What is ApeCoin APE and How Do I Use It?

Overseeing all these token holders and DAO members is the Ape Foundation, led by five prominent crypto investors, each appointed for one year. The current leaders, known as the Special Council, are Bored Ape G, Gerry, Vera Li, Waabam, and CaptainTrippy, who replaced Reddit co-founder Alexis Ohanian on July 1, 2023. The most prominent member of that ecosystem is Yuga Labs, which has adopted APE as the primary cryptocurrency for its projects, including Bored Ape Yacht Club and Mutant Ape Yacht Club. Alternatively, what is coin ape you could deposit APE tokens on Binance to make use of Binance Earn accounts that enable you to earn yield on your ApeCoin holdings for a set period of time. While the yields offered are high, they come with the risk of leaving your funds on a centralized exchange, thus giving up control over your crypto.

What will the charitable donation to the Jane Goodall Legacy Foundation be used for?

The Foundationconsists of an administrative Board, which exists solely to oversee thedecisions of the ApeCoin DAO, as well as a third party project management teamin charge of ensuring ApeCoin DAO decisions are implemented. Although nearly 30% of all APE were unlocked at launch, the remainder were set to unlock gradually over the course of the following 48 months—ending in 2026. This percentage will continually increase following launch day at regular intervals over https://www.xcritical.com/ a 48-month period. If you do not own BAYC/MAYC NFT, you can buy, store, swap and spend ApeCoin in your BitPay Wallet.

What is ApeCoin (APE)? How Does It Work?

ApeCoin was developed on the ERC-20 standard, allowing it to operate on the Ethereum blockchain and ensuring compatibility with Ethereum wallets, exchanges, and assorted infrastructure. The original APE Foundation board included Reddit co-founder Alexis Ohanian, Animoca Brands chairman Yat Siu, and Amy Wu, former head of gaming at the now-bankrupt crypto exchange FTX. Alex is a banker-turned-bitcoiner who ditched the bond trading desk for working remotely from all corners of the world, creating engaging and educational content for Bitcoin startups and crypto media publications. Additionally, the project has established a bug bounty program, encouraging the community and security researchers to report any discovered vulnerabilities in exchange for rewards. This proactive approach not only helps in maintaining the platform’s security but also fosters a collaborative relationship with the broader security community.

Connection Between ApeCoin and Bored Ape Yacht Club

This supply was designed to remain static, with no further issuance and no burning of APE. However, the main purpose of APE’s deployment is to serve as a utility token within the APE ecosystem as it continues to be fleshed out. As the BAYC brand enters the world of Web3, ApeCoin will be used as a medium of exchange and token of utility. Currently, APE is used as a governance token for the ApeCoin DAO, which directs the development of the APE ecosystem.

BitPay Now Supports ApeCoin! Buy, Store, Swap and Spend APE with BitPay

The ApeCoin ecosystem comprises several elements, including Individual token holders, the ApeCoin DAO, and the APE Foundation. ApeCoin can be staked to earn additional APE tokens, making ApeCoin a yield-generating crypto asset. All you need to do is connect your crypto wallet and start earning staking rewards. Cryptocurrency experts typically advise investors against leaving funds on a centralized exchange because exchange bankruptcies can lead to a complete loss of assets held with the company. The main difference between buying Bitcoin or Ethereum and ApeCoin is that the latter is not supported by all leading cryptocurrency exchanges. In summary, APEcoin.dev is integral to the APE ecosystem, offering multifaceted utility that spans governance, incentivization, and transactions.

What Is ApeCoin? Features, Tokenomics and Price Prediction

The APE token’s distribution strategy is designed to foster a wide and active community engagement. With a circulating supply of 3,998,825 tokens, the distribution includes allocations for key partners and a substantial treasury reserved for airdrops, marketing efforts, and influencer partnerships. This approach ensures a broad dissemination of tokens, encouraging participation and investment in the ecosystem. Yuga Labs is the company that developed BAYC, and went on to release the successful Mutant Ape Yacht Club (MAYC) and Bored Ape Kennel Club (BAKC) NFT collections.

Step 4: Securely store your ApeCoin in your personal wallet

Having said that, Ethereum is one of the most decentralized and tightly secured blockchains in the world. On the other hand, purchasing on a DEX means that you are likely going to use your own wallet. DEX transactions depend on the blockchain they use, so you’ll get your new APE as soon as Ethereum can deliver it to you. The APE Foundation Board, meanwhile, oversees the decisions of the community and works towards the further decentralization of the ApeCoin DAO. Yuga Labs is valued at $4 billion as per a March 2022 seed funding round that raised $450 million, led by a16z and including the likes of Animoca Brands, FTX, Moonpay, and Sound Ventures.

All-time high for ApeCoin (APE)

The Overwatch League, or OWL for short, was Overwatch’s competitive esports league featuring teams from all over the world battling in in-person events. Players would be able to watch livestreams of the event to earn currency that could then be spent on skins representing the participating teams. Owning land in Mavia provides strategic advantages, potentially boosting both earnings and the value of the NFT land. Mavia Land thus offers a unique opportunity to own a piece of the game’s world, earn income through gameplay, and benefit from the potential appreciation in the land’s value. Pudgy Penguins (PUDGY), a collection of 8,888 uniquely designed penguin characters built on the Ethereum blockchain, has captured significant attention despite its mysterious origins.

