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A further 15% was distributed to Yuga https://www.xcritical.com/ Labs, and 14% was reserved for investors and contributors to the project. The four founders of Yuga Labs and the BAYC were given 8% of all APE tokens. Finally, 1% was donated to the Jane Goodall Legacy Foundation to aid in its efforts to promote conservation, educational programs, and research of environmental initiatives. This is assured in perpetuity by the Ethereum-based smart contract responsible for the cryptocurrency’s creation, which does not allow for minting (creating) or burning (destroying) of tokens. Buy, sell, store and trade APE from the secure location of your Tap app. ApeCoin is an ERC-20 utility and governance token used within the APE ecosystem.

ApeCoin Historical Price Performance

The APE Foundation serves as the steward of ApeCoin, as the legal entity.This administrative board oversees decisions made by the ApeCoin DAO. Further to the points discussed, ApeCoin doesn’t stop in the digital realm. This what is apecoin token-gated game gave you the chance to buy boosters with $APE. Yuga Labs is led by CEO Nicole Muniz, who is a former partner at advertising company B-Reel and founder of her own boutique consulting agency.

How Does the Price Performance of ApeCoin Compare Against Other Cryptos?

Yuga Labs, well-known for founding the Bored Ape Yacht Club, actively participates in the ApeCoin DAO community. ApeCoin is a Web3 coin that is functionally identical to all other coins. Since ApeCoin is a widely used ERC-20 token, it is recognized and accepted by most merchants.

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ApeCoin grants token holders the ability to participate in the governance of the DAO and provides them access to exclusive features of the ecosystem, including games, events, merchandise, and services. ApeCoin stands out in the crowded cryptocurrency market due to its unique features and benefits. One of the primary factors that make ApeCoin unique is its use within the APE ecosystem, which offers exclusive events, games, services, and merchandise to token holders. Additionally, ApeCoin holders can participate in the decision-making process of the APE ecosystem through the ApeCoin DAO.

Navigating the “boring zone” of crypto cycles

Its unique features and strong community have contributed to its success, resulting in growing interest from investors and traders alike. When compared to other cryptocurrencies, ApeCoin’s price movement is influenced by various factors, including market trends, news and announcements, and global economic events. With a total supply capped at 1 billion tokens, ApeCoin is designed to keep its value steady over time. The community has full control, making it a truly decentralized asset. ApeCoin isn’t just another digital currency; it’s packed with features that make it useful within the APE ecosystem and beyond. ApeCoin was created to allow governance and participation in the Ape Foundations ecosystem, where APE allows exclusive access to games, merchandise, and events.

• A decentralized autonomous organization (DAO) is the best way to give everymember of the community a vote on important decisions whether it’s a technicalupgrade or a decision to fund a new idea.
• A Zengo wallet gives you access to better interest rates than most fiat banks through its savings service!
• ApeCoin will also presumably be compatible with other prominent NFT collections, including Mutant Ape Yacht Club, CryptoPunks, World of Women, and Cool Cats.
• Certain members of the community that have strong operational experience wereconsulted on how to best structure the ApeCoin DAO.
• ApeCoin was created by Yuga Labs, inspired by the Bored Ape Yacht Club project.
• The coin was launched in March 2022, with all 1 billion tokens minted at once.

Does the Foundation control ApeCoin and/or the ApeCoin DAO? If not, what role do they play?

Because ApeCoin was launched by an active and vibrant online community like the Bored Ape Yacht Club, it immediately attracted a steady stream of adopters. People who enjoy gaming, the arts, and other forms of entertainment are more likely to use this cryptocurrency, so its long-term viability is promising. Owners of the Bored Ape Yacht Club and Mutant Ape Yacht Club received ApeCoin first via a claimable airdrop. More than 90% of all eligible addresses reportedly claimed the ApeCoin airdrop within the first two weeks after launch, as claimed by Dune Analytics.

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If the metaverse includes P2E elements, it could also be used for rewarding players. Additionally, users can stake APE to participate in the validation process of the ApeCoin network and earn rewards in APE. This enhances network decentralization and security, making the ApeCoin platform a stable and reliable environment for its users. As ApeCoin is an ERC-20 token, the Trezor hardware wallet supports it by default because it supports all ERC-20.

As an ERC-20 token, the Apecoin network is secured and ApeCoin is fully compatible with the Ethereum ecosystem and can be stored in any wallet that supports ERC-20 tokens. ApeCoin is managed by a decentralized autonomous organization, or DAO, and serves as the APE ecosystem’s governance and utility token. Any person in possession of the coin is qualified to vote on the pertinent governance decisions. At present, ApeCoin is ranked 125th in cryptocurrencies by market capitalization. This significant growth was predominantly driven by speculation that the “Otherside” metaverse land sale would be conducted in APE.

APE DAO also has every chance to become one of the driving forces of Web3, capable of bringing new and innovative applications to the market, with ApeCoin at the center of its operations. The success of ApeCoin therefore strongly depends on the growth of Web3’s popularity and the success of APE DAO. Unlike traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. (SIPC).

62% of all ApeCoin was allocated to the Ecosystem Fund, which will support community-driven initiatives as voted on by ApeCoin DAO members. A decentralized autonomous organization (DAO) is the best way to give everymember of the community a vote on important decisions whether it’s a technicalupgrade or a decision to fund a new idea. However, the reality is that today aDAO cannot sign a lease or hire people or make merch or whatever the communitydecides to do on its own.

Third-party developers can use APE to participate in the APE ecosystem. They can use the token as a reward in their services, games, and other ventures. APE, for example, is used as an incentive for players in Animoca Brands’ Benji Bananas, a play-to-earn smartphone game. Benji Bananas offers a Membership Pass (‘Benji Pass’), an NFT that allows owners to earn unique tokens while playing Benji Bananas and then exchange those tokens for ApeCoin. Besides BAYC, another prominent project in the ecosystem is the Otherside metaverse, developed by Yuga Labs, Improbable and Animoca Brands. Otherside, like other metaverse project Decentraland, will be a platform on which developers can create various games and experiences.

No mintingcapability is exposed through the contract interface, thus the total supply willnever increase. Similarly, the contract interface does not expose any tokenburning capability, so the total supply will never decrease. ApeCoin DAO exists because decentralized governance is critical to building andmanaging a globally dispersed community—and therefore critical to the success ofthe APE ecosystem. The next 16% (160 million tokens) was distributed to Yuga Labs itself (150 million tokens) and 10 million tokens (or equal value) went to the Jane Goodall Legacy Foundation. The entirety of the next 14% (140 million tokens) were paid out to various launch contributors for helping bring the project to life.

The most important piece of the APE ecosystem is an organization called APE DAO, whose governance token is ApeCoin. Decentralized Autonomous organization (DAO) refers to a decentralized autonomous organization where cryptocurrency gives the right to vote in the organization’s decisions. The APE Foundation is responsible for the practical work of APE DAO, whose main task is to implement the decisions made by APE DAO in practice. One potential factor to consider when deciding whether to buy ApeCoin is its unique features and use cases. ApeCoin has a strong focus on community and building a robust ecosystem for developers and users. Its Proof-of-Stake consensus algorithm and NFT marketplace are among its notable features.