There is no part of the protocol that can burn APE tokens, keeping supply the same. ApeCoin holders govern themselves through the ApeCoin DAO’s decentralized governance framework and vote on how the ApeCoin DAO Ecosystem Fund must be utilized. The APE Foundation is in charge of implementing proposals consented to by ApeCoin holders. what is apecoin NFT’s of mentioned Bored Ape Yacht Club are also favourited by some celebrities. Eminem, Paris Hilton and other have already invested hundreds of thousands of dollars in them. Besides all that, there has been a lot of talks lately about the Yuga Labs’ pending metaverse project launch.

• The token’s market capitalization reached over $15 billion at its peak in April 2022.
• Similarly, the contract interface does not expose any tokenburning capability, so the total supply will never decrease.
• Bored Ape Yacht Club is the first NFT series in the ecosystem, consisting of 10,000 unique digital avatars featuring colorful cartoon apes.
• APE is the result of the success of Yuga Labs, famous for generating the Bored Ape Yacht Club NFT series.

How Is the ApeCoin Network Secured?

No mintingcapability is exposed through the contract interface, thus the total supply willnever increase. Similarly, the contract interface does not expose any tokenburning capability, so the total supply will never decrease. ApeCoin DAO exists because decentralized governance is critical to building andmanaging a globally dispersed community—and therefore critical to the success ofthe APE ecosystem. The next 16% (160 million tokens) was distributed to Yuga Labs itself (150 million tokens) and 10 million tokens (or equal value) went to the Jane Goodall Legacy Foundation. The entirety of the next 14% (140 million tokens) were paid out to various launch contributors for helping https://www.xcritical.com/ bring the project to life.

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As an ERC-20 token, the Apecoin network is secured and ApeCoin is fully compatible with the Ethereum ecosystem and can be stored in any wallet that supports ERC-20 tokens. ApeCoin is managed by a decentralized autonomous organization, or DAO, and serves as the APE ecosystem’s governance and utility token. Any person in possession of the coin is qualified to vote on the pertinent governance decisions. At present, ApeCoin is ranked 125th in cryptocurrencies by market capitalization. This significant growth was predominantly driven by speculation that the “Otherside” metaverse land sale would be conducted in APE.

It is being integrated into the Otherside Metaverse

Then, when you have verified your identity, select the APE or any other tokens you want to purchase from the home screen. At Zengo, we love automation and technology but not for our helpdesk. Find live support agents directly in the app, whenever you need them. Zengo makes it simple and secure to buy, sell, send, or trade APE in just a couple of taps. No minimums, maximums, or hidden fees, Zengo keeps you in control while making trading simple.

Will there be a chance for other individuals to join the Board?

We make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up-to-date. 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. In April 2022, Yuga Labs started minting virtual land in their Otherside metaverse, using ApeCoin for payment. ApeCoin is used to facilitate all transactions taking place in this virtual world. Get started with BLOX and buy your favourite coins easily and quickly.

Does the Foundation control ApeCoin and/or the ApeCoin DAO? If not, what role do they play?

Yuga Labs, well-known for founding the Bored Ape Yacht Club, actively participates in the ApeCoin DAO community. ApeCoin is a Web3 coin that is functionally identical to all other coins. Since ApeCoin is a widely used ERC-20 token, it is recognized and accepted by most merchants.

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The crypto market is always evolving, but there is no need to waste hours of your time trying to keep up with trends. With Zengo, it’s easy to access vital data about your coins, view APE’s performance, and execute trades with ease. ApeCoin (APE) is an ERC-20 token that acts as the governance token for ApeCoin DAO, a decentralized autonomous organization run by the community of APE holders. APE is the result of the success of Yuga Labs, famous for generating the Bored Ape Yacht Club NFT series. ApeCoin also grants access to parts of the Ecosystem that would otherwise be unavailable, such as exclusive games and services. ApeCoin is a tool for third-party developers to take part in the ecosystem by integrating ApeCoin into games, services and other projects.

Because ApeCoin was launched by an active and vibrant online community like the Bored Ape Yacht Club, it immediately attracted a steady stream of adopters. People who enjoy gaming, the arts, and other forms of entertainment are more likely to use this cryptocurrency, so its long-term viability is promising. Owners of the Bored Ape Yacht Club and Mutant Ape Yacht Club received ApeCoin first via a claimable airdrop. More than 90% of all eligible addresses reportedly claimed the ApeCoin airdrop within the first two weeks after launch, as claimed by Dune Analytics.

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Third-party developers can use APE to participate in the APE ecosystem. They can use the token as a reward in their services, games, and other ventures. APE, for example, is used as an incentive for players in Animoca Brands’ Benji Bananas, a play-to-earn smartphone game. Benji Bananas offers a Membership Pass (‘Benji Pass’), an NFT that allows owners to earn unique tokens while playing Benji Bananas and then exchange those tokens for ApeCoin. Besides BAYC, another prominent project in the ecosystem is the Otherside metaverse, developed by Yuga Labs, Improbable and Animoca Brands. Otherside, like other metaverse project Decentraland, will be a platform on which developers can create various games and experiences.

The APE Foundation serves as the steward of ApeCoin, as the legal entity.This administrative board oversees decisions made by the ApeCoin DAO. Further to the points discussed, ApeCoin doesn’t stop in the digital realm. This token-gated game gave you the chance to buy boosters with $APE. Yuga Labs is led by CEO Nicole Muniz, who is a former partner at advertising company B-Reel and founder of her own boutique consulting agency.

ApeCoin’s ride in the crypto space has been a mix of big wins and tough challenges. How the community handles these bumps will be key in deciding where APE goes from here. There’s a hard cap of 1 billion ApeCoins, and the community has the reins. The ApeCoin DAO makes sure everyone with APE gets a say in what happens next.

With its staking rewards and active community, it’s set up for growth and long-term value. One of the biggest hiccups happened during its launch, which saw BAYC NFT prices nosedive in July 2023. Just find Zengo in the App Store or Google Play and follow the steps to set up your wallet.

A further 15% was distributed to Yuga Labs, and 14% was reserved for investors and contributors to the project. The four founders of Yuga Labs and the BAYC were given 8% of all APE tokens. Finally, 1% was donated to the Jane Goodall Legacy Foundation to aid in its efforts to promote conservation, educational programs, and research of environmental initiatives. This is assured in perpetuity by the Ethereum-based smart contract responsible for the cryptocurrency’s creation, which does not allow for minting (creating) or burning (destroying) of tokens. Buy, sell, store and trade APE from the secure location of your Tap app. ApeCoin is an ERC-20 utility and governance token used within the APE ecosystem.

The most important piece of the APE ecosystem is an organization called APE DAO, whose governance token is ApeCoin. Decentralized Autonomous organization (DAO) refers to a decentralized autonomous organization where cryptocurrency gives the right to vote in the organization’s decisions. The APE Foundation is responsible for the practical work of APE DAO, whose main task is to implement the decisions made by APE DAO in practice. One potential factor to consider when deciding whether to buy ApeCoin is its unique features and use cases. ApeCoin has a strong focus on community and building a robust ecosystem for developers and users. Its Proof-of-Stake consensus algorithm and NFT marketplace are among its notable features.