000. After that, they went on to raise a whopping total of $320 million in sales.
What is the use of APE?
APE finds use in a variety of metaverse and web3 projects, including the Otherside land NFT release by Yuga Labs. Otherside is part of the BAYC metaverse. Therefore, when Yuga Labs announced the digital land mint of 55,000 NFTs named “Otherdeeds,” their pricing went in APE. The sale of these NFTs resulted in generating $300 million worth of revenue for Yuga Labs, all transacted using ApeCoin.
APE doesn’t limit itself to Yuga-developed projects, however. For example, Animoca Brands’ Benji Bananas is a P2E game where players can earn ApeCoin. The goal of ApeCoin’s creators is that it will continue to be adopted for use in a wide range of projects.
According to ApeCoin developers, APE has four key purposes:
- Governance: ApeCoin holders can partake in the DAO and have a say in the community’s direction and the incorporation of new ventures.
- Transactions: You can use APE as your everyday currency on Ethereum’s blockchain.
- Exclusive access: Holding APE can grant users access to exclusive opportunities such as airdrops and real-world events.
- Incentivization: Developers of new projects, such as metaverses or games, can incorporate APE into their projects. Subsequently, they become part of the Bored Ape ecosystem.
ApeCoin Development
Yuga Labs is a company founded in February of 2021 responsible for the BAYC collection’s development. They have 3 collections: BAYC – Bored Ape Yacht Club, MAYC – Mutant Ape Yacht Club, and BAKC – Bored Ape Kennel Club, which helped generate $127 million in total revenue in 2021. Nicole Muniz leads the company.
The ApeCoin Improvement Proposal-1 (known as AIP-1), proposing the establishment of the ApeCoin DAO and providing guidance for the direction of APE, was published by Cartan Group LLC co-founder, a Cayman Islands-based consulting firm.
In March of 2022, under ApeCoin DAO’s guidance, APE token launched and distributed across NFT holders, Cartan Group, YugaLabs, the ApeCoin DAO treasury, and the board members of the APE Foundation.
APE Foundation Board members include Yat Siu from Animoca Brands, investor Amy Wu, and co-founder of Reddit Alexis Ohanian, among others. The role of the board is ensuring the successful implementation of ApeCoinDAO’s decisions. APE holders govern the DAO and the project’s future.
Yuga Labs, the creator of BAYC, does not have control over APE. On the other hand, the founders received a significant portion of the total APE supply, so, the company lists itself as a project contributor.
ApeCoin FAQ
Frequently asked questions about APE.
Who created APE?
ApeCoin’s main inspiration was the Yuga Labs’ Bored Ape Yacht Club NFT project. They created it as a utility coin within the APE ecosystem, supported by the APE Foundation. ApeCoin DAO commits to building and maintaining the APE ecosystem inclusively and fairly. They’re providing infrastructure for APE holders to effectively collaborate through an open governance.
The APE Foundation has an administrative council called the Board, which is responsible for carrying out the decisions of ApeCoin DAO members. The Board handles day-to-day administration, bookkeeping, project management, and other tasks that help bring fruit to community’s ideas. ApeCoin DAO members vote on the members of the Board.
What can APE tokens do?
The APE token has several functions. Firstly, it enables holders to take part in the ApeCoin DAO as a governance token. Secondly, grants them access to exclusive features of the APE ecosystem, such as games, merch, events, and services.
Lastly, third-party developers can also use APE as a tool to participate in the APE ecosystem. As a result of incorporating the token into their projects, services, and games, APE acts as incentives.
How many APE are there in circulation?
At the current time of writing, the circulating supply of APE is 361,250,000. The project’s market cap and circulating supply determines the ApeCoin price. You can trade ApeCoin on popular exchanges such as Binance and Coinbase.
Final Thoughts
Apecoin is a strong example of a community token, and so is our upcoming token, DUA, set to financially connect communities around the globe. On top of the social connection our +5M user base attains within the dua matchmaking ecosystem, DUA adds a financial layer that will be seamlessly integrated within the app. Read about DUA and follow our Twitter for updates!