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ApeCoin ($APE) is the native cryptocurrency of the Bored Ape Yacht Club community ecosystem. In addition to serving as the governance voting mechanism it has began to provide utility in the Yuga Labs portfolio of brands.
What is ApeCoin?
ApeCoin is an ERC-20 governance and utility token that powers the APE ecosystem. The APE ecosystem consists of several interconnected components:
- ApeCoin DAO: A decentralized autonomous organization where $APE holders can vote on proposals.
- APE Foundation: The legal steward of ApeCoin, administering proposals approved by the DAO.
- ApeChain: A layer-2 scaling solution for Ethereum, designed to enhance the ApeCoin ecosystem.
What is $APE?
$APE acts as the governance token for the APE Foundation, a decentralized community owned organization who are building an infrastructure for ApeCoin.
- Governance: Token holders can participate in ApeCoin DAO, influencing decisions about the ecosystem's development.
- Utility: $APE is used for transactions within the ecosystem, including games, merchandise, and services.
- Incentivization: The token incentivizes developers to build on the platform and users to engage with the ecosystem.
In addition it it's role in the APE ecosystem, $APE consistently ranks as a top crypto by market cap and has seen adoption into games, marketplaces and other DeFi protocols.
- Ticker: APE
- Circulating Supply: 721,448,863
- Total Supply: 1,000,000,000 (fixed supply)
- Contract Address: 0x4d224452801aced8b2f0aebe155379bb5d594381
The token launched in March 2022 with a long tail vesting plan for recipients, the remaining token supply will become unlocked later next year. A majority of the allocation was earmarked for the ecosystem fund which is managed by governance voters and the APE Foundation.
The total supply of ApeCoin is permanently fixed at 1 billion tokens. No minting capability is exposed through the contract interface, thus the total supply will never increase.
Similarly, the contract interface does not expose any token burning capability, so the total supply will never decrease.
What is ApeChain?
ApeChain is a dedicated blockchain being developed for the ApeCoin ecosystem to address scalability issues and enhance the utility of APE tokens. It is built on Arbitrum, another Ethereum L2.
ApeChain's goal is to make APE transactions faster and cheaper than traditional transactions on the Ethereum mainnet. APE acts as the gas fee which eliminates the need for ARB or ETH.
Their Native Yield process allows assets that are bridged to ApeChain to automatically generate yield on the Ethereum mainnet. Their approach simplifies the process for users.
ApeChain supports multi-hop bridging and cross-chain execution by preparing call data that instructs the Gateway to fulfill specific actions.
These instructions are passed between Gateway endpoints on different chains using arbitrary messaging bridges like LayerZero and rollup frameworks’ canonical bridges.
Native Yield on ApeChain
What is the APE Foundation?
The APE Foundation is a crucial component of the ApeCoin ecosystem, serving as the steward of ApeCoin and the administrative backbone of the ApeCoin DAO. They are responsible for facilitating decentralized, community led governance.
APE Foundation operates independently from Yuga Labs (and BAYC) and acts as a facilitator of the DAO's decisions rather than an overseer. They plan an important role in ensuring that voters visions are brought to life.
What is Bored Ape Yacht Club?
Bored Ape Yacht Club (BAYC) is one of the most notable NFT projects on the Ethereum blockchain. Considered an "OG" the collection launched in April 2021 and quickly rose to become the most sought after JPEGs on the internet. Celebrities, athletes and tech rockstars describe just a few of the high profile holders.
Their founders, Yuga Labs, have went on to become a powerhouse in the crypto world with numerous brands underneath their umbrella.
What is Yuga Labs?
Yuga Labs is the firm that created BAYC (and spinoffs Bored Ape Kennel Club & Mutant Ape Yacht Club) and the infamous CryptoPunks. Although Yuga did not create the collection, they purchased the rights to it's brand, IP and artwork around the time ApeCoin was launched. CryptoPunks was launched by Larva Labs, who Yuga went on to purchase Meebits from during that same period.
Yuga Labs was founded by Greg Solano and Wylie Aronow in 2021 although this information did not come to light until 2023 when their identities were publicized in an infamous Buzzfeed article.
Since then the team has expanded exponentially and Yuga has positioned itself as a major player in the blockchain gaming world. Their metaverse, Otherside, is a groundbreaking exploration of how the next generation of gaming may look.
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