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APE was announced what is ape coin on Mar. 17, 2022, with approximately 13.3% of the tokens in the initial circulating supply. It is a governance and utility token used within the APE ecosystem. The APE Foundation is the steward of ApeCoin and facilitates decentralized and community-led governance. After an initial 6-month term, DAO members will vote annually to keep existing or appoint new Board members.
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ApeCoin: The Yuga Labs ERC-20 Token Explained
From a legal standpoint, they are acting as normal community members and token holders in relation to ApeCoin. You can buy ApeCoin on a number of centralized and decentralized exchanges. However, when you buy crypto from a centralized exchange, you are forfeiting the custody of your private keys. Unfortunately, that also means you are giving up the ownership of your crypto to a centralized entity. If something bad happens to the centralized https://www.xcritical.com/ exchange where you keep your crypto, your crypto will vanish as well.
APE creators as the mega owners of NFT IP rights
It was first given out for free or airdropped to current owners of a “Bored Ape” NFT, the term given to the collection of BAYC NFTs. ApeCoin (APE) is a cryptocurrency based on the Ethereum blockchain. The platform aims to provide a fun and playful approach to cryptocurrency while enticing investors with its unique and appealing depiction of an ape. The collapse of crypto exchange FTX in November 2022 highlighted this risk when billions of dollars in user funds were lost. Hence, trading on a decentralized exchange (where you control the custody of your assets) is typically considered the safer option.
The Evolution of Digital Currencies: Ape and Pepe Token
May 2022, Yuga Labs’ new project Otherside used Apecoin for auctions. Acting on behalf of ApeCoin DAO members, the Special Council provides oversight and stewardship. Responsibilities include conducting administrative reviews of AIPs, ensuring the implementation of ApeCoin DAO’s intentions through approved AIPs, safeguarding the DAO treasury, and serving as community liaisons. The Council also oversees foundation administrators and service providers, ensuring alignment with the ApeCoin DAO’s objectives and values. The original BAYC collection was developed by Yuga Labs, a company founded in February 2021 and whose three collections—BAYC, MAYC, and the Bored Ape Kennel Club (BAKC)—helped drive $127 million in revenue that year.
The idea is to smoothen out the initial journey while the DAO community takes shape and has enough of a base to self-govern. While purchasing ApeCoin on a crypto exchange is arguably the simplest option, you could also purchase APE on a peer-to-peer (P2P) exchange or a decentralized exchange (DEX). 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.
Holders of other Yuga Labs NFTs like Mutant Apes and the Kennel Club also received APE tokens. Zengo is a safe wallet to hold (or HODL) APE tokens for as long as you need to. The state-of-the-art security combined with guaranteed recovery methods means that even if you lose or break your smartphone, Zengo will make sure you can always access your crypto. Regulatory changes are another potential cause for ApeCoin’s decline.
Contrary to popular belief, Apecoin was created by ApeCoin DAO rather than Yuga Labs itself. According to the official ApeCoin homepage, Yuga Labs has a contributor role within the $APE ecosystem. Explore how the Crypto Generation’s values and tech influence could shape the 2024 election and impact the future of politics. We make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up-to-date. In fact, because of its Bored Ape legacy, it could be argued that APE is simply another memecoin – a digital asset inspired by and representative of the internet meme culture. Despite a steep drop in value after the Terra-induced crypto crash in May 2022, APE was still the 32nd highest ranked crypto in terms of market capitalisation in the same month.
The foundation is also in charge of the Ecosystem Fund, which multi-sig wallet holding APE, which will be used to fund expenses as determined by the DAO members. Deposit crypto to our exchange and trade with deep liquidity and low fees. ApeCoin is designed like any other Web3 coin and can be used for payments. ApeCoin is technically accepted by most merchants as it is a ubiquitous ERC-20 (Ethereum) token. The coin is also already in use as NFT rewards, and members of the Bored Ape Yacht Club receive APE for free, which they can immediately redeem.
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. 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. Since its launch, ApeCoin has made major waves in the crypto community.
Apecoin (APE) is an ERC-20 token launched on the Ethereum blockchain that is used within the growing APE Ecosystem, which was built on the back of the Bored Ape Yacht Club (BAYC). At the heart of Apecoin’s mission is the goal of bringing Web3 to the masses. By leveraging the power of blockchain technology, Apecoin is creating a more accessible and equitable digital economy, where users have more control over their data and transactions. Like the eclectic mix of tokens available today, the future of cryptocurrencies is likely to be multifaceted – serving as digital money, representing virtual assets, and hosting gamified systems.
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. Finally, 8% or 80 million $APE of ApeCoin’s token supply went to the BAYC founders, locking this amount for 12 months and releasing over 36 months. Further to the points discussed, ApeCoin doesn’t stop in the digital realm. This token-gated game gave you the chance to buy boosters with $APE.
November 2022, ApeCoin DAO NFT marketplace launched, includes custom markets for BAYC and others. The Ape Foundation Board includes Reddit co-founder Alexis Ohanian, Yat Siu of developer and venture capital group Animoca Brands, and FTX investor Amy Wu, among others. Their role is to ensure the implementation of decisions made by the ApeDAO, which is governed by holders of the APE token. The APE Foundation serves as the steward of ApeCoin, as the legal entity.This administrative board oversees decisions made by the ApeCoin DAO.
Since its inception, the Bored Ape Yacht Club has been a sizzling topic in the NFT marketplace. The sudden ripple of its acceptance among crypto enthusiasts and celebrities exalted BAYC to a premium NFT class. While the famous and influential personalities were endorsing BAYC NFT openly, something was brewing in the backend – ApeCoin. Beyond Yuga Labs, rappers Snoop Dogg and Wiz Khalifa jointly released 8 songs that can only be purchased with ApeCoin, and Time Magazine has announced that it will soon accept ApeCoin for digital subscriptions.
- The ApeCoin DAO exists as the decentralised governance mechanism for managing a globally dispersed community and will make decisions regarding Ecosystem Fund allocations, governance rules, projects, partnerships, and more.
- 30.25% were released into circulation for the community to engage with.
- Since its launch, ApeCoin has made major waves in the crypto community.
- Zengo’s biometrics and powerful security measures ensure your coins are always safe and no one else can access them.
- It is essential to understand that ApeCoin is not officially launched by Yuga Labs, the parent company of Bored Ape Yacht Club.
- Responsibilities include conducting administrative reviews of AIPs, ensuring the implementation of ApeCoin DAO’s intentions through approved AIPs, safeguarding the DAO treasury, and serving as community liaisons.
Therefore, unless user terms specify otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds as unsecured creditors. ApeCoin provides holders accessibility to the APE ecosystem that is otherwise unavailable. Later on, Yuga Labs came forth to outline the potential ApeCoin holds for the crypto community at large. It revealed that the coin’s utility will soon blend into underlying NFT projects, the metaverse, and games. Ethereum is a decentralized platform that enables developers to build decentralized applications (DApps) and smart contracts and keeps the ApeCoin network secured. ApeCoin leverages the Ethereum blockchain to support its conservation efforts and enable secure, transparent transactions.
