ApeCoin (APE) is a utility and management label of the ERC-20 APE ecosystem. It also supports a decentralized APE community growing under Web 3.0. APE ApeCoin is managed by DAO and supported by the APE Foundation. APE token holders can vote for DAO management offers and access exclusive APE ecosystem features such as games, events and services. Yuga Labs, the maker of the popular NFT Bored Ape Yacht Club (BAYC) collection, has also adopted APE as a key brand for all new products and services.
The article was originally written and published at Binance Academy
The Bored Ape Yacht Club (BAYC) has become one of NFT’s most popular collections since its launch in April 2021. BAYC is known for having a lively and active fan community.
ApeCoin (APE) is a management and utility token for the APE ecosystem. This is a decentralized protocol layer that supports building the APE community in front of Web 3.0.
APE is an ERC-20 token with a total supply of 1 billion. It is managed and built by society. ApeCoin DAO is a decentralized organization that allows all APE owners to vote on token management decisions.
In addition, APE has been recognized by Yuga Labs as a key brand for all new products and services. Yuga Labs is the creator of the fashion NFT Bored Ape Yacht Club (BAYC) collection. It also owns the IPs of two other popular NFT projects, CryptoPunks and Meebits.
APE was developed for use in the developing APE ecosystem. ApeCoin is managed by DAO and supported by the APE Foundation.
ApeCoin DAO is a decentralized autonomous organization (DAO) that allows all APE token holders to participate in management decisions. They decide on the allocation of the Ecosystem Fund, establish management rules, projects, partnerships, etc. can choose. After DAO members vote on the proposals, the APE Foundation will continue to implement the decisions made by the community.
APE Foundation is the legal manager of DAO. It facilitates the growth and development of the APE ecosystem in a fair way that ensures that no one is left behind. The Foundation has a special board called the Board. Its mission is to ensure the vision of society. The council consists of five members of the Technology and Cryptocurrency Society, including Reddit co-founder Alexis Ohanyan. As it is a decentralized board of directors, the initial members will be in office for 6 months. After this period, APE owners will decide whether to change the members of the Board through an annual vote.
The APE ecosystem consists of the ApeCoin owners community, as well as all the products and services that use this coin.
Yuga Labs is a web3 company best known for creating the Bored Ape Yacht Club. The company will be a member of the ApeCoin DAO community and will accept APE as a key feature for new projects. After the launch of ApeCoin, NFT owners Bored Ape Yacht Club and Mutant Ape Yacht Club had the right to collect only 15% of ApeCoin’s supply (150 million tokens out of 1 billion tokens available in supply).
Let’s look at NFT collections related to the APE ecosystem.
Bored Monkey Yacht Club (BAYC)
Launched in April 2021, the Bored Ape Yacht Club (BAYC) is the first NFT collection in the APE ecosystem. It consists of 10,000 unique monkeys in the Ethereum blockchain. Each monkey has its own unique appearance, style and a certain level of rarity.
Mutant Ape Yacht Club (MAYC)
Mutant Ape Yacht Club (MAYC) is an NFT collection containing up to 20,000 mutant versions of the original BAYC Apes. Original NFT BAYC owners were offered 10,000 mutant serums that came in 3 levels and increased the rarity of symptoms. Thanks to different levels of serum, BAYC owners were able to create different types of mutant monkeys. Each BAYC can create only one mutant from one type of serum, and the serum itself disappears after use.
MAYC was also a way to invite more new members to the APE community. At that time, 10,000 mutant monkeys were released for sale immediately after the serum was released into the air.
Bored Monkey Club (BAKC)
The Bored Monkey Club (BAKC) is a dog NFT collection presented to each BAYC member. For each NFT Bored Ape owned, owners can “receive” a random Club Dog NFT for free by paying only the gas fee. Like monkeys, each of the 10,000 NFT BAKCs has different attributes and levels of rarity.
The ApeCoin token serves several purposes in the APE ecosystem. ApeCoin allows owners to participate in the DAO as a management badge. APE owners can also access exclusive ecosystem features, including games, gadgets, events and services.
APE is also a tool for foreign developers to participate in the ecosystem. They can include the miracle in their services, games and other projects as an incentive. For example, APE was developed by Animoca Brands as a stimulus for players of the mobile game Benji Bananas. Benji Bananas offers its members an NFT membership ticket (“Benji Pass”) that allows them to earn special tokens while playing Benji Bananas, and also allows them to exchange these tokens with ApeCoin.
You can buy ApeCoin (APE) on cryptocurrency exchanges like Binance.
1. Log in to your Binance account and go to the tab [Handel]. Select Classic or Advanced mode to get started.
2. Enter “APE” in the search bar to see a list of available trading pairs. We will use APE / BUSD as an example.
3. Go to the field [Spot] and enter the APE amount you want to receive. In this example, we will use the Market Order. Click here [Kup APE]to confirm the order and the purchased APEs will be transferred to your Spot Wallet.
As Yuga Labs sees ApeCoin as a key feature, the community expects to use it more in the future. For example, the staking function for APE HODLers to cooperate with passive income, more GameFi programs and even other IP NFTs owned by Yuga Labs.
