Carefully! Lots of text.
ApeCoin (APE) is a utility token and ERC-20 governance token in the APE ecosystem. It is used in the decentralized APE community in Web 3.0.
It is regulated by the ApeCoin DAO and financially supported by the APE Foundation. APE token holders can vote on proposals to govern the DAO and enjoy exclusive features of the APE ecosystem, such as games, events, and services.
Yuga Labs, creator of the popular Bored Ape Yacht Club (BAYC) NFT collections, is using APE as the base token for all new products and services.
Introduction
Since its launch in April 2021, Bored Ape Yacht Club (BAYC) has become one of the most popular NFT collections and is renowned for its vibrant and active fan community.
What is ApeCoin (APE)
ApeCoin (APE) is the utility and governance token of the APE ecosystem, which is used in the decentralized APE community protocol in Web 3.0.
It is an ERC-20 token with a total supply of 1 billion that is controlled and developed by the community. The ApeCoin DAO is a decentralized organization that allows APE holders to vote on governance decisions associated with the token.
APE has also been adopted by Yuga Labs as the main token for all new products and services. Yuga Labs is the creator of the popular Bored Ape Yacht Club (BAYC) NFT collections, as well as the owner of the intellectual rights to two other famous NFT projects: CryptoPunks and Meebits.
How does APE work?
The APE token was created by the actively developing APE ecosystem. It is regulated by the ApeCoin DAO and sponsored by the APE Foundation.
The ApeCoin DAO is a decentralized autonomous organization (DAO) in which all APE token holders can participate in governance decisions. They can influence the distribution of funds from the Ecosystem Fund, updating governance rules, selecting projects, partnerships, etc. After DAO members vote on proposals, the APE Foundation begins implementing community decisions.
The APE Foundation legally governs this DAO and promotes the equitable and inclusive development of the APE ecosystem. The foundation has a special management board (Board), whose tasks include implementing the ideas of the community. This board consists of 5 members of the tech and crypto community, including Reddit co-founder Alexis Ohanian. Since the board is decentralized, the original members will retain their titles for 6 months, after which an annual vote will be held among APE holders for new board members.
What is the APE ecosystem
The APE ecosystem consists of the owners of ApeCoin, as well as all products and services that use APE.
Yuga Labs is a web3 company best known for creating Bored Ape Yacht Club. She is going to become a member of the ApeCoin DAO community and will use APE as the main token for new projects. Following the launch of ApeCoin, NFT owners Bored Ape Yacht Club and Mutant Ape Yacht Club were able to claim 15% of the total supply of ApeCoin (150 million tokens out of a total supply of 1 billion).
Let's take a closer look at the APE ecosystem's NFT collections.
Bored Ape Yacht Club (BAYC)
Bored Ape Yacht Club (BAYC) is the first NFT collection in the APE ecosystem, launching in April 2021. It contains 10,000 unique Ape monkey tokens on the Ethereum blockchain, each with a unique look, style and rarity.
Mutant Ape Yacht Club (MAYC)
Mutant Ape Yacht Club (MAYC) is an NFT collection containing approximately 20,000 mutated versions of BAYC monkeys. The original owners of the NFT BAYC received an airdrop of 10,000 Mutation Serums at three different levels, which impacted the rarity of these non-fungible tokens. Thanks to the serum, the owners of BAYC were able to create various types of mutant monkeys. Each BAYC token can only generate one mutant from one type of serum, which disappears after use.
MAYC were also used to recruit new members into the APE community, so in August 2021, 10,000 mutant monkeys were created during the public sale of the serums.
Bored Ape Kennel Club (BAKC)
Bored Ape Kennel Club (BAKC) is a collection of dog NFTs available to every BAYC member. Owners of the Bored Ape NFT can receive a random Club Dog NFT for free by only paying for gas. Like Ape tokens, each of the 10,000 BAKC NFTs comes with unique features and rarity.
Why are APE tokens needed?
The ApeCoin token performs several tasks in the APE ecosystem. It is a governance token and allows holders to participate in decisions on the ApeCoin DAO, as well as providing access to exclusive features of the APE ecosystem such as games, events and services.
In addition, APE allows third-party developers to participate in the APE ecosystem: they can use the token in their services, games and other projects to reward users. For example, APE is used to reward players in Benji Bananas, a play-to-earn mobile game from Animoca Brands. Benji Bananas is offering a Benji Pass, an NFT membership that will allow you to earn special tokens in the Benji Bananas game and also exchange them for ApeCoin.
How to buy APE tokens on Binance
ApeCoin (APE) can be purchased on cryptocurrency exchanges such as Binance.
1. Log into your Binance account, click on “Trading” and select the classic or advanced interface.
2. Enter "APE" in the search bar to see a list of available trading pairs. We will use APE/BUSD as an example.
3. Go to the Spot tab and enter the amount of APE you want to purchase. In this example we will use a market order. Click “Buy APE” to confirm the order and the purchased coins will be transferred to your spot wallet.
Summary
Since Yuga Labs has adopted ApeCoin as its main token, the community is looking forward to expanding use cases for APE. The addition of a staking feature is expected to allow APE hodlers to earn passive income, new applications in GameFi, or even collaborations with other NFTs to which Yuga Labs has intellectual rights.