APE Coin is finally released. It was airdropped to BAYC NFT owners. Here is everything you need to know.
The Bored Ape Yacht Club, along with the NFT collections that go with it, has become one of the most talked about topics in 2021. And the buzz isn’t slowing down in 2022.
The creation of APE coin, a native cryptocurrency that would power the ecosystem was something that the team had suggested a few months ago. This is now a reality.
This article will take a closer look at Yuga Labs’ long-awaited APE Coin. They are the creators of Bored Ape Club.
What Is Ape Coin?
APE Coin, which is the native cryptocurrency of BAYC ecosystem, can be described as: It is the protocol layer that acts as a decentralized protocol for various community-led initiatives.
It is based on Ethereum’s ERC-20 token standards. You can find its address here. You can trade the cryptocurrency on many of the largest exchanges such as Binance. FTX. Huobi. KuCoin. KuCoin. Bybit. Kraken.
How Much Supply Does Ape Coin Have?
APE’s total supply is 1 billion tokens. It does not have the ability to create additional tokens via its contract interface. This supply should not increase. The supply will not decrease because there is no burning ability.
The following distribution of the total supply follows:
What Does The Ecosystem Look Like?
The APE ecosystem consists of all APE products and services, as well as the community holders of ApeCoin.
Yuga Labs, a web3 company, is best known for its creation of the Bored Ape Yacht Club. It will become a member of the ApeCoin community and adopt APE to be the primary token for new projects. Holders of Mutant Ape Yacht Club NFTs and Bored Ape Yacht Club NFTs had the right to jointly claim 15% of ApeCoin’s supply (150,000,000 tokens out of 1 billion total tokens).
Let’s take a look at the NFT collection that is related to the APE eco-system.
Benefits Of Apecoin
The ApeCoin token has many purposes within the APE ecosystem. As a governance token, it allows its holders to take part in the ApeCoin Digital Asset Organization (DAO). APE holders have access to exclusive features such as games, merch and services.
APE can also be used by third-party developers to join the APE ecosystem. The token can be integrated into services, games and other projects to provide incentives. APE can be used to incentivize players in Benji Bananas (a play–to-earn mobile gaming app) by Animoca Brands. Benji Bananas has a Membership Pass (or ‘Benji Pass’), which allows its owners to earn tokens while playing Benji Bananas and can also be used to swap for ApeCoin.
Yuga Labs has adopted ApeCoin to be its fundamental token. The community anticipates that more utilities will be added to the token over time. To illustrate, there is a staking function that allows APE HODLers earn passive income and to create more GameFi apps or collaborate with other NFT IPs Yuga Labs has.