ApeCoin ($APE) has now hit the markets, and it is available for the masses. Since the potential brought about by blockchain technology appears unlimited, the future direction of this project development needs to be led by the community.
Thus, ApeCoin has been developed to support what comes next, whatever that might be. The decentralized protocol layer will enable its community to push culture forward into the metaverse.
Normally, ApeCoin is described as a token that focuses primarily on gaming, culture, and commerce. With this token, the community is now empowered to contribute to the development of Web3. The holders can vote on governance and the use of the funds acquired in the ecosystem. In this ecosystem, Ape Foundation will operate as stewards to administer the decisions that are made by the community.
Out of the 1 billion total token supply, Ape Foundation said that it is allocating up to 62% of the tokens to the ApeCoin community. Within that allocation, 16% will be airdropped to BAYC, BACK NFT, and MAYC owners. For the rest of the cryptocurrency community, different major crypto exchanges have already listed this token. They include KuCoin, Bybit, Huobi, and other major platforms in the industry.
On the flip side, 14% of the tokens will be set aside for the launch contributors, the developers that made the project a reality. Finally, 8% will go directly to the 4 founders of BAYC.
Apart from being a governance token, ApeCoin offers access to various parts of the ecosystem that are not readily available, such as exclusive events, merch, games, and services. Moreover, developers can participate in this ecosystem by integrating ApeCoin into their services, games, and other functions.
ApeCoin DAO
To introduce decentralization into this ecosystem, the DAO let all ApeCoin holders propose and vote on Ape Improvement Proposals (AIPs). Today, there are five AIPs on Discourse, which are available for public viewing. AIP 1 proposes the infrastructure of the DAO, and AIP2 proposes the voting procedure. Next, AIP 3 proposes ecosystem fund allocations.
Animoca Brands has gone ahead to draft AIP4 and AIP5. AIP4, the most popular proposal, proposes a staking procedure for the token. While AIP5 talks about the staking pool allocation.
In that context, the owners of BAYC ecosystem NFTs can claim the token. Every NFT will support only one claim, and the claiming time will be open for just 90 days. Importantly, the NFT owners have to connect their MetaMask wallets to claim the ApeCoin token, where each coin grants the holders with one vote.
The Board sits at the top of Ape Foundation with their main purpose being to administer DAO proposals and serve the vision of the community. This current board will sit on the seats for 6 months. Eventually, the community will vote for the board members. For now, it comprises FTX’s Amy Wu, Animoca Brands’ Yat Siu, Reddit’s Alexis Ohanian, Horizen Labs’ Dean Steinbeck, and Sound Ventures’ Maaria Bajwa.
For the cherry on top, ApeCoin will set aside 10,000 tokens for the Jane Goodall Legacy Foundation. The first lock-up will be for 12 months, then 277,777.78 tokens will unlock every month for 36 months.
