Alternatively, you could purchase ApeCoin on a decentralized exchange by swapping another cryptocurrency for it. As APE is an ERC-20 token, you could swap Ethereum-based stablecoins or ETH on a decentralized exchange like Uniswap for ApeCoin, for example. Moreover, numerous crypto wallets also offer in-app token swapping, enabling you to swap other ERC-20 tokens for APE. Crypto what is coin ape exchanges are online trading platforms for digital assets that function in a similar way as online stock brokerage platforms, such as Fidelity or Charles Schwab.

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All major decisions about the ecosystem’s future are put to a vote, ensuring that the community’s voice is heard and respected. ApeCoin is often integrated into BAYC-related projects and experiences, enhancing its utility and demand. For example, it might be used for purchasing virtual land in BAYC-themed metaverse spaces. While ApeCoin https://www.xcritical.com/ is officially separate from the Bored Ape Yacht Club, the connection between the two is undeniable.

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The governance part refers to token holders’ voting rights on the direction of the ecosystem and partnerships. While there are centralized exchanges that offer ApeCoin, many crypto investors don’t want to trust a centralized intermediary to hold their digital assets. Many assets are leaving centralized exchanges in favor of non-custodial wallets. With the use of a non-custodial wallet, users are responsible for their own crypto. They are given a private set of keys that ensures ownership of the assets.

The Importance of APE Token Distribution

This foundation has helped it gain traction in the competitive crypto market. The Bored Ape Yacht Club itself has become a cultural phenomenon, attracting celebrities and influencers, which has further fueled interest in Apecoin as a means of connecting with this elite group. An administrative council within the APE Foundation (the “Board”), will carry out the decisions of ApeCoin DAO members. The Board is responsible for the day-to-day administration, bookkeeping, project management, and other tasks that ensure the Community’s ideas have the support they need to become a reality. ApeCoin is a decentralized project inspired by Yuga Labs’ Bored Ape Yacht Club project.

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ApeCoin is an ERC-20 token, a particular flavor of build-it-yourself cryptocurrency on the Ethereum blockchain. Instead, the public relations messaging insists ApeCoin is a product of ApeCoin DAO, a brand new organizational unit governed entirely by token holders. Holding APE makes you a member of the DAO (that’s short for decentralized autonomous organization, a kind of online collective centered around crypto); you don’t even need to own a Bored Ape NFT to join. In the context of Web3, ApeCoin represents a new model of community ownership and participation. By giving token holders a say in the ecosystem’s development, it embodies the Web3 principle of decentralized decision-making and user empowerment.

The BitPay Wallet is a non-custodial crypto wallet meaning you, and only you, control your ApeCoin. In April 2022, Yuga Labs started minting virtual land in its metaverse project Otherside. The sale went viral, and helped raise $320 million within just 45 minutes.

Right now, there is no true functionality except membership in the ApeDAO, which oversees the governance of the ApeCoin token. Well, it’s a decentralized token that can be used for payments and transactions within Web3 apps of all sorts, even those not created or controlled by Yuga Labs or related to the Bored Ape Yacht Club. After being officially revealed just yesterday, ApeCoin (APE)—the Ethereum-based token for the growing Bored Ape Yacht Club ecosystem—is now flowing.

It’s affiliated with a non-fungible token (NFT) project known as the Bored Ape Yacht Club (BAYC), a massively successful and valuable collection launched by Web3 company Yuga Labs. With APE, token holders can vote on governance proposals on the DAO and access exclusive features of the APE ecosystem, such as games, events, and services. As you consider the potential of Apecoin and the broader cryptocurrency market, why not take your trading experience to the next level with Morpher? With the added benefits of fractional investing, short selling, and up to 10x leverage, Morpher ensures that you have the tools to capitalize on market trends. Sign up today to take control of your investments and receive your free sign-up bonus.

There are 1 billion of them in total, with CoinMarketCap reporting that about 28% are currently in circulation. Many of the total supply of tokens will vest gradually over the next few years. You can use ApeCoin to gain entrance to physical or digital events held by the APE community, purchase BAYC merchandise, and spend it within the APE ecosystem’s suite of products and services. 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. The collapse of crypto exchange FTX in November 2022 highlighted this risk when billions of dollars in user funds were lost.

The current CoinMarketCap ranking is #87, with a live market cap of $811,100,716 USD. You can learn more about him on the About Page or on his personal site RobertFarrington.com. For example, YugaLabs, the parent company of Bored Ape Yacht Club, recently acquired CryptoPunks and Meebits – two other huge NFT projects. And when you look at the roadmap of ApeCoin, it’s clear they are trying to build an ecosystem for their brands to both interact and trade – likely using APE as the fundamental token. ApeCoin – which trades under the symbol APE – is the utility and governance token of the BAYC ecosystem.

• It allows holders to participate in DAO governance votes while also offering access to members-only features of the ecosystem like games, events and other services.
• The same principle applies to blockchain tokens as well—higher supply dilutes the demand, which devalues the token.
• This ERC-20 token was airdropped to wallets holding BAYC NFTs, including those that held Mutant Ape Yacht Club (MAYC) NFTs.
• In fact, those interested in becoming a part of the APE ecosystem can take advantage of Otherside’s upcoming SDK (software development kit).
• You may also be asked questions about your income and your level of expertise as an investor.

The demand for land in the Otherside was responsible for the largest amount of traffic on the Ethereum blockchain this year. The Ape Foundation Board includes Reddit co-founder Alexis Ohanian, Yat Siu of developer and venture capital group Animoca Brands, and FTX investor Amy Wu, among others. Their role is to ensure the implementation of decisions made by the ApeDAO, which is governed by holders of the APE token. Earlier this week, it was announced that members of the Bored Ape Yacht Club NFT collection would be getting their very own cryptocurrency, ApeCoin. As ApeCoin continues to evolve, its relationship with BAYC will likely remain a significant factor in its development and public perception. Balancing this association while establishing its own distinct identity will be a key challenge for the ApeCoin community.

On top of that, 15% will go to Yuga Labs, another 8% will go to the four founders of Yuga Labs, and 14% will go to other ApeCoin launch contributors. In addition, 1% of the total supply will be donated to the Jane Goodall Legacy Foundation—to benefit real apes. Alternatively, you could deposit APE tokens on Binance to make use of Binance Earn accounts that enable you to earn yield on your ApeCoin holdings for a set period of time. While the yields offered are high, they come with the risk of leaving your funds on a centralized exchange, thus giving up control over your crypto. ApeCoin can be staked to earn additional APE tokens, making ApeCoin a yield-generating crypto asset. All you need to do is connect your crypto wallet and start earning staking rewards.

Based on the price at the time of the original airdrop that was about $70,000. YugaLabs used the blockchain to find all wallet addresses of Bored Ape buyers and deposited ApeCoin. Owners literally woke up on March 17th to tens of thousands of dollars in their wallets. 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. Meanwhile, although BAYC creator Yuga Labs doesn’t control ApeCoin, its founders did receive a significant portion of the total supply of APE and the company is listed as a contributor to the project.