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ApeCoin (APE)

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What is ApeCoin (APE)?

ApeCoin (APE) is the native token (ERC-20 standard) of the Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFT projects. The whole BAYC ecosystem is built to provide a series of NFTs minted on Ethereum blockchain. Developed by Yuga Labs, there are currently more than 10.000 images of Bored Apes, including celebrities as non-fungible tokens around the world. The BAYC guarantees that there are no exact two figures that look exactly alike. ApeCoins (APE) serve as the utility and governance tokens of the BAYC ecosystem. Differently from the Bored Apes NFTS that are created by Yuga Labs, the ApeCoins were launched by the ApeCoin DAO, a decentralized autonomous organization that will manage future fund allocations, governance rules partnerships and other protocol decisions. 

 

What makes it unique?

  • Officially launched in March 2022, the APE token was launched having the purpose to empower users in the Web3.0 environment and boost the decentralization of finance. Its max supply will be limited to 1 billion tokens (as of March 2022 approximately 28% of its max supply is circulating) distributed in four main groups: 

    • 62% for ecosystem fund

    • 16% for Yuga Labs + Charity 

    • 14% Launch Contributors

    • 8% BAYC Founders 

  • As a utility token, APEs will also provide access to some features of the BAYC that are locked for those who do not own APE tokens. Among them there are exclusive games, merchs, events and special services. 

  • APE’s developers will allow the use of the token for third-party game developers that will allow those games to be incorporated into the APE ecosystem. 

 

Finality 

ApeCoin comes with different purposes and different functionalities. As a utility token APEs can be used to make transactions without centralized intermediaries and have access to the whole content available such as exclusive games and services. As a governance token, APE owners will be allowed the right to vote (one APE equals one vote) on the ApeCoin DAO, the organization managed by its own community of token holders. The hub of the ApeCoin DAO is the APE foundation, the interface that will support every governance decision or vote on proposals - namely the Ape Improvement Proposal (AIP). The voting mechanism does not cost or implies gas or any other types of fees as the process occurs entirely on a Snapshot. 

 

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