- APEcoin Volume by Exchange
- Step 1: Sign up for a crypto exchange
- Does the Foundation control ApeCoin and/or the ApeCoin DAO? If not, what role do they play?
- ApeCoin Allocation
- Crypto Industry Could Add $184B of Economic Value to India by 2030: NASSCOM
- How was the Foundation Board selected?
- Live ApeCoin (APE) Price, Historical Chart & ApeCoin Market Cap
The first quarter of 2022 was abuzz with the talks about ApeCoin , a cryptocurrency adopted to be the native coin of Bored Ape Yacht Club , developed by Yuga Labs. Since the ApeCoin DAO came into being in April 2021, the BAYC has been among the top nonfungible token collections with a vibrant community. Deriving from the esoteric, ever-expanding NFT universe of Bored Ape Yacht Club, ApeCoin is an Ethereum-based token designed to facilitate its ecosystem’s growth. The APE Foundation is the steward of ApeCoin, claiming not to be an overseer, but the base layer on which ApeCoin holders in its decentralized autonomous organization can build. Given the token only dropped in 2022, the rise of APE into the upper echelons of crypto has been rapid — helped significantly by the sustained popularity of Bored Apes.
ApeCoin Migration Draws Interest From Avalanche, Flow https://t.co/6ZdVXRXuQa #metaverse #opensea #virtualreality via @DegenNFTs
— Metaverse Essentials (@Meta_Essentials) May 18, 2022
The community holders of ApeCoin and various products/services using the cryptocurrency collectively make up the APE ecosystem. Yuga Labs, founded in 2021 and headquartered in Miami, Florida, is a prominent name in NFTs and digital collectibles. ApeCoin is an ERC-20 governance and utility token used within the APE ecosystem to empower a decentralized community building at the forefront of web3. Holders of the NFTs in the Bored Ape Yacht Club metaverse could claim 150 million APE tokens from the ApeCoin site for the first 90 days after launch. After a month of trading at about $13, APE hit an all-time high price of $26.19 toward the end of April before crashing back down to $13 in May. It was originally airdropped to anyone who owned an NFT that was a part of the Bored Ape Yacht Club or its cousin collection the Mutant Ape Yacht Club ; the APE token was directly distributed to recipients’ Ethereum wallets.
APEcoin Volume by Exchange
Although nearly 30% of all APE were unlocked at launch, the remainder were set to unlock gradually over the course of the following 48 months—ending in 2026. ApeCoin is designed to be used in any number of web3 and metaverse projects, but perhaps the most notable one (which came soon after ApeCoin’s release) was the release of Otherside land NFTs. Unification of spend – APE can be used as a decentralized currency, powered by the Ethereum blockchain.
ApeCoin launched on March 17th, 2022 to power the entire BAYC ecosystem and serve functions like being the governance token for the ApeCoin DAO . This is assured in perpetuity by the Ethereum-based smart contract responsible for the cryptocurrency’s creation, which does not allow for minting or burning of tokens. ApeCoin can be staked to earn additional APE tokens, making ApeCoin a yield-generating crypto https://xcritical.com/ asset. All you need to do is connect your crypto wallet and start earning staking rewards. Cryptocurrency experts typically advise investors against leaving funds on a centralized exchange because exchange bankruptcies can lead to a complete loss of assets held with the company. The first thing you need to do if you are looking to buy ApeCoin is to sign up for an exchange that supports the cryptocurrency.
The ApeCoin Foundation is governed by a board that “administer DAO proposals and serve the vision of the community.” After the board has served its initial term of six months, the ApeCoin DAO will elect members each year. Its inaugural board featured Reddit co-founder Alexis Ohanian; Amy Wu, lead of FTX Ventures; Maaria Bajwa, principal of Sound Ventures; Yat Siu, chair of Anomica Brands; and Dean Steinbeck, president of Horizen Labs. Holders of ApeCoin can also use the token to buy assets within the ApeCoin metaverse, such as virtual land in Yuga Labs’ NFT world, Otherside. The sale raised $285 million in early May 2022 by selling NFTs that represent deeds to plots of virtual land in an upcoming 3D world. Those who held a Mutant Ape, a derivative NFT issued to BAYC holders in 2021, could claim 2,042 APE tokens.
Step 1: Sign up for a crypto exchange
The fact that APE is adopted by Yuga Labs gives it heft, as it also has CryptoPunks and Meebits, two other frontline NFT projects. You will receive an email with instructions for how to confirm your email address in a few minutes. Increase from one day ago and signalling a recent rise in market activity. When the price hits the target price, an alert will be sent to you via notification.
Adding ApeCoin to MetaMask allows you to view your token holdings, trade on decentralized exchanges, and more. You can copy APE’s contract address and import it manually, or if you’ve installed MetaMask’s chrome extension, add APE to MetaMask with one click on CoinGecko. This is a statistical representation of the maximum market cap, assuming the maximum number of 1 Billion APE tokens are in circulation today.
Let’s take a look at the requirements to open an account on a crypto exchange. The Bored Ape Yacht Club is a highly popular NFT collection composed of 10,000 unique images of cartoon apes. 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. This Topic has been Withdrawn based on the DAO-approved guidelines due to no response in the last 30 days.
ApeCoin’s market cap chart has been virtually directly aligned with the price movements of APE due to the token’s capped supply. If Yuga Labs launches its highly anticipated Otherside metaverse with Play-to-Earn incentive mechanics, ApeCoin will likely be used as a reward cryptocurrency. In late January 2023 we will be launching a what is apecoin web3 platform called The Studio, a token gated collaborative community hub where holders will be able to contribute to Shilly’s music and story and have a true stake in his success. Apecoin will be the official currency of the platform and be used for gamified rewards and will be required for purchases in the Shilly merch store.
