ApeCoin ($APE) has finally hit the markets and is available for the masses. Because the possibilities brought about by blockchain technology are virtually limitless, the future direction of the project development should be led by the community. Therefore, ApeCoin has been created to support what’s next, whatever that may be. This decentralized protocol layer will allow its community to drive culture forward into the metaverse.
ApeCoin 101
Basically, ApeCoin is a token that centers around culture, gaming, and commerce. With the token, the community is now empowered to contribute to the development of Web3. The holders will be able to vote on governance and the use of the ecosystem funds. In this ecosystem, Ape Foundation will act as stewards to administer the decisions made by the community.
Out of the 1 billion total token supply, Ape Foundation is allocating 62% of the tokens to the ApeCoin community. Within this allocation, 16% will be airdropped to BAYC, MAYC, and BAKC NFT owners. For the rest of the crypto community, various major crypto exchanges have already listed the token. This includes Bybit, KuCoin, Huobi, and other industry heavyweights.
On the other hand, 14% of the tokens will be for the launch contributors, the team that made this project a reality. Lastly, 8% will go directly to the 4 founders of BAYC.
In addition to being a governance token, ApeCoin provides access to certain parts of the ecosystem that are otherwise unavailable, such as exclusive games, merch, events, and services. Also, developers can participate in the ecosystem by incorporating ApeCoin into their services, games, and other projects.
ApeCoin DAO
To introduce decentralization into the ecosystem, the DAO allows all ApeCoin holders to propose and vote on Ape Improvement Proposals (AIPs). Presently, there are 5 AIPs on Discourse, available for public viewing. AIP 1 proposes the structure of the DAO, and AIP2 proposes the voting process. Next, AIP 3 proposes ecosystem fund allocations.
Animoca Brands has taken the liberty to draft AIP4 and AIP5. AIP4, the most viewed proposal, proposes a staking process for the token. Whereas AIP5 talks about the staking pool allocation.
In essence, owners of any BAYC ecosystem NFTs will be eligible to claim the token. Each NFT will only allow 1 claim, and the claiming period will be open for 90 days. Essentially, the NFT owners need to connect their MetaMask wallets to claim the token, where each ApeCoin will grant holders with 1 vote.
Sitting on the top of Ape Foundation is the Board. Their main purpose is to administer DAO proposals and serve the vision of the community. The current board will sit on their seats for 6 months. Subsequently, the community will vote for board members. As of now, it includes Reddit’s Alexis Ohanian, FTX’s Amy Wu, Sound Ventures’ Maaria Bajwa, Animoca Brands‘ Yat Siu, and Horizen Labs’ Dean Steinbeck.
And for the cherry on top, ApeCoin will set aside 10,000 tokens for the Jane Goodall Legacy Foundation. The initial lock-up will be for 12 months, then 277,777.78 tokens will unlock per month for 36 months. It’s always great to see projects giving back to the community.
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This article is educational material.
As always, make your own research prior to making any kind of investment.
