ApeCoin (APE) Research

ApeCoin (APE) Research Details

ApeCoin (APE) ApeCoin

INTRODUCTION

ApeCoin is an ERC-governance and utility token utilized within the APE Ecosystem to enable and promote community-wide distribution across the web3. It uses the Ethereum blockchain.

The owners of ApeCoin govern themselves through a separate management framework to control the ApeCoin DAO and vote on how the ApeCoin DAO Ecosystem Fund should be used. The APE Foundation manages the proposals agreed upon by ApeCoin owners.

Unlike NFTs, which are “set” like Bitcoin (BTC), all ApeCoins must have the same price as Apecoins and can be freely bought and sold as known by their exchange rates, a sort of digital trading post for cryptocurrency.


HISTORY AND FOUNDERS

ApeCoin was introduced by ApeCoin DAO, a new governing body of which all APE owners are members. It is designed to include suggestions from the public, where token holders can vote.

The first board consists of five top crypto investors: Reddit founder Alexis Ohanian; Amy Wu, head of crypto exchange FTX's venture; Maria Bajwa, of Sound Ventures; Animoca Brands Yat Siu, and Dean Steinbeck of Horizen Labs. Each board member receives a six-month term, and the ApeCoin website promises DAO members will be able to vote for future members.


REASON TO BUILD THE PROJECT

The purpose of the APE Foundation is to guide the growth and development of the APE ecosystem in a fair and inclusive manner. The Foundation also "provided ApeCoin holders the infrastructure to work with public and unauthorized management systems."


BASE OF PROJECT

·       Bored Ape Yacht Club (BAYC) – Started in April 2021, Bored Ape Yacht Club (BAYC) is the first NFT collection in the APE ecosystem. It features 10,000 unique Apes on the Ethereum blockchain. Each Ape has a different look, style, and rarity.

·       Mutant Ape Yacht Club (MAYC) - Mutant Ape Yacht Club (MAYC) is an NFT collection of up to 20,000 mutated versions of the original BAYC Apes. 10,000 flexible serums are delivered into the air to real BAYC NFT owners, with three levels of serum adding to the symptoms.

·       Bored Ape Kennel Club (BAKC) - The Bored Ape Kennel Club (BAKC) is a collection of dog NFTs available to all BAYC members. For each Bored Ape NFT they own, the owner can “adopt” any Club Dog NFT for free, only paying for gas.


USE CASE

The use cases are:

1. Governance: As ApeCoin holders become members of the ApeCoin DAO, they are responsible for voting on proposed protocol changes and ensuring support for the project's long-term vision.

2. Access: Certain components of the Ape ecosystem are limited to regular users like exclusive products, games, services, and even events. Access to them is opened through the ownership of ApeCoins.

3. Incentives: Network members who own ApeCoins can even include ‘BoredApes’ in their development projects. Possibilities range from using Ape avatars in games to services and other applications.

4. Spending: ApeCoin, a utility token, also serves as a cryptocurrency that unites the entire community and provides a means of transacting with each other on a decentralized platform.


TOKENOMICS

ApeCoin tokenomics has not yet been fully disclosed, but from the information currently available, the total supply of ApeCoin tokens is 1 billion. The distribution of tokens can be found on their website. The distribution of airdrops depends on whether the owner owns a Bored Ape or Mutant Ape NFT and whether the NFT is paired with the Bored Ape Kennel ClubNFT.

·       62% to the Ecosystem Fund: 150 million airdropped +470 million to DAO treasury

·       16% to Yuga Labs & Charity: 150 million to YugaLabs + 10 million in donation

·       14% to Launch Contributors: 140 million tokens wherein the lock-up period and unlocking windows are defined (10 million upfront)

·       8% to BAYC Founders: 80 million tokens


MAJOR NEWS AND EVENTS

DATE

NEWS/EVENTS

IMPACT

23/04/2022

Yuga Labs announced the launch of its other side metaverse in collaboration with Animoca Brands

+35% Increase

24/03/2022

Apecoin gets listed on the Indian crypto exchange-Giottus

+19% Increase

 


CONCLUSION

Much of the hype for ApeCoin has to do with what could happen in the future. For example, YugaLabs, the parent company of Bored Ape Yacht Club, recently acquired two other major NFT projects: CryptoPunks and Meebits, and looking at the ApeCoin roadmap, it is clear that they are trying to create an ecosystem where brands can interact and transact - which is likely to use APE as a primary brand.

Also, the founders have their own allocation of APE locked up for a year - so there is a big incentive for them to increase the value of the token in the next year before they can sell or do anything with it.

 

DISCLAIMER

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto products are currently unregulated and subject to market risk. Please seek independent financial advice or do your own research before investing.