Apecoin: All About The Bored Ape Yacht Clubs Token

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The creators of the Bored Apes Yacht Club NFT collections, Yuga Labs have managed to keep this famous NFT Collection as one of the trending topics in the crypto and NFT space. The critics of the Bored Apes Yacht Club thought that all the hype and trends about this NFT Collection will end in 2021. But from all indications, it looks like Yuga Labs wants BAYC to always be in the news. 

The creators had given many hints to its community members that a native cryptocurrency will be created to power the BAYC ecosystem. Although some took it as just one of the methods of hyping the NFT Collection, this is now a reality as Yuga Labs has unveiled ApeCoin as the native cryptocurrency of the BAYC ecosystem. 

What Is ApeCoin? 

For those asking what ApeCoin is, it is an ERC-20 utility token that is used under the BAYC ecosystem. ApeCoin is a native cryptocurrency that was developed to serve as the decentralized protocol layer of the APE Ecosystem. This BAYC token is used to incentivize and empower the Bored Ape Yacht Club community. 

 

https://twitter.com/crypto/status/1507968279788376066?s=20&t=rew89qRTIVSEPXF_0PylCA

The ApeCoin can be used to vote on how the fund of the ApeCoin ecosystem should be used by the ApeCoin holders. The proposals that are agreed upon by the ApeCoin community are administered by the APE Foundation. The ApeCoin gives the community members an open cryptocurrency to make use of without passing through centralized middlemen. About 62% of the ApeCoin total supply is used to fund the initiatives that were agreed upon by the community members. 

Photo credit: Pixabay 

Tokenomics Of The ApeCoin 

There are about one billion ApeCoin tokens in total supply and there is no way one can mint more tokens other than the already existing ones. The ApeCoin supply cannot increase or decrease because the tokens cannot be burned. There are about 277,500,000 APE in its circulating supply with a max supply of 1 billion APE. 

Uses Of  ApeCoin In The BAYC Ecosystem 

Photo credit: Pixabay 

The ApeCoin was created by the Founders of BAYC to serve a lot of purposes in the ecosystem and these include:

  • Governance:

Just like the native cryptocurrency of other crypto or NFT projects, the ApeCoin was created to allow users of the protocol to participate in the DAO and be able to make decisions that will help the growth of the project. 

  • Utility:

Another purpose that ApeCoin serves is that it can be used by participants as a currency without the involvement of centralized intermediaries. 

  • Incentivization:

Apecoin is used by developers to take part in the APE Ecosystem by integrating it into their services, products, games, and other things their brand offers. 

  • Access:

Another use of ApeCoin is that the cryptocurrency grants access to some part of the ecosystem that is not accessible to non-holders of the token. The native utility cryptocurrency can grant access to events that are exclusively for ApeCoin holders such as merch, games, live events, etc. 

How To Buy ApeCoin 

After the ApeCoin was launched, it was listed in numerous exchanges both decentralized and centralized exchanges. Binance is an exchange where the ApeCoin is traded in large amounts, and they have both APE/USDT and APE/BUSD pairs. There are other exchanges apart from Binance that you can buy ApeCoin from and they include Coinbase, Huobi, Kraken, FTX, Kucoin, SushiSwap, etc. 

https://twitter.com/binance/status/1504434550608470018?s=20&t=rew89qRTIVSEPXF_0PylCA

Conclusion 

The Founders of the Bored Apes Yacht Club NFT, Yuga Labs have shown that truly their project is long term and this they have done by creating a native cryptocurrency for the APE Ecosystem. The ApeCoin serves many purposes, governance, utility, Incentivization, access to some part of the ecosystem, etc. And the initiatives of the ApeCoin community are implemented by the APE Foundation. 

 

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Disclaimer: The views expressed in The Coin Times are solely those of the authors cited. It does not constitute The Coin Times recommendation to buy, sell, or hold any investment. Before making any financial decisions, it is recommended that you undertake your own research. Use the information supplied at your own risk. For additional information, please see the Disclaimer.

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