- ApeCoin is the central governance token for the ape ecosystem, granting members voting rights within the Ape DAO.
- The DAO has been structured to ensure decentralisation and inclusivity.
For decades, art connoisseurs and enthusiasts have collected paintings, oil portraits, and other artworks to display their wealth and passion. Over time, this hobby evolved, and the artworks are now identified as NFTs (Non-fungible tokens).
NFTs were first created in 2014 by Kevin McCoy and Anil Dash, but it was the ERC-721 token standard that brought them into the spotlight. Early projects like CryptoPunks and CryptoKitties made NFTs familiar among users. In 2021, NFTs gained even more prominence with high-profile auctions and the launch of various NFT-based projects.
Yuga Labs introduced The Bored Ape Yacht Club (BAYC), a collection of 10,000 NFTs featuring unique ape designs. The BAYC quickly gained popularity, attracting celebrities like Marshmello, Snoop Dogg, Mark Cuban, and Justin Bieber. To govern the growing Ape ecosystem community, ApeCoin was launched shortly after the BAYC’s success.
The Ape Ecosystem
1. APE DAO: Governance of the ape ecosystem is decentralised through the APE Decentralised Autonomous Organization (DAO). Any ApeCoin holder can become a member of the DAO and participate in decisions related to fund distribution, projects, partnerships, and allocation. The DAO follows the APE Improvement Proposal Process for decision-making.
2. APE Foundation: The APE Foundation turns DAO decisions into reality. It handles day-to-day administration, bookkeeping, management, hiring, and other operational tasks directed by the DAO. The Foundation acts as a steward of the community, but it has no control over DAO or Apecoin.
3. The Board: Within the Foundation, a council consisting of community members with operational expertise oversees the ecosystem’s decisions. The Board aims to further decentralise the DAO and can be re-elected by the DAO members every six months.
ApeCoin Allocation
ApeCoin operates on the ERC-20 standard and is the primary governance token within the ecosystem. Token holders can vote on DAO proposals and gain access to exclusive events, concerts, games, and merchandise. Third-party projects can also integrate ApeCoin to participate in the ecosystem.
The total supply of ApeCoin is fixed at 1 Billion, and no additional tokens can be minted or burned. A portion of the tokens is locked for future contributors, with an unlock schedule of 48 months.
The token allocation is divided into four parts:
– 62% for the ecosystem fund
– 16% for Yuga Labs and charity
– 14% for launch contributors
– 8% for BAYC founders
Conclusion
Apecoin’s well-organised structure has made its presence felt in the thriving NFT space. As the DAO aims to increase decentralisation, the value of ApeCoin is likely to grow in the future. However, investors should carefully consider their options and perform thorough research before making any investment decisions in the NFT market.
