What is ApeCoin (APE)? Fundamental analysis, tokenomics and utility of APE — BingX

The holders of the NFTs from this collection, as well as from the Mutant Ape Yacht Club (MAYC) and Kennel Club (in combination with any of the previous collections) were able to claim some portion of the newly released tokens (more on this later).. These will be more introduced in the tokenomics section; However, it seems that more than 93 million tokens, worth approximately 800 million dollars, have already been claimed by the owners of the NFTs or bought by new investors.

These tokens can also be bought via different exchanges . That means that this newly released token is already being traded almost on all of the major cryptocurrency exchanges. Why did this token get so much attention?

It’s one thing to get the token as a holder of a NFT piece and having it as a reward for your trust in the project. It is another thing to actually buy a newly launched token, which in many cases can go drastically wrong in the cryptocurrency world. Why would anyone buy this token?

Well, mostly due to its utility. As per the main announcements and the website of ApeCoin, the token can be used for payments and transactions. Moreover, since it is a governance token, the owners obtain the right to vote and also propose different innovations known as (APE Improvement Proposal).

These can range from proposals related to brand decisions, ecosystem fund allocation, informational and resubmission proposals and more. Thus, having the APE token means that you are a full member of the APE DAO community and have equal voting rights as other members of this community. The utility of APE does not end there, which is a reason why we will prepare a separate article just on this topic.

Let’s start with Yuga Labs. The team behind Yuga Labs created the official collection of Bored Ape Yacht Club. While they are connected to the ApeCoin as well, it has been clearly communicated and stated that Yuga Labs is not the one behind the development and implementation of this token.

That was a job done by ApeCoin DAO, which is a new DAO (decentralized autonomous organization). This was created with the sole purpose of governing the token and its development, in combination with the roadmap or future of the token.

This team clearly consists of experienced people, whose mission is to help develop the token and the community properly. After six months, the APE holders will be able to select the next members. After that the election process will occur on an annual basis.

Yuga Labs will receive 16 % of the supply, which they will be able to use to contribute to the development of the project. Moreover, a substantial part of this is also allocated to the Jane Goodall Legacy Foundation, which is helping animals in Africa. These digital Apes will thus also help real apes as well.

The remaining part of 8 % is going to go to BAYC Founders. These should be the four founders of the BAYC and Yuga Labs that created all of this in the first place. Tokens to the founders will be slowly released within the period of 36 months.

This project has clearly undoubtedly without any doubt gained a lot of hype attention within the cryptosphere all around the crypto space. There is no doubt we will be hearing much more about ApeCoin, since the underlying NFT collection of Bored Ape Yacht Club is already very popular and has one of the biggest and most loyal communities in the cryptoworld. However, just like with any other new project, everyone needs to be very careful about any investment decision they decide to make and it is always wise to do your own research (DYOR) before making any crypto investments.

Disclaimer: BingX does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. BingX is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the article.

Originally published at https://blog.bingx.com on April 22, 2022.

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BingX

BingX

Since 2018, we’re committed to accelerate the development & booming of the crypto economy, making crypto accessible and engaging EXplore Unlimited PoXibilities

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