• For investors, ApeCoin provides investment exposure to the Web3 ecosystem built on the Bored Ape brand.
• If a session is expired or invalidated on the server, the authentication system will no longer create a JWT, effectively logging the user out of the system.
• This ecosystem encompasses a variety of platforms, including The MonkeyFirm and BUSTA, all centered around the APE token.
• The APE ecosystem is governed by a decentralized autonomous organization (DAO) called the APE DAO, which lets APE crypto holders vote on the direction of ApeCoin projects.
• The APE Foundation Board, meanwhile, oversees the decisions of the community and works towards the further decentralization of the ApeCoin DAO.

How Many APE Are in Circulation?

Neither BAYC NFTs nor upcoming concrete software constitutes social media vaporware, which meme coins revolve around. In fact, those interested in becoming a part of the APE ecosystem can take advantage of Otherside’s upcoming SDK (software development kit). 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 “adopt” a random Club Dog NFT for free, only paying a gas fee. This is why 10,000 mutant Apes were also minted for a public sale in August 2021 following the mutant serum airdrop.

APE was launched by the ApeCoin DAO, a decentralised autonomous organisation (DAO) that acts as a governing body in which all ApeCoin holders are members. Crypto game maker Animoca Brands has announced plans to integrate APE into a “secret project” that it is developing with the Bored Ape Yacht Club. It appears to be tied into the recent launch of a website (somethingisbrewing.xyz) collecting info from interested parties.

As with any cryptocurrency investment, potential investors should conduct thorough research and consider the risks involved. The crypto market is known for its volatility, and while meme-based tokens can experience rapid growth, they can also be subject to equally swift declines. APEcoin’s meme-based identity is more than just a nod to crypto culture; it’s a strategic embrace of the viral and communal aspects that drive much of the market’s dynamics.

Yuga Labs is a contributor to the APE Ecosystem and will assist in the creationof products and experiences for the ecosystem as a whole. Certain members of the community that have strong operational experience wereconsulted on how to best structure the ApeCoin DAO. Several of these membersvoiced their willingness to join the Board to oversee the decisions of thecommunity and are committed to upholding and furthering the decentralization ofthe ApeCoin DAO.

It’s also used by a number of developers outside of the APE ecosystem, such as play-to-earn (P2E) game Benji Bananas by Animoca Brands, which uses ApeCoin to incentivize and reward players. Speaking of which, all NFTs released by Yuga Labs in the future will be minted with ApeCoins. This already happened with Otherdeed NFTs—land plot NFTs costing 305 APE a piece when launched. In turn, greater utility translates to increased token value because it can be used for more things, increasing the demand for the token, which increases its price. Mutant Ape Yacht Club (MAYC) is an NFT collection of up to 20,000 mutated versions of the original BAYC Apes.

It was the first NFT series in the ApeCoin ecosystem, and it enjoyed great success at the height of the digital art boom in 2021, with some pieces selling for as much as $3.4 million. Moreover, to pass an exchange’s KYC (Know Your Customer) process, you will also need to provide a copy of your government-issued ID and proof of address. You may also be asked questions about your income and your level of expertise as an investor. The Bored Ape Yacht Club started in April 2021 and is comprised of thousands of individual ape NFTs. The concept gained popularity as celebrities such as Jimmy Fallon, Justin Bieber, and Paris Hilton invested enormous money in the Bored Ape NFTs.

The rise of decentralized exchange volumes on Solana, which recently surpassed Ethereum, highlights the platform’s growing dominance, and $APE is perfectly positioned to ride this wave of momentum. Solana’s cutting-edge technology provides the ideal ecosystem for $APE to achieve widespread adoption and potentially surpass other blockchain-based projects in market cap and global reach. 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. Alternatively, you could purchase ApeCoin on a decentralized exchange by swapping another cryptocurrency for it. As APE is an ERC-20 token, you could swap Ethereum-based stablecoins or ETH on a decentralized exchange like Uniswap for ApeCoin, for example.

Instead, it is a gamified metaverse platform where users can use their NFTs from other collections as playable avatars. 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 (BAYC) NFT collections. It also owns the IP of another two popular NFT projects, CryptoPunks and Meebits. ENS, or Ethereum Name Service, is a decentralized domain name system built on the Ethereum blockchain. Similar to NFTs, ENS domains offer ownership and functionality in a unique way.

While the company that launches blockchain tokens doesn’t directly affect its price, it does so indirectly. For example, Yuga Labs’ development of the Otherside platform increases ApeCoin’s utility value. Connect to over 15 major exchanges, enjoy a 7-day free trial, and leverage powerful tools like automation, smart orders, and portfolio management to navigate the dynamic crypto market with confidence. The future of NFTs is bright, and the opportunity to be a part of it is just a click away. In this game, players can purchase virtual lands, which are NFTs, giving them ownership and the potential to earn in-game currency. By engaging in battles on their land, players can earn resources and the cryptocurrency Mavia coin.

Further enhancing security, APEcoin.dev incorporates encryption and privacy features to protect user data and transactions. Somnium Space is a virtual reality application built on the Ethereum blockchain that allows you to create, experience, and trade digital worlds and NFT assets. You can buy or sell APE on various centralized exchanges (CEXs) and decentralized exchanges (DEXs).

If the signature is valid, the server can trust the details embedded into the JWT such as the user ID and expiration date. After the shop eventually closes after December 2025, any unused League Tokens will be converted into a different type of in-game currency. The Overwatch League has since transitioned into the new Overwatch Champions Series, and the cosmetics and League Tokens that were used to purchase them are being phased out.