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ApeCoin https://www.xcritical.com/ (APE) is the native cryptocurrency token for the Bored Ape and Mutant Ape ecosystem. However, the use of ApeCoin is not limited to projects developed by Yuga Labs. Animoca Brands’ Benji Bananas is a play-to-earn (P2E) game in which players can realize their gains in the form of ApeCoin.
- No one would have ever imagined that the cryptocurrency ApeCoin would become an integral aspect of BAYC NFTs.
- Scores are based on common sense Formulas that we personally use to analyse crypto coins & tokens.
- This mainly owes to the fact that in 2021, there was huge celebrity interest in Bored Apes, with mega-wealthy personalities such as Paris Hilton, Eminem and even investment gurus like Adam Draper and Mark Cuban.
- So investors may think a cryptocurrency with the same tag must be valuable.
- However, when you buy crypto from a centralized exchange, you are forfeiting the custody of your private keys.
ApeCoin Staking and Price Analysis
The illegality raises concerns about its regulation and protection. Holders of ApeCoin can employ the token for services and transactions without any interference from the centralized authority. Yuga Labs, the company behind BAYC NFT, presented a special one-of-one NFT to what is coin ape ApeCoin DAO. It is responsible for project management, record keeping, coordinating DAO actions, and other day-to-day activities. ApeCoin is a product of ApeCoin Decentralized Autonomous Organization (DAO). The Ape Foundation oversees the growth and development of the same.
What will the charitable donation to the Jane Goodall Legacy Foundation be used for?
Verify that all the order details are correct and confirm the transaction. As soon as your order is filled, you will receive the APE tokens on your exchange account. So, in addition to the ApeCoin protocol (the code behind ApeCoin tokens), there’s the ApeCoin DAO, the Ape Foundation and the ApeCoin DAO board.
What is ApeCoin? How to Start Aping
Discover what’s fueling the rise of cryptocurrency fundraising and how your nonprofit can build a successful crypto fundraising program. Choose from thousands of nonprofits you can support with crypto, stock and more. The NFT market is evolving rapidly, and the Bored Ape Yacht Club is no exception. Currently, the floor price of the Bored Ape Yacht Club may be down, but analysts stress the importance of understanding the value of specific NFTs within the collection. Factors such as floor price and the price of Ethereum are crucial in determining NFT value. Let’s take a look at the requirements to open an account on a crypto exchange.
How Does ApeCoin (APE) Token Work?
ApeCoin DAO stands to offer decentralized governance for the ecosystem. It streamlines transparent decision-making regarding governance rules, fund allocations, and partnerships. After long waits by the BAYC fanatics, on 17th March, ApeCoin announced its arrival through Twitter.
One example of a project already using it is Benji Bananas, a game developed by Animoca Brands. Acquiring a Benji Bananas Membership Pass allows the user to swap in-game tokens into ApeCoin. ApeCoin (APE) is a cryptocurrency based on the Ethereum blockchain. The platform aims to provide a fun and playful approach to cryptocurrency while enticing investors with its unique and appealing depiction of an ape. Since the establishment of the ApeCoin DAO in April 2021, APE has seen its fair share of price fluctuations.
Spend your APE or more than a dozen other cryptocurrencies as easily as cash. The BitPay Wallet is a non-custodial crypto wallet meaning you, and only you, control your ApeCoin. In April 2022, Yuga Labs started minting virtual land in its metaverse project Otherside. The sale went viral, and helped raise $320 million within just 45 minutes. APE is poised to be deeply integrated with Yuga Labs’ metaverse project, Otherside, where it could be used for any transaction within the environment. If Otherside eventually incorporates a P2E mechanic, APE could be given as rewards to players.
As mentioned above, ApeCoin holders are granted governance, meaning as a holder you are entitled voting rights on projects, partnerships, applications, and beyond. It’s a decentralised token that can be used for payments and transaction within Web3 apps. In short, these are simply tokens that are used on the Ethereum blockchain and act as assets that facilitate the various utilities and functions on the network.
30.25% were released into circulation for the community to engage with. ApeCoin’s primary use is as a governance and utility token within the APE ecosystem. It allows holders to participate in DAO governance votes while also offering access to members-only features of the ecosystem like games, events and other services. Almost every major centralized crypto exchange listed the token immediately after launch. This was an accomplishment in and of itself, given the notoriously finicky nature of major players like Coinbase (COIN). It facilitates the growth and development of the APE ecosystem in a fair and inclusive way.
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. ApeCoin will be distributed among four main groups, as detailed in the chartbelow. Wallets holding tokens alloted to the DAO treasury and resources can beviewed here.
One of the biggest highlights of ApeCoin points to how it achieved a massive market capitalization of around $2 billion. Considering the overall strength of ApeCoins dropped in the market, the average value of one $APE is around $13.37. Another important highlight in discussions about ApeCoin crypto would refer to the limitations on the total token supply to one billion. Interested investors must remember that the overall token supply of ApeCoin features certain distinct categories. As of now, ApeCoin APE has distributed around 150,000,000 tokens among the BAYC NFT holders.
Its primary use case is as a governance token, allowing APE holders to vote on various community proposals. ApeCoin serves as a decentralized protocol layer specifically designed for community driven initiatives, with the main goal to deliver power to the community of APE holders. As a governance and utility token, ApeCoin serves multiple purposes in the APE ecosystem. ApeCoin grants token holders the ability to participate in the governance of the DAO and provides them access to exclusive features of the ecosystem, including games, events, merchandise, and services. ApeCoin DAO is a decentralized autonomous organization (DAO) for all APE token holders to participate in governance decisions.
Within the Ape Foundation is an administrative council known as the «Board» which is responsible for implementing the decisions made by the ApeCoin DAO members. This Board is voted in by the ApeCoin DAO members on an annual basis and is not controlled by Yuga Labs. Despite a steep drop in value after the Terra-induced crypto crash in May 2022, APE was still the 32nd highest ranked crypto in terms of market capitalisation in the same month. Though it is unclear as to how the structure will look like, power distribution DAO is usually directly correlated to the number of ApeCoin a member holds.
Get started with BLOX and buy your favourite coins easily and quickly. Select the option that best serves your crypto, stock and DAF fundraising goals. To check ApeCoin’s price live in the fiat currency of your choice, you can use Crypto.com’s converter feature in the top-right corner of this page. Deposit crypto to our exchange and trade with deep liquidity and low fees. Sign up for an account in minutes to buy crypto using credit card or bank transfer. Before you rush into buying ApeCoin, it’s vital to understand its unique features, potential risks and long-term prospects.
However, BAYC has dislodged them from the top spots held for many years, at least, in terms of market capitalisation. Yuga Labs has indicated that its current focus will be to use APE in the popular play to earn (P2E) model type games that it will help develop in partnership with Animoca Brands, a developer of mobile P2E games. In addition to governance, ApeCoin has also been designed for utility where the token can be used for transactions and payments within Web3 applications. The purpose of the ApeCoin DAO is to facilitate and support the community-led proposals and ideas to become a reality for the holders.
After an initial surge in value, the token has experienced a drop in price, leaving many investors wondering if APE will rebound anytime soon. Many in the BAYC community remain optimistic about the token’s long-term potential. As the Bored Ape Yacht Club continues to grow and expand, new developments and partnerships could drive increased demand for APE, potentially leading to a price increase in the future. Alternatively, 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.
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