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The allocation is driven by the difference in floor price between each collection of NFTs to enable a fair launch of ApeCoin for BAYC and MAYC NFT holders. BAYC and MAYC both have a 90-day claim period.The unclaimed tokens will then be donated to the Ecosystem Fund. The coin will act as a decentralized protocol layer for community-led activities to advance culture in the metaverse, host events, create digital products and anything one can dream of. A new cryptocurrency has entered the space called ApeCoin by Yuga Labs (the originator of BAYC), which was launched on March 16, 2022. The coin had reached the heights 5 minutes into its debut trading day.

How is the APE token used

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. As discussed, APE token owners can partake in the governance of DAO. Holders can also access features such as events, games, merchandise, and other services. Token owners can cast votes on motions that affect how the platform evolves, such as the addition of new features or adjustments to the token distribution.

Bitcoin (BTC) price produced a lower low on August 28 on the weekly time frame. This move came after a sustained uptrend throughout 2023, which yielded 91.50% year-to-date returns. Only a small majority remains uncertain and are waiting for confirmation regardless of which side wins.

How is the APE token used

This encourages users to keep their APE tokens, which helps the platform maintain stability and experience long-term growth. ” would draw attention to the identity of ApeCoin as the utility token of the ecosystem. It serves as shared and open money, which you can employ without using any centralized intermediaries. Every member of the ecosystem can use ApeCoin, thereby signifying the unification of spend. Governance is another significant highlight in the discussions around ApeCoin and its potential. The APE Foundation serves as the steward of ApeCoin, as the legal entity.This administrative board oversees decisions made by the ApeCoin DAO.

How is the APE token used

APE has a circulating supply of 284,843,750 APE coins and a maximum supply of 1 billion APE coins. ApeCoin has a number of other advantages over traditional fiat currencies. For example, APE is not subject to inflation, as there are a fixed number of coins in circulation.

APE token holders make collective governance decisions, casting votes and deciding on issues such as fund allocation, rule framing, partnerships, project selection, and more. APE has several unique features, such as high-yield staking, decentralized governance, community-driven development, and regular events and feedback channels. It aims to create a decentralized and community-driven ecosystem that empowers users and provides high staking rewards. The multipurpose utility token known as APE is essential to the APE ecosystem. Users can participate in governance, stake their tokens for high returns, add liquidity to the ecosystem, and receive rewards. There is no burning mechanism, and APE has a fixed supply of 1 billion tokens.

  • 10,000 mutant serums have been airdropped to first BAYC NFT holders, having three levels of serums increasing the uniqueness of traits.
  • If Otherside eventually incorporates a P2E mechanic, APE could be given as rewards to players.
  • For instance, SaltWater Brewery will start taking ApeCoin as payment, opening the door for other businesses to do the same.
  • Still, the fact remains that there is just not enough information to know if this would be a good long-term investment.

However, the latest news surrounding this project is pushing this collection, as well as its new token, to far greater heights. Before we look more into the ApeCoin (APE) and its utility and news, let´s first explore a bit the Bored Apes Yacht Club. This unique NFT collection consists of 10,000 different pieces of digital pictures of Bored Apes and is probably the most famous representation of the NFT trend. The introduction of ApeCoin sparked a lot of interest in the crypto space and has increased by 17.42 percent since then. With a live market cap of $3,750,250,226 USD, CoinMarketCap now ranks it at #35. It is responsible for day-to-day administration, bookkeeping, project management, and other duties that ensure the ApeCoin DAO community’s ideas get the support they need to manifest into reality.

With ApeCoin set to be integrated with the upcoming metaverse Otherside, which could make it a high-in-demand metaverse coin this year. This will make ApeCoin a transaction token on metaverse marketplaces. If the Metaverse incorporates P2E elements, it might also be used for rewarding players. As an NFT basket of up to 20,000 mutated versions of the BAYC Apes, the MAYC helps onboard new members to the Ape community.

Instead, it is a gamified metaverse platform where users can use their NFTs from other collections as playable avatars. It’s intended to serve as a decentralized what is apecoin token for various community-led initiatives. It is planned to grow even more decentralized over time and supports community-led governance.

The MAYC was also a means to welcome more new members to the APE community. This is why 10,000 mutant Apes were also minted for a public sale in August 2021 following the mutant serum airdrop. It https://www.xcritical.in/ is governed by the ApeCoin DAO and supported by the APE Foundation. Rahul Nambiampurath started his career as an accountant but has now transitioned into working full-time in the tech space.

In other words, the foundation forms the legal backbone for ApeCoin DAO. APE is a governance token, allowing token owners to vote on proposals and protocol modifications, and as a rewards token for liquidity providers. Users who supply the exchange with liquidity are rewarded with a portion of the trading fees in the form of APE tokens. The ecosystem fund of APE tokens will be used to make developments in the project, as voted for by the community of APE holders. The APE Foundation has also made it clear that it will be supporting the growth of the APE token and the expansion of its utility in the world.

Launched by the Bored Ape Yacht Club development team, ApeCoin will play a prominent role in metaverse environments. It is available on almost all reputable exchanges, including Binance, OKX, Bybit, and FTX. Comparatively, DigitalCoinPrice echoed a bullish ApeCoin crypto price forecast, predicting that the token’s value will grow over the next few years. Even more, the website showed APE could end this year at $16.23 and reach $25.30 by 2025. Before Jun. 15, 2022, both BAYC and MAYC have a 90-day claim period.

The utility part refers to using APE coins for whatever utility new projects demand. For example, ApeCoin will be used for a play-to-earn mobile game, Benji Bananas, owned by nWay. The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk – this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.