What is ApeCoin?
Launched on March 17, 2022, the ApeCoin (APE) is a cryptocurrency built on the Ethereum network (erc20), primarily minted for the Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFT holders.
All the major crypto exchanges promptly listed the APE for trading; some are big names like Coinbase, Binance, Kraken, Coinex, FTX, Gemini, OKX, and Huobi cause the characters behind the creation of this token own 5 of the top NFTs of the blockchain today.
BAYC, MAYC, and their companion Bored Ape Kennel Club (BAKC) are 3 NFTs among the top-selling NFTs created by the Yuga Labs LLC back in April last year. Yuga Labs also acquired the famous CryptoPunks and the Meebits NFTs.
Since its launch, the holders of the BAYC NFTs have gotten more than 145000% returns up-to-date, and this success is why the exchanges didn’t wait long to get the ApeCoin listed on their platforms.
The Ape Foundation and the DAO
Yuga Labs LLC is not claiming the ownership of the ApeCoins; APE is said to be launched by a Decentralized Autonomous Organisation (DAO). Most of the ApeCoin that have either been airdropped or are to be airdropped go to the holders of the BAYC, MAYC, BAKC NFTs.
People associated with Yuga Labs LLC and the board members of the ApeCoin DAO, who are also holders of the Yuga Lab, created NFTs. The Ape Foundation was presented with a 1 / 1 NFT by the Yuga Labs earlier that can be seen on their website ApeCoin.com.
A subcommittee serves as the DAO’s governing board five members: Amy Wu from FTX venture capitals, Yat Siu from Animoca Brands; Alexis Ohanian, Reddit co-founder; Maaria Bajwa from Sound Ventures and Dean Steinbeck from Horizon Labs.
Ape holders are said to govern themselves with the help of the decentralized governance framework controlling the DAO, and they can vote to elect the future board members.
How the funds should be used, accounts management, and getting access to merchandise, games, services, and events exclusively available for the APE holders. And they can trade their ApeCoins in the crypto exchanges as well.
The token will be the primary mode of access to any future products and services that Yuga Labs develop, and this includes metaverse play-to-earn (P2E) blockchain games Benji Bananas which also owns nWay.
Celebrities like Justin Bieber, Snoop Dogg, Madonna, Eminem, and Post Malone already own the BoredApe NFTs and have a right to a proportion of the ApeCoins.
The Distribution of the APE
According to the official website, ApeCoin.com, there are 1,000,000,000 ApeCoins minted. However, the contract has no provisions for minting more or burning the tokens, which means the supply will always be fixed at 1 billion ApeCoins.
- 62% – ecosystem funds: BoredApe, MutantApe NFT holders.
- 150,000,000 APE to BAYC/MAYC and the whole amount was unlocked at launch.
- 470,000,000 tokens to DAO treasury and resources.
- 117,500,000 unlocked at launch, then 7,343,750 APE unlocked monthly for 48 months
- 16% – Yuga Labs + Charity (6.25% of Yuga Lab’s APE holdings also go to charity)
- 150,000,000 APE locked for 12 months and unlocks at 4,166,666.67 APE monthly for 36 months
- 10,000,000 APE or equal value donated to the Jane Goodall Legacy Foundation to be used for research, conservation, and preservation of chimp habitats, conservation science, etc. These tokens will be locked for 12 months, and 277,777.78 tokens will be unlocked monthly for 36 months.
- 14% – Launch contributors
- 140,000,000 tokens unlocking at different time intervals: 10,000 APE upfront, 25,000,000 after 6 months, 25,000,000 after 18 months. Initial lock up for 12 months and then 757,575.76 unlocked monthly for 33 months. Initial lock up for 12 months and then 833,333.33 unlocks monthly for 36 months
- 8% – BAYC Founders
Allocation of APE tokens per BAYC, MAYC NFT or NFT pair:
BoredApeYachtClub (BAYC) – 10,094 APE MutantApeYachtClub (MAYC )- 2,042 APE BoredApeKennelClub (BAKC) – 0 BAYC+BAKC – 10,950 MAYC+BAKC – 2,898
Since its release, the APE has become the most traded coin by the Ethereum whales and has risen significantly [90%] in value, currently trading around $14. Until now, 14,995 addresses have claimed the airdrop out of the 15,482 BAYC, MAYC, and BAKC NFT holders (96.94%).
Traders and the holders are very optimistic that the APE will be a success as the NFTs of the Yuga Labs and the Ape Foundation has plans of diversifying the utilization of the APE in the near future through games and events and the Metaverse Web3 project.