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.
- ApeCoin is popular because it is a very efficient and easy to use cryptocurrency.
- ApeCoin also has a built in exchange that allows users to easily buy and sell ApeCoins.
- Original BAYC NFT holders were handed 10,000 mutant serums in three tiers via airdrop to add the rarity of traits.
- For each Bored Ape NFT a holder possesses, they may “adopt” a selected Club Dog NFT for the cost of gas.
- Another key point is after the DAO members have voted on the proposals, the APE Foundation will implement the community-driven governance decisions.
- The main difference between buying Bitcoin or Ethereum and ApeCoin is that the latter is not supported by all leading cryptocurrency exchanges.
ApeCoin use cases include enabling holders to participate in the governance of the DAO and enabling them to access exclusive features of the ecosystem, such as games, events, merchandise and services. ApeCoin’s primary use is as a governance and utility token within the APE 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 Bored Apes team has utilized ApeCoin for fundraisers and has reserved some ApeCoin tokens for future developments on the APE ecosystem. There are also exclusive staking pools for ApeCoin, where holding different APE ecosystem NFTs grants different APYs, with the BAKC Pool offering a high of 162.59% APY at time of writing.
Decentralized Exchanges
Not all ApeCoins are in circulation; this phenomenon is known as “locked” tokens. Yuga Labs, launch contributors, and BAYC’s founders will not “unlock” their ApeCoin crypto allocations for at least a year, meaning they cannot sell during that time. The idea for the apes in the Bored Ape Yacht Club came from the history of people in cryptocurrency calling themselves “apes.” Furthermore, 36 investors have invested heavily into Yuga Labs. The last company they bought was CryptoPunks, which happened on Mar. 17, 2022. This represented one of the most valuable airdrops in crypto history at the time. In fact, each holder of a BAYC NFT was able to claim over $100,000 worth of APE at launch.
The coin is designed to be used as a medium of exchange on the APE network, which is an online marketplace that allows users to buy and sell items using the coin. In addition to being used as a currency, the coin can also be used to purchase goods and https://www.xcritical.com/ services on the site. APE is a utility token that allows users to access the services offered by the APE project. The token will be used as a means of payment within the ecosystem and will give users the ability to purchase, sell, or exchange data.
Should you invest in ApeCoin?
Furthermore, the Polkadot (DOT) community awaits the announced network upgrade to Polkadot 2.0, which will signify a transition from blockchain to blockspace technology. More precisely, Polkadot (DOT) bears believe that the token could trade below $4.50 by the end of August. This valuable hidden gem provides exceptional real-life utility and is set to bring amazing returns even before the official launch. Additionally, VC Spectra (SPCT) raised over $2.4 million in private seed sale. Certain members of the community that have strong operational experience were
consulted on how to best structure the ApeCoin DAO. Several of these members
voiced their willingness to join the Board to oversee the decisions of the
community and are committed to upholding and furthering the decentralization of
the ApeCoin DAO.
He regularly writes about investing, student loan debt, and general personal finance topics geared toward anyone wanting to earn more, get out of debt, and start building wealth for the future. To claim your APE token, you simply go to ApeCoin.com and select „Claim“. On the other hand, the deflationary VC Spectra (SPCT) token grants numerous excellent benefits, such as exclusive access to pre-ICO discounts and voting rights for future sales.
How does ApeCoin work?
As a decentralized Board, the initial Board members will serve for 6 months before APE holders vote for new Board members on an annual basis. Yuga Labs, the creator of the popular Bored Ape Yacht Club (BAYC) NFT collections, has also adopted APE as the primary token for all new products and services. The team is currently working on creating a mobile app that will allow users to easily buy, sell, and trade ApeCoins. They’re also working on developing partnerships with zoos, sanctuaries, and other organizations that work with apes. Apecoin is the decentralized governance token (DAO) of the two largest NFT collections on the Ethereum platform, Bored Ape Yatch Club (BAYC) and Mutant Ape Yatch Club (MAYC).
ApeCoin is the governance and utility token that serves the Bored Ape Yacht Club (BAYC) community – and the collection of communities owned by its parent company, Yuga Labs. This airdrop has been one of the most anticipated in the NFT community due to the massive popularity of the Bored Ape Yacht Club brand. The Foundation facilitates decentralized and community-led https://www.xcritical.com/blog/what-is-apecoin-ape/ governance and is
designed to become more decentralized over time. It facilitates the growth and development of the APE ecosystem in a fair and inclusive way. It is tasked with ensuring that the community’s visions are implemented. The Board consists of 5 members from the tech and crypto community, including Reddit co-founder Alexis Ohanian.
Ecosystem Fund
During the height of the NFT boom in 2021, Bored Ape emerged as one of the most popular NFTs, with rare Apes selling for hundreds of millions of dollars. The distribution of ApeCoins is planned to be conducted over two years. The first year focuses on distributing coins to users who complete tasks on the APE platform. The second-year focuses on distributing coins to early investors and the team. It’s designed to be the decentralized protocol layer for various initiatives that are supposed to be led by the community. ApeCoin is an open-source project with a strong community that is building the APE ecosystem.
These marketplaces typically use escrow to enhance security, but it’s still advisable to only trade with users with high trust ratings. Yuga Labs is a cryptocurrency and NFT development and marketing firm. It is most known for creating Bored Ape Yacht Club, an Ethereum-based collection of unique Bored Ape NFTs.