Yuga Labs is a cryptocurrency and NFT marketing and development firm. The company started selling Bored Ape NFTs in April 2021 with the Bored Ape Yacht Club (BAYC) and has developed more NFT and Metaverse-based solutions since then. The company’s name, Yuga, is derived from a villain in a game that can turn its opponents into 2D art. The Bored Ape Yacht Club’s use of apes was inspired by the history of people referring to themselves as apes in cryptocurrency.
ApeCoin (APE) is the APE ecosystem’s governance and utility token. It is a decentralized protocol layer that helps the APE community build on the cutting edge of Web 3.0. Yuga Labs has chosen APE as the primary token for all new products and services.
The token will be used to fund Yuga Lab’s expansion of BAYC into Web3 and gaming. The ApeCoin DAO is launching the token, with 62 percent of the 1 billion supply allocated to the ApeCoin community and 15 percent available to BAYC NFT holders.
The decision to launch the token through the ApeCoin DAO resulted from the SEC’s prosecution of cryptocurrency start-ups that sold tokens that could be considered unregistered securities.
The ApeCoin DAO governs it, and the APE Foundation provides support. ApeCoin DAO is a decentralized autonomous organization (DAO) in which all APE token holders can vote on governance issues. They have the authority to allocate the Ecosystem Fund, establish governance rules, select projects and partnerships, and so on.
The APE Foundation
The APE Foundation manages ApeCoin. It is not an overseer, but rather the Foundation upon which ApeCoin DAO holders can build.
The APE Foundation’s task is to oversee the fair and inclusive growth and development of the APE ecosystem. The Foundation promotes decentralized and community-led governance to become more decentralized over time. It is tasked with carrying out the ApeCoin DAO’s decisions and is in charge of day-to-day operations, among other things.
The Board of Directors comprises five members of the tech and crypto communities, including Reddit co-founder Alexis Ohanian. The initial Board members will serve for six months as a decentralized Board before APE holders vote for new Board members every year.
The ApeCoin community and all products and services that use APE comprise the APE ecosystem. Bored Ape Yacht club will participate in the ApeCoin DAO as a community member and use APE as the primary token in new projects. Holders of Bored Ape Yacht Club and Mutant Ape Yacht Club NFTs were entitled to 15% of the ApeCoin supply at its launch.
The ecosystem has three main NFT collections: Bored Ape Yacht Club, Bored Ape Kennel Club, and Mutant Ape Yacht Club.
ApeCoin’s total supply is one billion tokens. The contract interface prevents the creation of any more tokens, imposing a cap. In the APE ecosystem, the ApeCoin token serves several functions. APE holders can access exclusive APE ecosystem features such as games, merch, events, and services.
How Was It Distributed
The ApeCoin DAO community received 62% of the tokens. 15% of it is distributed to BAYC and MAYC holders. BAYC holders can claim 10,094 APE for each NFT they own, while MAYC holders can claim 2,042 APE. The remainder will be distributed as part of the DAO’s ecosystem fund. The four founders of Yuga Labs and BAYC will receive 8% of the tokens. Yuga Labs will receive 16% of the tokens. A portion of this money will be donated to primatologist Jane Goodall’s charity foundation. Additionally, around 14% of the tokens are for those who helped in the entire launch and making of the ApeCoin protocol.
It is effortless to purchase ApeCoin for cryptocurrency exchange. First, one must sign up on the ApeCoin page with a verified email address, contact number, and user name. After completing the Know Your Customer (KYC) process, one must upload their ID and deposit the fiat money to buy the required ApeCoin.
ApeCoin has managed to steal the spotlight since its inception, at a time when NFTs are still storming the crypto arena. ApeCoin’s price has risen by 8% in the last 7 days. In the last 24 hours, the price has dropped by 4.15%. 306,875,000 APE are currently in circulation. ApeCoin is currently worth $5.56 per APE.
Yes, you can buy ApeCoin on Coinbase. Create an account, verify your ID, add a payment method, and start the trade immediately. After this, you need to select ApeCoin from the list of assets, enter the amount you want to buy and continue the process. You can finalize your purchase of ApeCoin by previewing buy and then clicking on “Buy Now.”
ApeCoin (APE), a cryptocurrency created by Yuga Labs, has been adopted as the native coin of the Bored Ape Yacht Club (BAYC). ApeCoin is an ERC-20 token. Unlike NFTs, they are intended to be “fungible” – like Bitcoin (BTC), any ApeCoin should be worth exactly the same as any other ApeCoin.
ApeCoin DAO launched ApeCoin, a new governing body comprised of all APE holders. Its purpose is to collect community proposals, which token holders can vote on. The Ape Foundation is a separate organization that will handle day-to-day DAO administration, proposal management, and other tasks that ensure the DAO community’s ideas have the support they require to become a reality. It serves as ApeCoin DAO’s legal Foundation. The initial board included five high-profile crypto investors: Reddit co-founder Alexis Ohanian; Amy Wu, who leads the venture arm of crypto exchange FTX; Maaria Bajwa of Sound Ventures; Yat Siu of Animoca Brands; and Dean Steinbeck of Horizen Labs.
ApeCoin has great potential in the rapidly expanding Metaverse space. It is already being used as in-game currency in a P2E game.ApeCoin serves several functions in the ecosystem. ApeCoin use cases allow holders to participate in DAO governance and access exclusive ecosystem features such as games, events, merchandise, and services. ApeCoin can also be used to make payments. ApeCoin is an ERC-20 token; it is technically acceptable to most merchants for purchasing services.