What Is Apecoin And Who Is Behind It?
ApeCoin, although minted very recently, is already the #46th cryptocurrency by market cap. It commands a total market share of more than $3 billion at writing. The ApeCoin is an interesting example of introducing new forms of utility with NFT collections. No one would have ever imagined that the cryptocurrency ApeCoin would become an integral aspect of BAYC NFTs.
The cryptocurrency was created and launched by ApeCoin DAO, a decentralized autonomous organization dedicated to promoting the coin in the future years. Hosted on the Ethereum blockchain, ApeCoin is an ERC-20 token meant for governance and utility. Users can now choose between their favorite What is ApeCoin crypto exchanges to buy or sell ApeCoin. The most popular crypto exchange for ApeCoin in terms of trading volume is the Binance cryptocurrency exchange. ApeCoin is a governance and utility token that grants its holders access to the ApeCoin DAO, a decentralized community of Web3 builders.
If approved, Magic Eden will set up an exchange where ApeCoin owners can trade all ApeCoin DAO NFTs, including Bored Apes, Mutant Apes, Bored Kennels, and Otherdeeds. However, recent results indicate that the MagicEden concept is failing. Holders of the Bored Ape NFT lineup received the tokens via an airdrop following the launch in March. Measures have been taken by the ApeCoin Decentralized Autonomous Organization to create a decentralized NFT marketplace powered by APE. Some 22 percent of all tokens are earmarked at the outset for individual BAYC founders and early backers. Another 16 percent are for Yuga Labs ; and 15 percent went to the NFT holders.
How To Buy Ape On Binance?
Is ApeCoin a good investment” would suggest how the Ecosystem Fund features operations and management by a multi-sig wallet. At the same time, the APE Foundation also offers a suitable environment for ApeCoin owners to drive engagement through different open and permissionless governance apparatuses. ” would obviously draw the focus towards the different functionalities of ApeCoin.
Users can deposit these currencies using a simple bank transfer, credit or debit cards, third-party payments, etc. If you are new to cryptocurrencies and don’t have an account already, get started by creating an account on Binance using the Binance app on your mobile devices or the website on your desktop. You’ll only need to provide a valid email address and phone number to create an account on Binance, but you can only trade once you complete your KYC verification. To complete your KYC, you need to provide a government-issued identity document and a selfie. The verification process usually takes between a few minutes to hours.
That said, the only significant trading volume on any centralized exchange during the minutes of the airdrop was on Binance. In this article, we’re going to dive deep into ApeCoin , the primary unit of account and medium of exchange for Bored Ape Yacht Club members. Also, we’ll discuss one of the most groundbreaking NFT projects in existence.
In this proposal, the marketplace charge for ETH listings is set at 0.5%, while the fee for APE listings is set at only 0.25%. More value is being provided to the community, and a portion of the fees is being offered back to the people who created it. At the time of writing, the APE community had overwhelminglyvotedagainst it; only 34.54% of voters approved the proposal, while 65.46% opposed it. The four founders of the Yuga Labs received a collective 8% of all the realized coins, Yuga Labs itself as a company received 15% of the airdrop and the APE Coin DAO got 47% of all the released tokens. One day earlier, on March 17, 2022, APE’s first day of trading, the token soared to nearly $40 and then quickly shed 80% of its value, fluctuating between $6 and $8 for the rest of the day. During the past year, Bored Ape Yacht Club emerged as one of the best-known collections of non-fungible tokens .
You must also note that the ApeCoin pool has unlocked around 117,500,000 tokens at the launch. Now, the collection releases around 7,343,750 tokens every month over the course of the next 48 months. Essentially, the APE Ecosystem, which was born out of Bored Ape Yacht Club’s success, is made up of token holders and the apps and developers that utilize the token. Now of course, Yuga Labs, the creators of BAYC, is the most prominent member of the ecosystem. The APE Foundation announced on March 16, 2022, the launch of ApeCoin token.
