Yuga Labs Announces ApeCoin | Here Is What You Need to Know
After much anticipation, the arrival of ApeCoin is finally here.
In an announcement late on Wednesday afternoon, Yuga Labs, creator of the Bored Ape Yacht Club, announced the launch and corresponding details of ApeCoin.
Claiming for ApeCoin ($APE) is set to go live on Thursday, March 17 at 8:30 a.m. ET. Below we've gathered the details on who can claim ApeCoin and everything else we know so far. All these details and more can be found at ApeCoin.com.
Introducing ApeCoin ($APE), a token for culture, gaming, and commerce used to empower a decentralized community building at the forefront of web3. 🧵— ApeCoin (@apecoin) March 16, 2022
What Is ApeCoin?
ApeCoin is designed to be the utility token for the Ape ecosystem, composed of all assets tied to Yuga Labs and beyond.
According to the ApeCoin website, the token will serve multiple purposes:
Holders of the ApeCoin token will be able to participate in governance of the ApeCoin DAO, voting on use of funds and future initiatives.
Unification of Spend
ApeCoin is designed to be the sole ecosystem currency for the Ape Ecosystem. With $APE in place, all ecosystem participants have a shared and consistent currency.
Holding $APE will provide access to exclusive games, merch, events, and services that are not otherwise accessible for the general public.
Viewing ApeCoin as an open-source protocol layer, third party developers and builders can implement ApeCoin into their services, incentivizing the expansion of the ecosystem and growth of $APE.
Who Gets ApeCoin?
ApeCoin has a fixed allocation of 1B tokens and holds no inflationary or deflationary mechanics.
From the 1B tokens, 62% are allocated to the ecosystem fund, 16% to Yuga Labs and charity, 14% to launch contributors, and 8% to the BAYC founding team.
A detailed graphic of the allocation was provided by the team.
Initially, only 267,500,000 tokens will be unlocked at launch starting on March 17 - all the tokens granted to to Bored Ape Yacht Club and Mutant Ape Yacht Club NFT holders and a portion of the eventual tokens for the DAO treasury and resources.
Widely speculated on, the details regarding token allotment for NFT holders are as follows.
- Bored Ape Yacht Club NFT = 10,094 tokens
- Mutant Ape Yacht Club NFT = 2,042 tokens
- Bored Ape Yacht Club NFT + Bored Ape Kennel Club NFT = 10,950 tokens (a bonus of 856 tokens for BAKC)
- Mutant Ape Yacht Club NFT + Bored Ape Kennel Club NFT = 2,898 tokens (a bonus of 856 tokens for BAKC)
It is important to note, all of these tokens are unlocked immediately on claim. Those who hold only a Bored Ape Kennel Club NFT or a Bored Ape Chemistry Club Serum are not eligible to claim any $APE tokens.
The token claim period for Ape Ecosystem asset holders will last for 90 days. Any unclaimed tokens will be transferred to the Ecosystem Fund, which is composed of the DAO treasury and resources.
Though the claim is only live for those who hold Ape Ecosystem assets, Yuga Labs announced that $APE trading should be available on exchanges soon.
For everyone else who wants to ape in: ApeCoin will be available to all and is expected to begin trading on major crypto exchanges ASAP. We’ll tweet as that happens!— ApeCoin (@apecoin) March 16, 2022
What Is ApeCoin DAO?
From the ApeCoin website, ApeCoin DAO is "a decentralized governance organization that will make decisions regarding Ecosystem Fund allocations, governance rules, projects, partnerships, and more."
Anyone holding ApeCoin ($APE) will earn membership into the ApeCoin DAO. At this time, there is no report of a required token allotment to earn the benefits of an ApeCoin DAO member.
Comprehensive details about the voting mechanics and proposal process can be found here.
The ApeCoin DAO's decisions are ultimately overseen and stewarded by the ApeCoin Foundation, made up of a select set of board members with notable ties to web3 and the NFT ecosystem and a third party project management team.
The current members of the ApeCoin DAO Foundation Board include:
- Alexis Ohanian, Co-founder of Reddit; General Partner & Founder of Seven Seven Six
- Amy Wu, Head of Ventures & Gaming at FTX
- Maaria Bajwa, Principal at Sound Ventures
- Yat Siu, Co-founder & Chairman of Animoca Brands
- Dean Steinbeck, President & General Counsel at Horizen Labs
The current board will serve a term of six months. At the conclusion of six months, DAO members will vote to renew or appoint new members to the DAO Foundation Board.