ApeCoin (APE) is a cryptocurrency launched by Yuga Labs, the same group responsible for the Bored Ape Yacht Club (BAYC) NFT special series. The token was created to support the development of a decentralized web3 using blockchain technology. ApeCoin has a native token called APE, which serves as both a governance and utility token.
In this article, we will discuss What ApeCoin network is, how it works, what its native token APE is, we will also discuss the history of APE, features of APE and its token value. We will end the article by providing concise guidance on how to buy APE tokens.
What Is ApeCoin (APE) and How Does It Work?
ApeCoin (APE) is a cryptocurrency that was launched by Yuga Labs, the same group responsible for the Bored Ape Yacht Club (BAYC) NFT special series. ApeCoin has a clear purpose of supporting the development of a decentralized Web3 - an internet that operates in a decentralized manner using blockchain technology. Yuga Labs believes that ApeCoin can be used to create a more open, fair, and accessible Web3.
The ApeCoin ecosystem has a native token called APE, which serves a dual purpose as a governance and utility token. APE token holders have access to the ApeCoin DAO (Decentralized Autonomous Organization) for governance and to buy digital goods and services within the ecosystem.
The Apecoin community is governed through the Apecoin DAO that supports the Ecosystem Fund. The DAO follows a proposal process to vote on how the Ecosystem Fund will be distributed by the APE Foundation to promote a diverse and self-sustaining ecosystem.
The Apecoin DAO is critical to building and managing a globally dispersed community, and this is essential to the success of the APE ecosystem. The APE Improvement Proposal Process allows Apecoin DAO members to make decisions regarding Ecosystem Fund allocations, governance rules, projects, partnerships, and more.
Membership in the DAO is open to all Apecoin holders, with participation in the proposal submission, idea submission, commentary, and voting being restricted to Apecoin DAO members.
Holding Apecoin is the only requirement for membership in the DAO. The DAO's consensus mechanism is designed to make voting fair, transparent, and low-cost, allowing Apecoin holders to actively participate in the decision-making process.
What Is APE Token?
ApeCoin, which is an ERC-20 governance and utility token, is an integral part of the APE ecosystem. The token permits its holders to take part in DAO governance votes and also provides access to the exclusive members-only features of the ecosystem, such as games, events, and various other services. By holding ApeCoin, users can actively participate in the governance process of the ecosystem while also enjoying the unique benefits it has to offer.
ApeCoin can be used to purchase goods and services within the APE ecosystem, such as games, events, and merchandise. It can also be used to vote on proposals that affect the future of the APE ecosystem.
*Data source: The table above is real-time data from Coinmarketcap as of May 24, 2023.
ApeCoin has a total supply of 1 billion tokens. Of these, 62% were airdropped to Bored Ape Yacht Club (BAYC) NFT holders, 16% were allocated to Yuga Labs and charity, and 14% were allocated to Launch contributors. The remaining 8% was allocated to BAYC founders.
History of ApeCoin (APE)
ApeCoin is a cryptocurrency that was launched in March 2022. APE is the project's native token, serving as a utility within the diverse ApeCoin ecosystem that includes games, events, and merchandise among other products and services.
ApeCoin was created by the ApeCoin DAO, a decentralized autonomous organization that is governed by ApeCoin holders. The DAO is responsible for making decisions about the future of ApeCoin, including its use cases, tokenomics, and governance.
The founder of ApeCoin is Yuga Labs, the creator of the Bored Ape Yacht Club (BAYC) NFT collection. BAYC is a popular collection of 10,000 unique NFTs that feature cartoon apes. ApeCoin was created in order to provide utility to BAYC NFT holders and to expand the BAYC ecosystem.
The team behind ApeCoin is made up of experienced professionals in the cryptocurrency and blockchain industries. The team includes ApeCoin co-founders Yuga Labs, Animoca Brands, and Sound Ventures.