Exploring Apecoin Ape
The Bored Ape community is growing continuously at a favorable rate. As of now, it is important to learn about the ways in which ApeCoin can deliver value to the decentralized web. The next crucial advantage you can notice with ApeCoin protocol would refer to the facility of incentives. It is a favorable platform enabling third-party developers to join the ecosystem. Developers can receive incentives for integration of APE in their new games, projects, or other services. The DAO treasury and resources would get a total of 470 million tokens from the total ApeCoin supply.
The Board consists of 5 members from the tech and crypto community, including Reddit co-founder Alexis Ohanian. As a decentralized Board, the initial Board members will serve for 6 months before APE holders vote for new Board members on an annual basis. Decentralized autonomous organization for all APE token holders to participate in governance decisions.
ApeCoin price pageApeCoin is the APE ecosystem’s ERC-20 governance and utility token. It allows the ApeCoin holders to become members of the ApeCoin DAO and participate in decision-making. A Decentralized Autonomous Organization in crypto is like a venture capital fund comprised of crypto enthusiasts and investors. It differs from a conventional venture fund in that it’s governed by computer codes or smart contracts to protect user autonomy and prevent centralization of power and control. The world has been undergoing a revolution, and the advent of blockchain technology and cryptocurrencies have been its harbingers.
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Crypto trading on Firstrade platforms is served by Firstrade Crypto LLC and offered through APEX Crypto. Crypto trading involves substantial risk of loss and there can be significant volatility in the price of cryptocurrencies. The value of cryptocurrencies may fluctuate, and, as a result, clients may lose more than their original https://xcritical.com/ investment. Crypto trading involves substantial risk of loss and is not suitable for every investor, please ensure that you fully understand the risks involved before trading. ApeCoin will be integrated into various play-to-earn games in the coming years. The Benji Pass is an NFT that allows users to receive special tokens.
However, the price of the token is ultimately up to Yuga Labs’ execution. The 2nd quarter of 2022 has been one of the worst times for crypto to date, with major tokens depreciating 30% to 50% in a short time period. Many are wondering if the markets will bottom out or if they will continue to slide. The Ethereum Merge didn’t turn the market around as many were expecting but it is still a massive upgrade to one of the most important pillars of the market.
You can expect more and more developments like this in the coming years. The ApeCoin is currently being used for several purposes in the ApeCoin ecosystem. As described earlier, the crypto coins are used for the Apecoin DAO. Holders can access special events here, vote on upcoming decisions, play games, and much more. For many, something beyond comprehension, but for many cryptocurrency experts, a versatile coin with great growth potential.
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Nothing in this article constitutes financial advice, and you should always do your own research before investing in cryptocurrency. Now, let’s learn how to buy ApeCoin on Binance and other cryptocurrency exchanges such as CoinBase, etc., to help you start buying ApeCoin right away. The smart contract governing the DAO states that there is no more minting capacity; hence the total number of APE tokens is capped at 1 billion. The tokens can’t be burnt to manipulate the price, so the token supply will neither increase nor decrease at any point in the future.
- Users can now deposit their BAYC and MAYC NFTs on the Crypto.com NFT Marketplace as our platform now supports NFTs that are minted and hosted on the Ethereum blockchain.
- The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV.
- The reader are hereby advised to consult their financial/ legal/ tax advisor before making any investment.
- Since its launch a host of Indian exchanges have also added the token to its list of tradeables including Giottus and CoinDCX.
- The foundation is indeed separate from Ape DAO, and runs its day-to-day operations such as project management and bookkeeping.
ApeCoin rebounded to over $15 after lows of $6.48 on its first day of trading. If the price holds, and traders outside the Bored Ape Yacht Club ecosystem start taking positions in APE, you can expect the use cases to, uh, evolve. It hinges on the idea that ApeCoin DAO is entirely independent from Yuga Labs. If Yuga Labs issued a token explicitly as a reward for Bored Ape holders, you could more easily make the argument that a Bored Ape is a kind of investment, and therefore subject to securities regulations. In the way that certain stocks pay dividends, part of the value of investment-style NFTs would be tied to the perks they could get you down the line.
