What Is ApeCoin APE and How Does It Work?

ApeCoin is a digital asset and cryptocurrency built on the Ethereum blockchain. It is used to power the ApeSwap decentralized exchange and can be used to trade a variety of assets, including other cryptocurrencies, commodities, and fiat currencies. The APE coin has a fixed supply of 1 billion APE and is trading on several exchanges, including Binance, Huobi, and OKEx.

  • The fact that APE is adopted by Yuga Labs gives it heft, as it also has CryptoPunks and Meebits, two other frontline NFT projects.
  • The ApeCoin team’s goal was to create a system that would be able to track and manage digital assets more securely and efficiently than any other existing system.
  • ApeCoin is used as the native currency of the exchange and can be used to trade a variety of assets, including other cryptocurrencies, commodities, and fiat currencies.
  • Amonicabrands’ Benji Bananas decentralized game rewards players with in-game tokens that can be exchanged for ApeCoin.
  • The key point to remember is that APE is both a governance and a utility token for the upcoming Otherside metaverse platform.
  • We’re proud of our content and guidance, and the information we provide is objective, independent, and free.

The ApeCoin Protocol offers several enhancements over the Bitcoin protocol, including increased transaction speed, improved privacy, and increased scalability. Apecoin uses a Proof-of-Work (PoW) consensus algorithm to validate transactions and add them to the blockchain. PoW is a type of algorithm that requires users to put in work or computational power to validate transactions and add blocks to the blockchain.

ApeCoin price set to revisit historical lows as traders’ domination over APE supply spikes

Outside the boundaries of NFT and the metaverse, ApeCoin can be adopted by merchants and peers as a flexible means of value storage and value transfer. APE is governed by the ApeCoin DAO and https://www.xcritical.com/ supported by the APE Foundation. With APE, token holders can vote on governance proposals on the DAO and access exclusive features of the APE ecosystem, such as games, events, and services.

For 25 ApeCoins, you can buy a Benji Bananas Membership Pass, which lets you earn “special tokens” in-game. Yuga Labs is getting 150 million APE, 10 million of which (“or equal value”) will go to the Jane Goodall Legacy Foundation. Next, 140 million APE goes to “the companies and people that helped make this project a reality” – an as yet unnamed group that most likely includes members of the Yuga Labs team. All these coins are “locked” for the first 12 months, so holders can’t just cash out and tank the price.

ApeCoin Definition

If you want to skip right to it, Uphold is probably the best choice to buy APE today. ApeCoin is being airdroped to holders of Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and additional ones are allocated to holders that also have dog – the Bored Ape Kennel Club (BAKC). Holders can begin claiming their APE token as of March 17, 2022 on the ApeCoin website.

When the company announced the minting of 55,000 parcels of digital real estate NFTs called “Otherdeeds,” they were priced in APE. In total, Yuga Labs generated more than $300 million through the sale—all transacted in ApeCoin. By doing this, Yuga Labs expanded the access to the coin but also created a code exploit. Suffice to say, the end result was a shadow on the team’s competence for future projects. When ApeCoin first airdropped on April 30, mostly to existing BAYC NFT holders, it gained up to $40 value on some exchanges, only to drop by 80%.

How Does ApeCoin Work?

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What is ApeCoin used for

Every investment and trading move involves risk – this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision. However, the use of ApeCoin is not limited to projects https://www.xcritical.com/blog/what-is-apecoin-ape/ developed by Yuga Labs. Animoca Brands’ Benji Bananas is a play-to-earn (P2E) game in which players can realize their gains in the form of ApeCoin. It is the vision of ApeCoin’s creators that this kind of adoption expands and continues into the future.

Utility Token for ‘Otherside’ Metaverse Project

In addition to the 10,000 BAYC NFTs, Yugalabs released 20,000 MAYC NFT collectibles. Of these, half were sold in a public auction, while the rest were created by BAYC holders, who “exposed” their Bored Apes to airdropped “mutant serum,” which added new attributes to their Bored Apes. The College Investor is an independent, advertising-supported financial media publisher, focusing on news, product reviews, and comparisons.

What is ApeCoin used for

Otherside aims to be more than just a blockchain game, similar to the mega-popular Axie Infinity. Instead, it is a gamified metaverse platform where users can use their NFTs from other collections as playable avatars. Back in September, a developer launched a cryptocurrency called “Adventure Gold” (AGLD) as a companion to an ascendant NFT collection called Loot. Anyone with a Loot NFT was automatically entitled to a certain amount of AGLD, and claiming those tokens meant coming into tens of thousands of dollars without any extra effort. Bored Ape Yacht Club is the first NFT series in the ecosystem, consisting of 10,000 unique digital avatars featuring colorful cartoon apes.

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