What Is ApeCoin (APE)?

What Is ApeCoin (APE)?

Intermediate
แƒ’แƒแƒ›แƒแƒฅแƒ•แƒ”แƒงแƒœแƒ”แƒ‘แƒฃแƒšแƒ˜ Mar 31, 2022แƒ’แƒแƒœแƒแƒฎแƒšแƒ”แƒ‘แƒฃแƒšแƒ˜ Feb 23, 2023
5m

TL;DR

ApeCoin (APE) is an ERC-20 utility and governance token of the APE ecosystem. It empowers the decentralized APE community building at the forefront of Web 3.0.

APE is governed by theย ApeCoin DAOย and supported by the APE Foundation. With APE, token holders can vote on governance proposals on the DAO and access exclusive features of theย APE ecosystem, such as games, events, and services.

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.ย 


Introduction

Since its launch in April 2021, Bored Ape Yacht Clubย (BAYC) has become one of the most popular NFT collections. BAYC is well-known for having a vibrant and active community of supporters.


What isย ApeCoinย (APE)?

ApeCoin (APE) is the governance and utility token of the APE ecosystem. It is a decentralized protocol layer that supports the APE community building at the forefront of Web 3.0.ย 

APE is an ERC-20 token with a total supply of 1 billion tokens. It is controlled and built on by the community. The ApeCoin DAO is a decentralized organization that allows all APE holders to vote on governance decisions related to the token.ย 

In addition, APE is adopted byย Yuga Labsย as the primary token for all new products and services.ย Yuga Labsย is the creator of theย trendingย Bored Ape Yacht Clubย (BAYC)ย NFTย collections. It also owns the IP of another two popularย NFT projects,ย CryptoPunksย and Meebits.


How does APE work?

APE was founded to be used within the growingย APE ecosystem. It is governed by theย ApeCoin DAOย and supported by the APE Foundation.

ApeCoin DAO is a decentralized autonomous organizationย (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.ย 

The APE Foundation is the legal steward of the DAO. It facilitates the growth and development of theย APE ecosystemย in a fair and inclusive way. At the Foundation, there is a special council called the Board. It is tasked with ensuring that the community's visions are implemented. The Board consists of 5 members from the tech and crypto community, including Redditย co-founderย Alexis Ohanian. As a decentralized Board, the initial Board members will serve for 6 months before APE holders vote for new Board members on an annual basis.


What is theย APE ecosystem?

Theย APE ecosystemย is made up of the community holders ofย ApeCoin, and all products & services utilizing APE.

Yuga Labsย is a web3 company best known for the creation of theย Bored Ape Yacht Club. It will be a community member in theย ApeCoin DAOย and adopt APE as the primary token across new projects. Upon the launch ofย ApeCoin, holders ofย Bored Ape Yacht Clubย andย Mutant Apeย Yacht Clubย NFTsย were entitled to collectively claim 15% of theย ApeCoinย supply (150 million tokens of the 1 billion total tokens in supply).

Letโ€™s look at the NFT collections that are related to the APE ecosystem.


Bored Ape Yacht Clubย (BAYC)

Launched in April 2021, Bored Ape Yacht Club (BAYC) is the first NFT collection of the APE ecosystem. It features 10,000 unique Apes on the Ethereum blockchain. Each Ape has a unique look, style, and rarity.


Mutant Apeย Yacht Club (MAYC)

Mutant Ape Yacht Club (MAYC) is an NFT collection of up to 20,000 mutated versions of the original BAYC Apes. 10,000 mutant serums wereย airdropped to the original BAYC NFT holders, with three tiers of serums that added to the rarity of traits. With the different tiers of serum they received, BAYC holders could create different types of mutant Apes. Each BAYC can only generate a single mutant from a single serum type, and the serum disappears after use.

The MAYC was also a means to welcome more new members to the APE community. This is why 10,000 mutant Apes were also minted for a public sale in August 2021 following the mutant serum airdrop.


Bored Apeย Kennel Clubย (BAKC)

Bored Ape Kennel Club (BAKC) is a collection of dog NFTs that were made available to every single member of the BAYC. For each Bored Ape NFT they own, holders could โ€œadoptโ€ a random Club Dog NFT for free, only paying a gas fee. Like the Apes, the 10,000 BAKC NFTs have various attributes and rarities.


What canย APE tokensย do?

Theย ApeCoin tokenย serves several purposes in theย APE ecosystem. It allows holders to participate in theย ApeCoin DAOย as aย governance token. APE holders can also access exclusive features of theย APE ecosystem, including games, merch, events, and services.

APE is also a tool for third-party developers to participate in the APE ecosystem. They can incorporate the token into their services, games, and other projects as incentives. For example, APE is adopted as incentives for players in Benji Bananas, a play-to-earn mobile game developed by Animoca Brands. Benji Bananas offers a Membership Pass (โ€˜Benji Passโ€™), an NFT that will enable its owners to earn special tokens when playing Benji Bananas, and that will also allow those tokens to be swapped for ApeCoin.


How toย buy APEย onย Binance?

You can buy ApeCoin (APE) on cryptocurrency exchanges like Binance.ย 

1. Log in to yourย Binanceย account and click [Trade]. Select either the classic or advanced trading mode to start.

2. Type โ€œAPEโ€ on the search bar to see the available trading pairs. We will use APE/BUSD as an example.

3. Go to the [Spot] box and enter the amount of APE you want to buy. In this example, we will use a Market order. Click [Buy APE] to confirm your order, and the purchased APE will be credited to your Spot Wallet.


Closing thoughts

With Yuga Labs adopting ApeCoin as the fundamental token, the community expects more utilities to be added to the token in the future. For example, a staking function for APE HODLers to earn passive income, more GameFi applications, or even collaborations with the other NFT IPs Yuga Labs owns.

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