Twitter has launched limited support for NFT profile pictures, Facebook has recently indicated plans to integrate NFTs into Instagram and Stripe just launched crypto support for NFTs. 16% will go to the Yuga Labs team (a portion of which equal to 1% of the total token supply will be donated to the Jane Goodall Foundation Legacy Foundation). Building up this economy will require some very particular legal maneuverings to ensure regulatory compliance.
Utility Of The Apecoin Token
However, its price is prone to dramatic fluctuations like many other cryptocurrencies, so as always it’s important to do your homework before investing. ApeCoin DAO members vote as a community on issues impacting the direction of the ecosystem’s growth, from how funds are allocated, how rules are enforced, what partnerships to pursue and which projects to undertake. Yuga Labs, the creator of the popular Bored Ape Yacht Club NFT collections, has also adopted APE as the primary token for all new products and services. This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described.
Therefore, ApeCoin holders are the voters on the DAO, for which the Foundation acts as a facilitator. ApeCoin was launched by Bored Ape Yacht Club to be utilised as the BAYC ecosystem’s main token, from commerce to games. Infrastructure for ApeCoin holders in the APE ecosystem is built, provided and maintained via the ApeCoin DAO. APE is an ERC20 utility token and the ecosystem’s primary token for all new services and products. While ERC-20 governance tokens are fairly common in the crypto space, ApeCoin is hoping to provide extra utility to its users through a couple of unique programs and incentives.
With more latest developments and planned partnerships in the BAYC ecosystem, the Apecoin coin has a solid chance to increase. When Yuga Labs debuted the Bored Ape and Mutant Ape NFT collections, they became the most popular NFT brand. Apecoin was founded by Yuga Labs to power the entire operation of their apps and services offered in order for them to be improved.
What Is The Ape Foundation
The Bored Ape Yacht Club NFT collection is reimagining modern art. Accordingly, ApeCoin aims to capitalize on this trend and provide a financial tool to help expand the community. In addition, the APE ecosystem offers a range of tools and services to assist NFT developers in creating exciting new offerings under the APE umbrella.
For example, Benji Bananas, a popular mobile video game created by Animoca Brands decided to integrate play-to-earn modularity in which players can earn in-game tokens that can be exchanged for ApeCoin. Although it is impossible to make an accurate ApeCoin price prediction over any period of time, there is considerable optimism among crypto experts regarding the potential of this crypto asset. A hike to $100 and beyond for the ApeCoin price would require a strong bullish sentiment in the crypto market to support investor interest and trading volume. As more decentralized Web 3 apps develop in the APE Ecosystem and start using ApeCoin as their native currency, the demand for the crypto could rise higher. This, in turn, could send the ApeCoin price, market cap, and 24-hour trading volume to new highs, making it an interesting cryptocurrency to invest in.
They are one of the most major success stories within the NFT world. ApeCoin was founded by Reddit co-founder Alexis Ohanina, Amy Wu, part of the FTX team and finally Yat Siu. Yat Siu is the co-founder of Anomica Brands, a gaming related company in the crypto industry. Meanwhile, Maaria Bajwa and Dean Steinbeck have also joined ApeCoin’s codre team.
What Is Ape ?
You need to provide a valid email address where a confirmation email will be sent. Once you’ve entered your basic information, you’ll need to complete your KYC and set up two-step verification to keep your account and assets safe. The verification process is fast, and then you can start buying cryptocurrency tokens on Coinbase. Binance offers a lot of trading pairs for ApeCoin, including APE/USDT, APE/BUSD, APE/BTC, APE/ EUR, APE/ETH, APE/BNB, APE/TRY, etc. Once you’ve successfully added funds to your Binance account, go to the spot trading option and buy the asset against which you wish to buy ApeCoin. Suppose we choose the APE/USDT trading pair with the highest trading volume globally.
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The Mosaic Score is an algorithm that measures the overall financial health and market potential of private companies. You need to complete your KYC, to buy APE on the CoinDCX platform. All you need to do is upload the documents and your account will be set up in 15 minutes.