What is Apecoin APE? Lets talk about Apecoin, the token by Poloniex The Poloniex blog
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“ApeCoin holders must go through a wallet authentication process to post ideas or give feedback to ideas via comments,” a simple solution to a complex problem. All of the team’s coins are locked for 12 months, and after that they’ll get a specific amount each month. The percentage of ApeCoin that is beyond their control is gargantuan.
Owners of Bored Apes can access members-only sections of the BoredApeYachtClub.com website. These NFTs are also so recognizeable and are almost a status symbol of sorts in the NFT community. The Bored Ape NFT family is one of the largest NFT collections in terms of value. It was created by Yuga Labs, an NFT-startup that now has a $4 billion valuation.
It has become one of the most valuable NFT projects by market cap. The last company they bought was CryptoPunks, which happened on Mar. 17, 2022. An NFT is a blockchain token that represents ownership in an item, including unique profile pictures like the Bored Ape Yacht Club.
Bored Ape Kennel Club (BAKC)
ApeCoin follows the concept of locked tokens to prevent Yuga Labs, the founders of Bored Ape Yacht Club, and other launch contributors from selling their holdings. ApeCoin allocations to Yuga Labs and Bored Ape Yacht Club aren’t unlocked for at least 12 months. After this duration, a specific allotment of tokens becomes accessible to them every month.
- Coin Sets are essentially crypto baskets based on various crypto market themes.
- Musician Justin Bieber bought a common Ape for $1.3 million in January, vastly more than a similar NFT would sell for on the open market today.
- ApeCoin DAO – A decentralized governance organization that will make decisions regarding Ecosystem Fund allocations, governance rules, projects, partnerships, and more.
- If you do not own BAYC/MAYC NFT, you can buy, store, swap and spend ApeCoin in your BitPay Wallet.
- You can also use your existing cryptocurrency holdings to buy ApeCoin on KuCoin.
- Yuga Labs, the creator of the popular Bored Ape Yacht Club NFT collections, has also adopted APE as the primary token for all new products and services.
APE is managed by the ApeCoin DAO and is backed by the APE Foundation. Every six months, the community votes for who’ll get the five seats in The Board. Besides that, it can be used as a medium of exchange in the BAYC universe, and using it can bring special perks and access to exclusive features. If Otherside becomes or is a Play-To-Earn game, the rewards will probably come in ApeCoin.
How do you use ApeCoin?
If you trade ApeCoin often, using a hardware wallet may not be so convenient, especially for instant transactions. You should get a software wallet or a wallet on an exchange that is secure. Ensure you do a proper search when considering a software wallet for your ApeCoin. Designed identically to any other Web3 coin, ApeCoin can be used for payments. ApeCoin is technically acceptable by most merchants because it is a pervasive ERC-20 token. The coin is also already in use as NFT rewards, and holders with the BAYC receive free APE that they can immediately cash.
The final 8% tranche of ApeCoin 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 , 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.
The entry price for a Bored Ape today is about 84% less than it was at the April peak, as measured in USD. According to an official document, the Solana Foundation also has exposure to 3.24 million shares of FTX Trading LTD common stock, 3.43 million FTT tokens, and 134 million SRM tokens. “The total exposure to Sollet-based assets on Solana in circulation is valued at approximately $40 million as of Nov 10, 2022,” it stated. Our goal is to deliver the most accurate information and the most knowledgeable advice possible in order to help you make smarter buying decisions on tech gear and a wide array of products and services. Our editors thoroughly review and fact-check every article to ensure that our content meets the highest standards.
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Information found in this website are to be used at your own risk, Skrumble will be not liable for any loss or profit that derivates from the use of those. ApeCoin is a great investment as it has a ton of potential in the rapidly furrowing Metaverse ecosystem. Currently, ApeCoin already is used as an in-game currency for a popular play-to-earn game. When this happens ApeCoin will be used as a transaction token in the metaverse marketplaces. The Administrators are a third-party group that specializes in administering Web3 organizations.
ApeCoin’s connection with one of the most popular and exclusive NFT collections in the market BAYC makes it a formidable digital asset to monitor and invest in. Yuga Labs, the creator of the BAYC and MAYC series, has ambitious plans to enter the metaverse and expand its ecosystem beyond art and into gaming, events, and other services. Apecoin is a decentralized autonomous organization that enables APE holders to participate in administrative decisions. After the DAO members vote on the proposals, they also implement the community-based administrative decisions. The APE Foundation created APE to be used within the expanding APE ecosystem.
