Only a few days after purchasing CryptoPunks and Meebits, the project’s team has announced the establishment of ApeCoin ($APE), a new currency.
The BAYC team has officially published every detail about the new $APE token, including what it is, how it will be distributed, and what it will be used for in the greater BAYC ecosystem. To summarize, it seems that $APE will be utilized to determine the fate of the Bored Ape community.
“The community has long demanded ApeCoin, and we’re delighted to see it come to life via community ownership,” said Yuga Labs CEO Nicole Muniz in a statement. “Yuga Labs will continue to develop goods and experiences that instill new ideas and passion in the community.”
What is ApeCoin, exactly?
According to its description, ApeCoin is a “currency for culture, gaming, and commerce designed to encourage a decentralized community evolving at the forefront of web3.” What does this mean exactly? For starts, the expansion of the BAYC universe.
First the newcomers to the BAYC ecosystem must be mentioned. ApeCoin was launched by the newly founded ApeCoinDAO, not Yuga Labs or the Bored Ape Yacht Club. ApeCoinDAO was founded to provide $APE token holders a role in money allocations, governance rules, projects, and partnerships, among other things. The only need for ApeCoinDAO membership is that you own ApeCoin.
ApeCoinDAO is also supported by the Ape Foundation. The Ape Foundation is more of a curator of $APE than a manager of ApeCoin. The foundation will serve as a basis upon which ApeCoin holders in the ApeCoinDAO may construct.
The Ape Foundation will utilize the Ecosystem Fund, which is maintained through a multisig wallet. This fund will be used to pay ApeCoinDAO costs as well as to provide an infrastructure for ApeCoin holders to engage via open and permissionless governance processes.
Finally, the Ape Foundation administrators will be monitored by a special council (the Board). The objective of the Board is to administer DAO proposals and serve the community’s vision. It meets to discuss initiatives that need administrative permission from ApeCoinDAO.
The first Board will be elected for a six-month term, following which the ApeCoinDAO will vote on new members on a yearly basis. Alexis Ohanian (co-founder of Reddit, general partner and founder of Seven Seven Six), Amy Wu (head of ventures & gaming at FTX), Maaria Bajwa (principal at Sound Ventures), Yat Siu (co-founder and executive chairman of Animoca Brands), and Dean Steinbeck (co-founder and executive chairman of Animoca Brands) are currently on the council (president and general counsel at Horizen Labs).
Who will get ApeCoin?
$APE is an Ethereum token with a total quantity of one billion. Initially, the ApeCoin community will get 62 percent of the total ApeCoin supply, with a portion of it going to BAYC NFT holders.
Beginning tomorrow, March 17, at 8:30 a.m. ET, owners of an original Bored Ape or a Mutant Ape will be able to get 15% of the total supply of ApeCoin. Owners of Bored Ape Kennel Club Dogs must own either an Ape or a Mutant to participate.
ApeCoin will be made available to all other NFT enthusiasts who do not own a BAYC NFT in due course. The coin is expected to begin trading on major cryptocurrency platforms in the not-too-distant future. The team said “as soon as possible,” but provided no other details. More updates concerning $APE will be made through the ApeCoin Twitter account. To discover more about ApeCoin and its management, go to the official ApeCoin website.