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The long-awaited token of the Bored Ape Yacht Club ecosystem, ApeCoin has just been announced by Yuga Labs. An airdrop is planned for holders and the token will be listed on all major exchanges (Binance, Coinbase, FTX, Kraken, Gemini, etc.).
As roadmap pitch leaks surfaced on social media, the team behind Bored Ape Yacht Club, the most popular NFT ecosystem, reassured their members that the mystery remained.
It didn’t take more than 24 hours to get the real official announcements from Yuga Labs, Bored Ape Yacht Club, as well as market-leading crypto exchanges like Binance, Kraken and FTX.
The $APE token called ApeCoin has indeed become a reality, accompanied by a complex DAO and an interesting Airdrop system, let’s go over the important details.
- ApeCoin: a fully Web 3 economy
- Here are the official links to the Ape Coin project:
- What uses for Bored Ape’s ApeCoin?
- Airdrop and ApeCoin $APE details
- A Play to Earn Bored Ape Yacht Club powered by ApeCoin
- First conclusions on ApeCoin
ApeCoin: a Fully Web 3 Economy
The Ape Foundation and the DAO
An entity called The Ape Foundation comes into existence as custodian of the token and supporter for the holder-controlled DAO.
This Decentralized Autonomous Organization will therefore be in the hands of the holders of the $APE token in order to decentralize the entire token ecosystem. The members of the DAO (the holders) will make the crucial decisions around the allocation of funds, the rules of governance, partnerships, and new projects, and much more.
To facilitate the birth of this organization, the Ape Foundation comes into play to help with the administration of the decisions of the DAO, the accounts. Its role is to ensure that the organization, its ideas, and its decisions are implemented and supported correctly. It intends to become decentralized in the future and leave total control to the community.
The foundation employs the Ecosystem Fund, and uses a multisignature wallet to pay for its expenses as directed by the DAO and provides an infrastructure for ApeCoin holders to collaborate through open governance processes.
A board has also been set up with 5 members whose mission is to oversee the directors of the Foundation. According to the rules approved by the DAO, the board meets to examine the various proposals as well as the decisions of the members of the foundation.
The board will remain unchanged for a period of 6 months, after which the DAO will vote to elect new members each year.
The governance token of the Bored Ape Yacht Club as well as the Mutant Ape Yacht Club, the Ape Coin will be listed on the most important crypto exchanges, such as Binance, Coinbase, FTX, Kraken. However, be very careful because many scams have already appeared.
Here are the Official Links to the Ape Coin Project:
- The official website of Ape Coin is apecoin.com
- The official list of exchanges that have listed Ape Coin (the crypto of BAYC and MAYC)
- The Ape Coin twitter account
Yuga Labs and BAYC seem to deliver on their promise of decentralization and aim to give full decision-making powers to the community of token holders. It is interesting to note that the board is made up of 5 recognized members of the Web 3 universe:
- Alexis Ohanian: co-founder of Reddit and 776
- Amy Wu: Head of Investments and Games at FTX
- Maaria Bajwa: director of Sound Ventures
- Yat Siu: co-founder of Animoca Brands
- Dean Steinbeck : President of Horizen Labs
The DAO received as a gift an NFT (shown below) 1/1 (unique) created by Yuga Labs. It is the ApeCoin logo (a blue version of the BAYC logo) which also gives the full intellectual property rights of the logo to the decentralized organization. The organization is free to use this derived logo.
Uses for Bored Ape’s ApeCoin
In addition to representing a liquid gateway to investing in the Bored Ape Yacht Club ecosystem, the $APE token has several functions.
It is the governance token of the ecosystem, allowing $APE holders to participate in the DAO of ApeCoin under the ratio 1 $APE = 1 vote.
It will also allow access to certain exclusive advantages of the ecosystem, such as games (a Play to Earn is announced), derivative products (merch), events, and exclusive services.
The ApeCoin can also be used by inventive developers wishing to create original games, services, or projects by incorporating the Bored Ape ecosystem. Respected member Jenkins The Valet already hints at the use of the token in his Proprietary Rights Usage Project.
The First Proposals of the ApeCoin DAO
On the DAO ApeCoin forum, 5 proposals are visible for the moment. The first 3 concern the operation of the DAO, votes and the allocation of the budget for the first year of the organization.
Proposals 4 and 5 are particularly interesting. They come directly from the development studio and investor of the token: Animoca Brands. The latter offers a staking system including the $APE token as well as the various NFTs of the Bored Ape Yacht Club ecosystem. The proposal targets 17.5% of the total token allocation spread over 3 years in the staking liquidity pool.
The DAO will then make the necessary decisions regarding the budget allocated to the implementation of the staking, the liquidity pool as well as the main details.
You can find the different proposals on the ApeCoin forum HERE.
Airdrop and ApeCoin $APE Details
First of all, it should be noted that this token is an ERC-20 token limited to one billion tokens.
62% of this total is distributed in the ecosystem with, first of all, a distribution in the form of an airdrop: the owners of NFTs in the Bored Ape ecosystem will be able to claim 15% of the total supply from the first day, i.e. the March 17 at 1:30 p.m. (Paris time) and for 90 days.
117,500,000 tokens are released for the DAO and the cash at the same time, as well as just over 7 million tokens per month for 4 years.
The rest of the tokens are shared between the founders and the various investors with a smooth release over 36 months. 10 million tokens will also be donated to the Jane Goodall Legacy Foundation.
The token can be traded on the main crypto exchanges: Binance, Coinbase, FTX, Kraken, Gemini, and others already boast of immediately listing ApeCoin on their platform.
A Play to Earn Bored Ape Yacht Club Powered by ApeCoin
Shortly after the sensational announcement of ApeCoin, the decentralized NFT exchange nWay tweeted about the use of the token in a Play to Earn game currently in development. Bored Ape Yacht Club released an image to tease the arrival of the game.
Animoca Brands, the video game development studio is also working with Yuga Labs on a game, probably Play to Earn, but it is currently impossible to say if the two announcements are related.
The studio has for the moment simply announced that it will integrate the $APE token into its Play to Earn Benji Bananas game.
First Conclusions on ApeCoin
Quite possibly the most anticipated Web 3 token this year, ApeCoin was officially released by surprise only a few hours ago, but the announcements seem to be raining from all sides: major exchanges, NFT marketplaces, development studios, and projects of all kinds…
Expectations are obviously high for the NFT collection of 10,000 avatars that has become a real Web 3 brand, often compared to Marvel, Nike, or Disney. But the team seems to be working tirelessly to keep their club members happy.
Play to Earn, DAO, staking, Metaverse, plots of land and derivatives, Yuga Labs has many surprises in store for the year 2022.
Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of EGG Finance. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.