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APE holders get to have their say in decisions like the allocation of ecosystem funds, project and partnership selections, etc. Once the holders cast their vote, the APE foundation executes the will of the majority. APE is governed by the ApeCoin DAO and supported by the APE ape meaning crypto Foundation. With APE, token holders can vote on governance proposals on the DAO and access exclusive features of the APE ecosystem, such as games, events, and services. ApeCoin’s primary use is as a governance and utility token within the APE ecosystem. It allows holders to participate in DAO governance votes while also offering access to members-only features of the ecosystem like games, events and other services.

Factors To Consider When Opening a Cryptocurrency Exchange Account

However, its price is prone to dramatic fluctuations like many other cryptocurrencies, so as always it’s important to do your homework before investing. Bored Ape Yacht Club is the first NFT series in the ecosystem, consisting of 10,000 unique digital avatars featuring colorful cartoon apes. ApeCoin can be staked to earn additional APE tokens, making ApeCoin a yield-generating https://www.xcritical.com/ crypto asset.

Connection Between ApeCoin and Bored Ape Yacht Club

• 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.
• Its job is to administer proposals and serve the vision of the community.
• ApeCoin DAO exists because decentralized governance is critical to building andmanaging a globally dispersed community—and therefore critical to the success ofthe APE ecosystem.
• This is a collection of 20,000 mutant versions of the Bored Apes.
• BAYC is well-known for having a vibrant and active community of supporters.

With Ledger’s ecosystem, you can buy crypto with the assurance that you have full ownership of your funds. Not only that, Ledger devices guarantee your private key stays offline – protecting you from even the most malicious of online threats. With your freshly gained knowledge, now it’s on you to decide if you start stacking ApeCoin. But before you get there, you’ll have to set up an account to store it. To do so, you’ll need to set up an Ethereum account on your Ledger device if you haven’t already.

What is ApeCoin (APE) and How Do I Use It?

Instead, it is a gamified metaverse platform where users can use their NFTs from other collections as playable avatars. Due to the large following of the Bored Ape Yacht Club and YugaLabs’ plans to make ApeCoin the default currency for all their web3 projects, this cryptocurrency might stick around. To kick off their ambitious goals, YugaLabs airdropped the newly minted ApeCoin to holders of Bored Apes. Based on the price at the time of the original airdrop that was about $70,000. YugaLabs used the blockchain to find all wallet addresses of Bored Ape buyers and deposited ApeCoin. Owners literally woke up on March 17th to tens of thousands of dollars in their wallets.

Is it a Good Idea to Buy ApeCoin?

It is a relatively new project but it has bold plans; the BAYC team has outlined their intentions of making APE the de facto currency for a vast ecosystem of projects building on the Otherside metaverse. ApeCoin (APE) is an Ethereum-based governance and utility token, and ApeCoin DAO administers it. ApeCoin DAO is a decentralized autonomous organization that makes decisions on actions the community must take regarding the APE ecosystem. Anyone who buys APE is eligible to be a member of the ApeCoin DAO. 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.

What Is ApeCoin (APE) and How Does It Work?

The entirety of the next 14% (140 million tokens) were paid out to various launch contributors for helping bring the project to life. The final 8% tranche of ApeCoin (80 million tokens) was distributed to the quartet of founders behind Yuga Labs and BAYC. Of course, with BitPay’s recent support for the token, you can also buy ApeCoin (APE), store, swap and spend in the BitPay app. All BitPay merchants have the option to accept ApeCoin as payment, opening up thousands of new ways to use and spend the token. You can send ApeCoin payments from any compatible wallet, including the BitPay Wallet. Use the BitPay Card to instantly convert APE to cash online, in-store or at compatible ATMs around the world.

Step 3: Select ApeCoin among the available assets and buy the token

Yuga Labs strives to be one of the biggest players in the Metaverse and already created a few retail opportunities. The APE Improvement Proposal Process (see Governance) will allowApeCoin DAO members to make decisions regarding Ecosystem Fund allocations,governance rules, projects, partnerships, and beyond. A lot of BAYC NFT holders are also holders of ApeCoin, sharing community and vision among the NFT collectors and DAO operators.

Buy gift cards for your favorite brands and shops from the app or extension. Let’s take a look at the requirements to open an account on a crypto exchange. To purchase APE coins on a P2P exchange, you first need to choose a marketplace that supports ApeCoin, sign up for the platform, and complete the verification process. Next, scroll through the available offers to buy ApeCoin for a payment method that works for you. These marketplaces typically use  escrow to enhance security, but it’s still advisable to only trade with users with high trust ratings. The Bored Ape Yacht Club (BAYC) is a highly popular NFT collection composed of 10,000 unique images of cartoon apes.

Understand the ApeCoin Tokenomics

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ApeCoin is the APE Ecosystem’s governance token, allowing token holders to participate in ApeCoin DAO and giving its participants a shared and open currency that can be used without centralized intermediaries. 62% of all ApeCoin was allocated to the Ecosystem Fund, which will support community-driven initiatives as voted on by ApeCoin DAO members. ApeCoin can be purchased on centralized and decentralized exchanges (DEXs). ApeCoin is supported by a wide range of exchanges including eToro, WeBull and Uphold. If you are looking to purchase the token on a decentralized exchange, then Uniswap is a popular DEX to check out. It can be tricky to distinguish what each part of the BAYC ecosystem does.

ApeCoin follows a locked token protocol to prevent the founders and other launch contributors from selling their tokens. For these members, the tokens are locked completely for 12 months, after which they receive a specified number of tokens every month. 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.

A further 15% was distributed to Yuga 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. ApeCoin has a fixed total supply of 1 billion APE tokens, which cannot be minted or burned.

A portion of tokens was withheld at launch to release over a period of 48 months. Meaning, the maximum supply of $APE is likely to be hit by the year 2026. Firstly, like many cryptocurrencies, its main purpose is a currency. To explain, ApeCoin will be the currency for the Otherside Metaverse, created by Yuga Labs.

Therefore, unless user terms specify otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds as unsecured creditors. Crypto exchanges are online trading platforms for digital assets that function in a similar way as online stock brokerage platforms, such as Fidelity or Charles Schwab. The only difference is that you use U.S. dollars to buy and sell cryptocurrencies instead of traditional financial investments, such as stocks and bonds.