ApeCoin is confirmed and going live on most major crypto exchanges.
What is ApeCoin?
ApeCoin is an ERC-20 governance and utility token used to empower a decentralized community building at the forefront of Web3.
It is owned and operated by the ApeCoin DAO, a decentralized organization where each token holder gets to vote on governance and use of the Ecosystem Fund. Holding ApeCoin is the only requirement for membership in the ApeCoin DAO.
The DAO is supported by Ape Foundation, which was created to act as the legal steward of ApeCoin and administer the decisions made by the ApeCoin DAO community.
For more details, visit http://apecoin.com.
It is also noted that some of the current NFT holders of BAYC have joined the ApeCoin DAO board.
What are the use cases of ApeCoin?
Staking and Pools
62% of the total supply of ApeCoin is allocated to the ApeCoin community, a portion of which (15% of total supply) will be available to claim starting 18/3 at 8:30 am ET.
The airdrop claim consisting of 15% of the total supply of ApeCoin will be made available to @BoredApeYC NFT holders (Bored Apes and Mutant Apes, Bored Ape Kennel Club dogs has to be paired with either #BAYC or #MAYC).
ApeCoin holders can propose and vote on AIPs (Ape Improvement Proposals) that can impact the DAO and determine how the Ecosystem Fund will be used.
The first 5 AIPs are now live on Discourse for viewing, read more here: https://forum.apecoin.com.
Holders of BAYC, MAYC and BAKC will each have independent pools which they can stake their airdropped $APE tokens.
The thread created by @greatmando_nft on twitter also mentioned that BAYC and MAYC can be committed to an incentive pol to earn more $APE tokens while BAKC can only be committed alongside BAYC or MAYC.
Staking rewards in year 1
Year 1 staking rewards have been split by staking pools:
– $APE pool: 30,000,000 ApeCoin
– BAYC pool: 47,105,000 ApeCoin
– MAYC pool: 19,060,000 ApeCoin
– BAKC pool: 3,835,000 ApeCoin
– If all NFTs are staked you can assume 4,711 $APE per BAYC, 953 $APE per MAYC, 384 $APE per BAKC
(the figures above show how much will be earned per NFT assuming all NFTs are staked)
Basically, 1 ApeCoin = 1 Vote in the DAO. This gives the community an opportunity to claim tokens so they can participate in the first wave of votes.
AIP 4 covers the staking mechanism to reward ApeCoin to BAYC ecosystem NFT holders.
AIP 5 proposes the size the liquidity pools — tentatively 17.5% of total allocation over 3 years.
Voting for AIPs is not live yet, but it will be soon. Keep your eyes peeled for the latest news on ApeCoin’s Twitter.
Gaming
There are games that will also be powered by the $APE token, the first, is a play to earn game from nWay Play.
The next game which will also be powered by the $APE token is Benji Bananas by Animocabrands.
Membership passes on BenjiBananas is an NFT designed to provide the ultimate play to earn experience powered by the $APE token. Link to the website here.
Where to get $APE tokens
Also mentioned by few of the big crypto exchanges, you can get your $APE tokens on Kraken, FTX, Gemini, Coinbase and Binance US. Deposits and trading begins 17th March 12:30pm UTC on FTX and may vary for the different exchanges.
[Editor’s Note: This article does not represent financial advice. Please do your own research before investing.]
Featured Image Credit: Chain Debrief
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