Features Of ApeCoin (APE)
APE token has been gaining popularity as a promising investment option in the cryptocurrency market. The token has a range of features that attract investors, making it a valuable asset to consider.
These features include governance, utility, scarcity, liquidity, ecological sustainability, and a strong community foundation. We will list and briefly explain these features below.
- Governance: Holders of APE tokens have the opportunity to participate in the governance of the APE ecosystem, which enables them to share their opinions and ideas regarding the project's future direction.
- Utility: APE has a practical use case within the ApeCoin ecosystem, as it can be utilized to purchase a diverse range of goods and services.
- Scarcity: APE is a scarce asset, with a total supply of only 1 billion tokens. This scarcity may increase demand for the token.
- Liquidity: APE is listed and tradable on major centralized and decentralized cryptocurrency exchanges, making it easy to buy and sell.
- Ecological Sustainability: APE is dedicated to achieving ecological sustainability, with a target of achieving carbon neutrality by 2025.
- Community: APE has a strong community foundation, with the ApeCoin DAO being governed by token holders and a large and active community on social media. This ensures a vibrant ecosystem with active participation and engagement.
Latest ApeCoin News and Updates (May 2023)
- The ApeCoin Foundation has announced the nominees for the Special Council term beginning in July 2023. This Council will be responsible for overseeing and supporting the long-term vision of ApeCoin. The nominees include experienced professionals from various industries and backgrounds, and the ApeCoin community is encouraged to vote for their preferred candidate.
- ApeCoin has partnered with Forever Apes NFT, a charity organization focused on wildlife preservation. The partnership with Forever Apes NFT aims to support the fight against climate change and protect endangered species. A portion of the NFT sales proceeds will be donated to carbon offsetting and wildlife preservation efforts.
- ApeCoin has introduced a new "Approvals" feature that enhances transaction security within the ecosystem. It requires users to approve transactions before execution, adding an extra layer of protection against fraud. This feature also allows users to set up a list of approved addresses for seamless transactions.
- ApeCoin is seeking to expand its discourse team and has opened up nominations for interested individuals. The discourse team will be responsible for promoting discussions and engagement within the ApeCoin community. Interested individuals can nominate themselves for the role.
APE Token Value
The value of ApeCoin (APE) is currently $3.35 USD. ApeCoin is a governance and utility token for the Bored Ape Yacht Club (BAYC) ecosystem. It can be used to buy goods and services within the ecosystem, as well as to vote on governance proposals. ApeCoin is also expected to be used to power future projects from BAYC creator Yuga Labs.
The value of ApeCoin is derived from its utility within the BAYC ecosystem. The value of ApeCoin is expected to rise as more people use the ecosystem. Also due to its limited supply of the token, it’s deflationary in value.
Listed below are some factors that could affect the value of ApeCoin:
- The growth of the BAYC ecosystem
- The adoption of ApeCoin by other projects
- The overall performance of the cryptocurrency market
- The supply and demand for ApeCoin
As cryptocurrencies, including ApeCoin, are volatile, it is advisable for investors to conduct proper research before making any investment decisions.
How to Buy APE Tokens?
CoinEx is a global cryptocurrency exchange, trusted by 5+ millions of users worldwide with 100% reserve. With its 700+ tokens supported, including APE, users can now trade easily and seamlessly. To purchase APE tokens on CoinEx, follow the steps below.
- Register or Log In: To access CoinEx's services, register for an account by clicking "Register". Existing users can log in.
- Deposit Fiat or Crypto: Fund your CoinEx account by depositing through a range of options such as credit cards, bank transfers, etc. You can also deposit other supported cryptocurrencies that can be traded with APE.
- Exchange Paired Tokens for APE: Deposit funds into your CoinEx account, then go to the trading page and select the appropriate APE trading pair that matches your deposit. For example, choose "APE/USDT" if you deposited USDT.
- Buy/Trade APE Tokens: Purchase APE by specifying the desired amount and exchanging the paired token for APE after selecting the correct trading pair.