YugaLabs announced that the token will also be used as the governance token what is coin ape for the ApeCoin DAO. Holders will be able to vote on relevant topics ranging from the allocation of funds to what future endeavors the DAO should embrace. ApeCoin (APE) is an Ethereum-based token linked to the Bored Ape Yacht Club NFTs. Bored Ape Yacht Club NFTs are one of the most successful NFT projects to date.

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The growth of projects and services that utilize ApeCoin will be crucial for its long-term success. This includes both internal projects developed by https://www.xcritical.com/ the ApeCoin community and third-party integrations. Many early ApeCoin adopters are BAYC NFT holders, creating a strong initial community for the token. ApeCoin operates through a combination of smart contracts on the Ethereum blockchain.

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All these coins are “locked” for the first 12 months, so holders can’t just cash out and tank the price. Because APE has a discrete value and is already trading on major exchanges, claiming these coins is a little like claiming free money. That’s around $150,000 at today’s prices – about half of what you’d need to buy yourself another Bored Ape.

Possible Future Price Development

The decentralized nature of blockchain inherently provides a level of security unmatched by traditional financial systems. ApeCoin is an ERC-20 governance and utility token used within the APE Ecosystem to empower and incentivize a decentralized community building at the forefront of web3. This article aims to analyze ApeCoin’s resilience at a critical support level, exploring whether current market dynamics could spark a rebound. Through a breakdown of technical indicators and recent price action, we seek to analyze the possibility of a bullish reversal or signs of continued downward pressure on ApeCoin.

One of the main founders of BAYC, Greg Solano, just spoke at Benzinga’s Future of Crypto event about some of his ideas and inspiration. If you want to purchase a Bored Ape in May 2022, you would need roughly $300,000 for the cheapest one. 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.

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 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 is an ERC-20 token operating on the Ethereum blockchain that enables holders to gain access to a variety of products and services offered by the APE ecosystem and vote on the future direction of the Web3 project. Unlike traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. (SIPC). Therefore, unless user terms specify otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds as unsecured creditors.

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.

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. 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. The DAO’s decisions are then implemented by the ApeCoin Foundation, which serves as the DAO’s legal representative and supports the growth of the ecosystem in various ways.

Bored Ape Yacht Club (BAYC) is an NFT project by YugaLabs that features 10,000 uniquely generated «Bored Apes». There are also several variations on the project — with Mutant Ape Yacht Club (MAYC) being generated by using a Mutant Serum, and Bored Ape Kennel Club (BAKC) — doggo companions to the Apes. ApeCoin is being airdroped to holders of Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and additional ones are allocated to holders that also have dog — the Bored Ape Kennel Club (BAKC). Holders can begin claiming their APE token as of March 17, 2022 on the ApeCoin website.

ApeCoin DAO is a decentralized autonomous organization (DAO) for all APE token holders to participate in governance decisions. They can decide how to allocate the Ecosystem Fund, make governance rules, select projects, partnerships, etc. After the DAO members vote on the proposals, the APE Foundation will proceed to carry out the community-led governance decisions. ApeCoin represents an intriguing blend of cryptocurrency, governance token, and metaverse currency.

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The token’s smart contract includes features for secure transfers, balance tracking, and integration with the governance mechanisms of the ApeCoin DAO. These technical foundations provide a robust base for the token’s various functions and future development. For example, holders might gain access to exclusive events, both in the physical world and in virtual spaces. The decision to launch ApeCoin through a DAO was strategic, aiming to create a truly decentralized token from the outset. This approach helped to distribute governance rights among a wide range of participants, rather than concentrating control in the hands of a single entity.

• This governance model allows for democratic decision-making on various aspects of the ApeCoin ecosystem, including resource allocation, protocol upgrades, and partnerships.
• Yuga Labs, the creator of the popular Bored Ape Yacht Club (BAYC) NFT collections, has also adopted APE as the primary token for all new products and services.
• This backing has helped ApeCoin quickly establish itself as a notable player in the crypto space.
• The token’s smart contract includes features for secure transfers, balance tracking, and integration with the governance mechanisms of the ApeCoin DAO.

The token is being integrated into various virtual worlds and blockchain-based games. For example, it’s set to play a crucial role in Yuga Labs’ metaverse project, Otherside. This integration into emerging digital spaces positions ApeCoin as a potential leader in the economy of the metaverse.

Hence, trading on a decentralized exchange (where you control the custody of your assets) is typically considered the safer option. Having said that, DEXs are unregulated, and there is no customer protection if funds are lost due to hacks. 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.

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. 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. So, in addition to the ApeCoin protocol (the code behind ApeCoin tokens), there’s the ApeCoin DAO, the Ape Foundation and the ApeCoin DAO board. Uncover the secrets behind Blast, the revolutionary EVM L2 blockchain offering native yield, explosive growth, and unique rewards for users and developers alike. The association with Yuga Labs and BAYC provides ApeCoin with significant visibility and potential for partnerships.