ApeCoin is an ERC-20 governance and utility token used within the APE ecosystem to empower a decentralized community building at the forefront of web3. ApeCoin or APE (APE/USDT – Trade it here) is an ERC-20 governance and utility token used within the APE ecosystem to empower a decentralized community building at the forefront of web3. In addition, APE is adopted by Yuga Labs as the primary token for all new products and services. Yuga Labs is the creator of the trending Bored Ape Yacht Club NFT collections.
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. As more projects launch and onboard more users, the ApeCoin price could increase, supporting its ascent towards the key $100 level and beyond.
How to Invest in APE & ApeCoin
The Ape Foundation serves as the legal representative of the DAO. It is planned to grow even more decentralized over time and supports community-led governance. The Foundation handles day-to-day administration, bookkeeping, and project management, among other things. ApeCoin is the native cryptocurrency for the ecosystem and also serves as the governance token. It plays an essential role in allowing people to vote on and build AIPs. APE is an ERC-20 utility token that aims to incentivize the decentralized community.
ApeCoin ($APE) was required for participating in this highly awaited metaverse to mint Otherdeeds. For each Bored Ape NFT a holder possesses, they may “adopt” a selected Club Dog NFT for the cost of gas. Similar to apes, the 10,000 BAKC NFTs exhibit a variety of traits and oddities. The Ape Foundation is essentially the bedrock upon which ApeCoin holders and ApeCoin DAO members can continue to grow. The primary aim of the Foundation is to promote the equitable development of the APE ecosystem. Despite its fluctuating price and market size, it’s intriguing to see how ApeCoin will be employed in web3.
Who Founded ApeCoin?
After it “broke” the Ethereum blockchain, the founders discussed moving Ape Coin and Bored Ape NFTs to a different blockchain that can better handle the scale and demands of this popular series. The colossal launch generated $285 million for the company as it sold off a limited supply of 55,000 parcels, known as https://xcritical.com/ Otherdeeds. The parcels sold initially for $7,000 each, only available in Ape Coin. In short, ApeCoin is the token that powers the massive Ape NFT world and future Web 3.0 projects for Yuga Labs. But before deciding to potentially invest in the token or any NFTs, it’s important to know what your options are.
What is the APE ecosystem?
They decide and cast their votes on issues such as project selection, allocation of funds, partnerships, rule formations, and much more. These governance decisions chosen by the community are then implemented by the ApeCoin Foundation. 8% of the tokens have been set aside for the four founders of Yuga Labs 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. ApeCoin allocations to them aren’t unlocked for at least 12 months.
Everything You Should Know about ApeCoin (APE)
A total of 3.8 million ApeCoin voted for staying in Ethereum and 3.3 million voted against it. Remember, these millions don’t represent the number of people voting. If a person has a thousand ApeCoins, he or she would get a thousand votes in that total.
When users buy a Benji Bananas Membership Pass, they earn special tokens in-game, which can be exchanged for APE tokens. Yuga Labs is also planning to use APE as its de facto for all new projects, so you can always have an edge if you want to add it to your portfolio. Essentially, the APE Ecosystem, which was born out of Bored Ape Yacht Club’s success, is made up of token holders and the apps and developers that utilize the token. Now of course, Yuga Labs, the creators of BAYC, is the most prominent member of the ecosystem. As mentioned earlier, ApeCoin is an ERC-20 governance and utility token utilized within the APE ecosystem to empower decentralized community building at the cutting edge of Web3. As one of the most valuable NFT collections in the world, Bored Ape Yacht Club is certainly one NFT project you should keep your eyes on.
DAO members make contributions to the ecosystem through the APE Improvement Proposal Process. This enables DAO members to make decisions regarding funds allocation in the APE ecosystem, partnerships, projects, rules, and governance of the ecosystem. Membership to APECoin DAO is open to anyone who What is an APE token buys the APECoin token. As the legal representative of the DAO, the ApeCoin Foundation facilitates the growth of the ecosystem. The Foundation has a special body called the Board that executes the community’s visions. The APE Board comprises five members from the technology and crypto community.
There is no minting capability exposed via the contract interface. This means that the total supply of the ApeCoin token will never increase. The contract interface also does not allow any token burning capability so the overall supply can never decrease. This is because it is held in the Ethereum blockchain and Ethereum, even after its successful transitioning to a Proof-of-Stake network, is not an accepted payment form. The Administrators also ensure that discourse posts are open and closed at the right time and that they abide by community guidelines. They review AIP drafts to ensure that they are detailed and also prepare AIP analysis reports for the Special Council.