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. The ApeCoin ecosystem is made up of individual token holders, as well as a wide range of products and services that are using the cryptocurrency. Chief among its ecosystem members is Yuga Labs itself, which has adopted APE as the primary token for its projects.
Societally, we cover the history of digital currency and the laws, organizations, trends, and communities that compose the ecosystem. The goal of this course is to surmount the steep learning curve of blockchain technology, looking beyond buzzwords to develop a thorough understanding of the moving parts of both technical and non-technical facets. By the end, you will understand how blockchain technologies work and the institutions, ideas, and innovation sprouting from them. First, we take a look at distributed systems and alternative consensus mechanisms, as well as cryptoeconomic and proof-of-stake. We wrap up the course by also taking a look at the various blockchain ventures today and conclude with a blockchain-based future thought experiment.
The Real Story Behind ApeCoin
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. Culture has found new expression in web3 through art, gaming,
entertainment, and events. The possibilities for blockchain’s impact on culture
are so endless that they can’t possibly all be predicted yet. APE is a token
made to support what’s next, controlled and built on by the community.
APE token holders take governance decisions collectively, casting their votes and deciding on issues like allocation of funds, framing of rules, partnerships, project selection and more. The ApeCoin Foundation implements the governance decisions taken by the community. Acclaimed as a creator of the Bored Ape Yacht Club, Yuga Labs serves as a community member in the ApeCoin DAO.
ApeCoin Price Prediction 2023 – 2032
Bored Ape Yacht Club is the first NFT series in the ecosystem, consisting of 10,000 unique digital avatars featuring colorful cartoon apes. Yugalabs’ metaverse project – Otherside – also features central roles for ApeCoin and incentives for ApeCoin holders. Metaverse enthusiasts grabbed 55,000 Otherside Otherdeeds at a price of 305 ApeCoins each.
BAYC NFT is a collection of 10,000 unique images of literally ‘bored’ Apes. Other projects in the APE ecosystem have greatly profited from BAYC’s reputation and status. The APE ecosystem consists of ApeCoin holders as well as other related products and services, such as NFT collections and metaverses. ApeCoin is designed to give its holders certain advantages and other privileges in the Bored Ape ecosystem, especially when combined with the BAYC, MAYC, or Bored Ape Kennel Club (BAKC) NFTs. Currently, it finds its major use as a governance token, a store of value and a reward token on decentralized gaming applications.
Token distribution
As the APE ecosystem grows, ApeCoin earns more value than can be realistically expected. 8% of the tokens have been set aside for the four founders of Yuga Labs https://www.xcritical.com/blog/what-is-apecoin-ape/ and BAYC. ApeCoin follows the concept of locked tokens to prevent Yuga Labs, the founders of BAYC, and other launch contributors from selling their holdings.
- This attracts public scrutiny and triggers the FOMO instinct—fear of missing out.
- 10,000 more Mutants were produced from “Mutant Serums,” which were airdropped to previous BAYC holders.
- Voyager Digital VYGVF and Binance both tweeted they will list the coin on their exchanges.
- After the DAO members vote on the proposals, they also implement the community-based administrative decisions.
- 15% of the total supply was distributed to BAYC and MAYC NFT holders at launch.
- ApeCoin holders will be able to access the DAO voting facilities as well, where a packaged smart contract function on the ApeCoinDAO platform screens users’ wallets to confirm that they hold ApeCoin.
They have the authority to allocate the Ecosystem Fund and establish governance rules, special projects, and partnerships. Another key point is after the DAO members have voted on the proposals, the APE Foundation will implement the community-driven governance decisions. As a result, DAO will have a special council comprising web3 veterans and gaming and technology thought leaders (the Board). The ApeCoin DAO’s website states that 62% will be allocated to holders of Bored Apes and Mutant Apes and will be used as reserves for the treasury. And of all ApeCoins, 14% will be reserved for “Launch Contributors” — defined as the people who initially helped get BAYC off the ground. And last but not least, 1% is headed to the Jane Goodall Legacy Foundation to support conservation efforts for real apes in the wild.
What is ApeCoin (APE) and the BAYC Ecosystem
YugaLabs plans to take it even a step further and create an entire community based around web3 and blockchain technologies. The BAYC and MAYC collections distributed over $800 https://www.xcritical.com/ million in assets to their owners as part of the available 150 million tokens. Eventually, every BAYC owner received 10,094 tokens worth between $80,000 and $200,000.
Furthermore, ApeCoin will facilitate web3 in the APE network, allowing creators to sell their digital artworks and various industries, including games, entertainment, and events. To some extent, Yuga Labs’ BAYC project inspired the decentralized ApeCoin idea. The company previously partnered with Yuga Labs on a mobile game involving Bored Apes and Mutant Apes. “We’re beyond excited to be a contributor to ApeCoin, the official token of Bored Ape Yacht Club!