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Premium NFT collection Bored Ape Yacht Club announced the launch of its native ApeCoin today as well as a token airdrop. The APE airdrop will go to Bored Ape and Mutant Ape holders, who will get a boost if they also hold a Bored Ape Kennel Club NFT.
For months there has been a buzz about an upcoming token for the Bored Ape Yacht Club community. After acquiring CryptoPunks and Meebits last week, the team now announced their APE token. A total of 62% of the ApeCoin supply goes to the ApeCoin community. However, only 15% of that can be claimed, starting from March 17 at 8:30 am ET.
ApeCoin is owned and operated by the ApeCoin DAO, a decentralized organization where each token holder gets to vote on governance and use of the Ecosystem Fund. Holding ApeCoin is the only requirement for membership in the ApeCoin DAO. The DAO is supported by the Ape Foundation, formed to act as the legal steward of ApeCoin and administer the decisions made by the ApeCoin DAO community. The team includes Alexis Ohanian of Reddit and Yat Siu of Animoca Brands.
Tokens will be allocated to members via the claim page starting on March 17, 2022, at 8:30 AM ET. To ensure a fair launch of ApeCoin to BAYC and MAYC NFT holders, the allocation is set by the difference in floor price between each collection of NFTs, roughly the month before the token claim launch (02/07/22 to 03/08/22). Each Bored Ape or Mutant Ape NFT that has a companion Bored Ape Kennel Club NFT will be able to claim the amount of ApeCoin specified below.
Looking at the token contract address on Etherscan we can see that the token is most likely to start trading on Huobi, Gemini, and FTX as liquidity provider Wintermute started adding funds this morning. Almost 25 million of the entire 1,000,000,000 tokens have been dispersed at writing.
The total supply of ApeCoin is permanently fixed at 1 billion tokens, plus the smart contract does not expose any token burning capability, so the total supply will never decrease. Unless tokens get moved to a burn address.
Additionally, a portion of the tokens for contributors to the project will be initially locked up. Locked tokens will be unlocked over four years, according to the chart below schedule, starting on launch day, March 17, 2022. Wallets holding tokens allocated to the DAO treasury and resources can be viewed here.
What is ApeCoin?
ApeCoin is an ERC-20 governance and utility token utilized within the APE ecosystem to empower the decentralized community. As the open-source protocol layer of the ecosystem, ApeCoin serves several purposes:
- ApeCoin is the ecosystem’s governance token, allowing ApeCoin holders to participate in ApeCoin DAO.
- ApeCoin is the ecosystem’s utility token, giving all its participants a shared and open currency that can be used without centralized intermediaries.
- ApeCoin provides access to certain parts of the ecosystem that are otherwise unavailable, such as exclusive games, merchandise, events, and services.
- ApeCoin is a tool for third-party developers to participate in the ecosystem by incorporating APE into services, games, and other projects.
Earn ApeCoin playing Benji Bananas
Interestingly, the fourth point has already been seen in the wild today, with Animoca Brands announcing that it converted its popular mobile game Benji Bananas to a play-to-earn game. The metamorphosis of Benji Bananas to a play-to-earn game begins with the sale of the First Edition of the Benji Bananas Membership Pass starting at 9 p.m. EST on March 17. The Benji Pass is an NFT that allows owners to earn unique tokens by playing Benji Bananas that can be swapped for ApeCoin.
Additionally, Animoca Brands also tweeted out a teaser that they would be adopting ApeCoin in a secret project they have been working on with BAYC. Further announcements came from nWayPlay, who unveiled a teaser image of the ApeCoin-powered game they are currently developing with BAYC.
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The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds positions in various cryptocurrencies including BTC, ETH, and RADAR.