Does the Foundation control ApeCoin and/or the ApeCoin DAO? If not, what role do they play?
Similarly, the contract interface does not expose any token burning capability, so the total supply will never decrease. SoFi Crypto is offered through SoFi Digital Assets, LLC. Bitcoin and other cryptocurrencies aren’t endorsed or guaranteed by any government, are volatile, involve a high degree of risk, and are unsuitable for most investors. For more information on digital asset risk see FINRA, SEC, and CFPB public advisories. Earn up to $1,000 when you fund a new account, and earn up to $100 in Bitcoinwith your first qualifying crypto trade . For example, Benji Bananas, a popular mobile video game created by Animoca Brands decided to integrate play-to-earn modularity in which players can earn in-game tokens that can be exchanged for ApeCoin. All tokens are locked for a period of 12 months so shareholders aren’t able to cash out immediately, potentially crashing the price.
- In a March 2022 seed round led by a16z crypto, Yuga Labs raised $450 million, data from Crunchbase shows.
- In addition to its use in network governance, APE is meant to be used as a utility token—or currency—in web3 projects like games and metaverse worlds.
- Having said that, DEXs are unregulated, and there is no customer protection if funds are lost due to hacks.
- Cryptocurrencies, like ApeCoin, are decentralized digital assets that typically act as a proxy for the success of a particular crypto project.
- 8% of the tokens have been set aside for the four founders of Yuga Labs and BAYC.
- Let’s learn concise information about the NFT collections that are a part of the APE ecosystem.
APE token holders make collective governance decisions, casting votes and deciding on issues such as fund allocation, rule framing, partnerships, project selection, and more. In line with the standard practice, a portion of the tokens for contributors to the project will be initially locked. Locked tokens will be unlocked over a period of 48 months, in accordance with the predetermined unlock schedule in the chart below, starting on launch day, March 17, 2022. The Foundation facilitates decentralized and community-led governance and is designed to become more decentralized over time. In addition to its use in network governance, APE is meant to be used as a utility token—or currency—in web3 projects like games and metaverse worlds.
However, the use of ApeCoin is not limited to projects developed by Yuga Labs. Animoca Brands’ Benji Bananas is a play-to-earn game in which players can realize their gains in the form of ApeCoin. It is the vision of ApeCoin’s creators that this kind of adoption expands and continues into the future. Access – Holding APE can grant users opportunities (such as additional airdrops or exclusive real-world events) as a part of the community. Telcoin is a digital currency that powers the TELx network, allowing users to transfer payments globally without an intermediary.
However, the reality is that today a DAO cannot sign a lease or hire people or make merch or whatever the community decides to do on its own. The Foundation is responsible for the day-to-day administration, bookkeeping, project management, and other tasks that ensure the ApeCoin DAO community’s ideas have the support they need to become a reality. Of the total supply, 15% of tokens were made immediately available to the BAYC and MAYC NFT holders upon launch, and 47% of tokens went to the DAO treasury. A further 15% was distributed to Yuga Labs, and 14% was reserved for investors and contributors to the project.
Crypto Industry Could Add $184B of Economic Value to India by 2030: NASSCOM
World currency prices are based on rates obtained via Open Exchange Rates. Decentralized exchanges are smart contract-powered online trading platforms that enable users to trade crypto on a peer-to-peer basis without the need for a central authority. Alternatively, you could purchase ApeCoin on a decentralized exchange by swapping another cryptocurrency for it.
Hybrid exchanges combine a centralized order book for trade-matching with decentralized asset custody to allow digital asset investors to benefit from the best of both centralized and decentralized trading venues. Once you have funded your account, you click on ApeCoin in the list of tradable assets and place an order to buy the amount of APE you would like to purchase. Verify that all the order details are correct and confirm the transaction. As soon as your order is filled, you will receive the APE tokens on your exchange account. The main difference between buying Bitcoin or Ethereum and ApeCoin is that the latter is not supported by all leading cryptocurrency exchanges. Investing in cryptocurrencies, decentralized finance , and other initial coin offerings is highly risky and speculative, and the markets can be extremely volatile.
How was the Foundation Board selected?
Finally, make sure to transfer your APE tokens from the exchange to your personal, non-custodial crypto wallet that supports ApeCoin. By securing your tokens in your own wallet as opposed to on an exchange, you can avoid losing your assets in case of an exchange bankruptcy or a hack. You can also check the up-to-date market rate of 1 APE to USD via our handy crypto-to-fiat and crypto-to-crypto conversion feature. While still under development at the time, investors spent $300 million for Otherside real estate in April 2022, in what was the biggest virtual land sale to date. With use cases spanning from decentralized payments to land sales on metaverse, the company has a range of supportive components in place. As the APE ecosystem grows, ApeCoin earns more value than can be realistically expected.
As an ERC-20 governance and utility token of the APE ecosystem, ApeCoin is administered by a decentralized autonomous organization, or DAO. Anyone holding the coin is allowed to cast their vote on the relevant governance decisions. Culture has found new expression in web3 through art, gaming, entertainment, and events.
After the start of the token on Jul 31, 2020, on the Ethereum platform, more than 657 wallets owned/owns APE also 6,414 successful token transactions have been recorded till today. A special council on the APE Foundation (the DAO’s “Board”) provides, at the behest of the ApeCoin DAO members, oversight of the Foundation administrators. The purpose of the Board is to administer DAO proposals and serve the vision of the community. It meets on proposals requiring administrative review under ApeCoin DAO rules. The initial Board serves a term of six months, after which DAO members will vote annually on Board members.
The table above shows the number of days which ApeCoin closed above a certain price level.