OPNXs $30 million Hodlnaut bid spurned due to illiquid token

The ApeCoin ecosystem comprises the community of APE users and the various services that use the token. Yuga Labs is a well-known brand in NFTs and digital collectibles and participates in the ApeCoin DAO community. The Bored Ape Yacht Club (BAYC) is a collection of 10,000 digital collectibles that feature cartoon apes created using an algorithm. 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.

How is the APE token used

ApeCoin is designed to be used in web3 and metaverse projects, but perhaps the most notable one (which came soon after ApeCoin’s release) was the release of Otherside land NFTs. It is an NFT basket of up to 20,000 mutated versions of the BAYC Apes. Investors have divided opinions on ApeCoin cryptocurrency; some support it fully but others expect its bubble to burst. ApeCoin holders get  to decide what direction the ecosystem will develop in and can vote on how ApeCoin DAO funds will be distributed. The ApeCoin Foundation has a board that oversees the community and carries out DAO proposals. The board is meant to serve a term of six months and is voted in by DAO members.

They feature bored-looking apes that could be customized down to the tiniest detail based on the buyer’s taste. These seemingly-ordinary looking artworks attracted extraordinary attention. Some of them even sold for hundreds of thousands of dollars with a customer list, including Justin Bieber, Eminem, Jimmy Fallon, etc. One of the governance and utility tokens that serve the Bored Ape Yacht Club and related communities is ApeCoin (APE). The ecosystem fund of APE tokens will be used to make developments in the project, as voted for by the community of APE holders.

Ape Coin Price Prediction: 2023 to 2032 [Up To $218?]

The DAO considers proposals from the community, and token holders can vote on those ideas. Separately, the APE Foundation oversees the day-to-day functioning of the project. In other words, the foundation forms the legal backbone for ApeCoin DAO.

The NFT sale took place on OpenSea and raised more than $320 million. At the time of writing, ApeCoin (APE) has a circulating supply of 292,187,500.00 APE. There is an exponential amount to learn about multiple sectors, functionality, tokenomics and more – therefore individuals should thoroughly educate themselves before investing. During the sale, otherdeeds were sold which are essentially pieces of virtual land in the Otherside metaverse. More than $320 million otherdeeds’ NFTs were sold and the sale ended up crashing Ethereum and making it virtually unusable.

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. Meanwhile, although BAYC creator Yuga Labs doesn’t control ApeCoin, its founders did receive a significant portion of the total supply of APE and the company is listed as a contributor to the project. Holding APE makes users part of the Ape decentralized autonomous organization (ApeDAO), enabling them to vote on system improvement proposals and govern the community surrounding the token. On 30 April 2022 OpenSea announced that it would start accepting the APE cryptocurrency for NFT purchases on its platform.

Where to buy ApeCoin?

The Ape Foundation is essentially the bedrock upon which ApeCoin holders and ApeCoin DAO members can continue to grow. The primary aim of the Foundation is to promote the equitable development of the APE ecosystem. Furthermore, ApeCoin will facilitate web3 in the APE network, allowing creators to sell their digital artworks and various industries, including games, entertainment, and events. To some extent, Yuga Labs’ BAYC project inspired the decentralized ApeCoin idea.

How is the APE token used

APE provides various financial services, such as yield farming, staking, decentralized exchange (DEX) services, and liquidity provision. The ecosystem of APE offers a decentralized, community-driven platform for cryptocurrency asset trading and liquidity provision. The APE token, which allows token holders to vote on proposals and protocol changes, serves as the platform’s governance token. ApeCoin aims to fuel the https://www.xcritical.in/ growth of a decentralized web 3.0 community through governance, access, incentivization, and spending. Token holders can join the ApeCoin DAO to vote on community decisions, enjoy exclusive perks like special items and events, and use the coin as a utility token for various services. The ecosystem also encourages third-party developers to integrate ApeCoin into their projects, enhancing its utility and adoption.

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 bring the project to life. The final 8% tranche of ApeCoin (80 million tokens) was distributed to the quartet of founders behind Yuga Labs and BAYC. Of course, with BitPay’s recent support for the token, you can also buy ApeCoin (APE), store, swap and spend in the BitPay app. All BitPay merchants have the option to accept ApeCoin as payment, opening up thousands of new ways to use and spend the token.

It’s a decentralised token that can be used for payments and transaction within Web3 apps. With a market cap of almost USD $2 billion on its first day of trading, ApeCoin definitely took the spotlight in the crypto space in recent weeks. ApeCoin (APE) is the native cryptocurrency token for the Bored Ape and Mutant Ape ecosystem.

Apecoin (APE), the native cryptocurrency of the non-fungible token (NFT) collection Bored Ape Yacht Club (BAYC), became the biggest metaverse token by market capitalization shortly after it was released in 2022. It dethroned Decentraland’s coin (MANA), which was created in early 2020. In addition to network governance, APE can be used as a utility token—or currency—in web3 projects like games and metaverse worlds.

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Each shard can process transactions in parallel, making the ApeCoin network more scalable and efficient. It provides a much-needed solution for investing in NFTs and has a strong community behind it. With its roadmap and plans for the future, ApeCoin is one to watch out for. ApeCoin DAO will gradually evolve the proposal and vote procedures into a full, on-chain platform as selected by the community. Some of the largest exchanges, such as Binance, Coinbase, FTX, Huobi, KuCoin, Bybit, Kraken, and others, have already traded and listed APE.

  • The collection features 10,000 unique cartoon ape drawings, each with a distinct look and style, with ownership of each verified on the blockchain.
  • As mentioned earlier, ApeCoin is an ERC-20 governance and utility token utilized within the APE ecosystem to empower decentralized community building at the cutting edge of Web3.
  • As per the main announcements and the website of ApeCoin, the token can be used for payments and transactions.
  • With ApeSwap’s user-friendly interface, you’ll never have to worry about losing your crypto assets again.
  • There are a limited number of apes in the world, so the value of APEcoin should theoretically go up as the number of apes decreases.
  • APE Airdrops to holders of Bored Apes, Mutant Ape Yacht Club, and Bored Ape Kennel Club only account for 15% of the total supply but the remaining tokens are quickly being snatched up by retail investors around the globe.

They vote on how rules are enforced, how funds are allocated, what partnerships to pursue, and which projects to undertake. It is important to note that since apecoin is based on the Ethereum blockchain, is a token and not a coin. Launched in April 2021, Bored Ape Yacht Club (BAYC) features 10,000 unique Apes residing on the Ethereum blockchain.

The board will only serve for a duration of 6 months, at which point the Apecoin DAO members will decide who to appoint to the board. Currently, the APE foundation’s board members consist of what is apecoin the Reddit co-founder and members from other industry-leading companies. ApeCoin recently hosted the first sale of otherdeeds (virtual land sold as an NFT) for their Otherside metaverse.

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