What Is ApeCoin?
Mar 21, 20226 min read
Those incredible apes just exploded in the crypto galaxy and became a thousand sparkling tokens flying across it here and there, so it’s just impossible not to hear about them!
The Crypto community is always ready to amaze you. That’s one reason it is still interesting to follow, join in, and try to analyze. So, what’s so unusual and exceptional about an ApeCoin? Here we are to understand. Let’s do it together!
ApeCoin is the BAYC (Bored Ape Yacht Club) ecosystem's native cryptocurrency. It was built on Ethereum's ERC-20 token and designed for utility and governance. Having APE makes you a DAO member (decentralized autonomous organization), so you don’t need to have a Bored Ape NFT to become a part of the community.
According to ApeCoin’s official website, the token was built as “a decentralized protocol layer for community-led initiatives that drive culture forward into the metaverse.”
There are 1 billion of them, and about 28% in circulation. The ApeCoin is traded on the biggest exchanges, such as Binance, FTX, Huobi, KuCoin, Kraken, etc. It will be primarily used as a token for games built by the NFT company Yuga Labs.
For the first 90 days of ApeCoin’s existence, Any holder of NFTs from the Bored Ape Yacht Club and its two collections, the Mutant Ape Yacht Club and the Bored Ape Kennel Club, can ask for a particular number of APEs from ApeCoin’s website.
ApeCoin's board of directors involves the internet entrepreneur, Reddit co-founder Alexis Ohanian, Amy Wu, who leads the crypto exchange FTX, Maaria Bajwa, from Sound Ventures, Animoca Brands’ Yat Siu, and Dean Steinbeck from Horizen Labs.
The APE Coin Protocol
As we’ve already learned, APE is an ERC-20 token serving the purposes of governance, but it also brings utilities once used in the APE ecosystem.
The open-source protocol layer of the whole ecosystem has a few things to serve:
APE is a way for developers to become a part of the ecosystem by incorporating it into their products, games, and services.
It’s the main purpose of the token, as it empowers holders to participate in the DAO.
- Way in
The cryptocurrency gives access to some parts of the ecosystem which are unavailable in another way. It includes merch, events, games, and things alike – exclusive to holders.
As it’s an ecosystem’s utility token, APE also gives its participants to have a business without any centralized intermediaries.
What is the ApeCoin DAO?
Yuga Labs understood that the Bored Ape Yacht Club ecosystem would only win from a decentralized form of governance that why they’ve decided to create the ApeCoin DAO. The token will be more of a voting share for the Bored Ape ecosystem. DAO members can make suggestions for an Ape Improvement Proposal to request a change about such things as fund allocations, governance rules, projects, and partnerships.
Maaria Bajwa, a Sound Ventures’s principal, said: “What’s most exciting about the Bored Ape community is that this is the first community I’ve felt is so determined and involved and really been an important part of building out what this entire brand has become today.”
Why could an ApeCoin be profitable?
That’s, of course, not advice for to ape in. It’s just an evident thing. ApeCoin is a perfect blend of hype and strong players such as Yuga Labs and Ethereum’s blockchain. We shouldn’t forget that Bored Ape Yacht Club is quite a name in the crypto industry, and it set a high bar in the NFT industry, so it’s a no-name. To top of that, the project is continuously developing and innovating the ecosystem. The majority of investors are strongly certain of the project’s ability to stick to its roadmap and fulfill all the ambitious points.
Where to find and follow?
APE is already listed and trading on some of the major exchanges.
So you can check on the coin on CoinMarketCap and get it once you’re satisfied with its current value.
- Create an online account
If you still don’t have an account connected to a cryptocurrency exchange that supports ApeCoin, creating one is an easy thing. Here are the biggest exchanges that have already been listed on SimpleSwap, Binance, Coinbase, Gemini, KuCoin, FTX, Huobi, Bybit, Gate.io, and OKX. Choose the best one that meets all your needs and expectations.
- Get a wallet
It’s nice to hold your cryptocurrencies on prominent exchanges, cause it’s safe, but it could be a great thing to store the majority of your funds in a wallet. Hardware or software? Up to you to decide, as all wallets have their perks and drawbacks. Read this article to find out more, and pay attention to SimpleHold as an option, since we've already listed an ApeCoin. The point with exchanges is that they act as custodians of your assets, whereas only you control your cryptocurrency with a crypto-wallet.
You are ready to purchase some ApeCoins in the same manner you buy any other cryptocurrency.
For more official information and the newest updates, places follow the coin on Twitter and on its website.
To sum it up
They say the impact of blockchain on culture is endless, and it can’t be fully predicted even if one really tries. Apecoin was minted to support and drive an imagination. The token will be a tool to vote, control, and build within the ecosystem. For example, Yuga Labs is currently creating play-to-earn games WWE Undefeated and Power Rangers: Battle for the Grid, where the token can be really helpful.