Simply put, ApeCoin is the native cryptocurrency of the Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) ecosystem. With a market cap of almost USD $2 billion on its first day of trading, https://www.xcritical.com/ ApeCoin definitely took the spotlight in the crypto space in recent weeks. ApeCoin DAO exists because decentralized governance is critical to building andmanaging a globally dispersed community—and therefore critical to the success ofthe APE ecosystem. ApeCoin is designed to be used in any number of web3 and metaverse projects, but perhaps the most notable one (which came soon after ApeCoin’s release) was the release of Otherside land NFTs. ApeCoin holders govern themselves via the decentralized governance framework controlling the ApeCoin DAO, and vote on how the ApeCoin DAO Ecosystem Fund should be used. ApeCoin has some actual utility within the APE ecosystem, so it’s more than just a speculative “meme coin”.

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It is a decentralized autonomous organization in charge of decision-making around Ecosystem Fund what is coin ape allocations, governance rules, projects, partnerships, etc. The token can be used to reward BAYC and MAYC holders and allow third-party developers to participate in the APE ecosystem by incorporating it into their games or services. Finally, like most cryptocurrencies, the value of APE largely depends on the supply and demand dynamics in the market. Its price can fluctuate depending on factors such as overall market sentiment, adoption, use cases, community engagement, and the overall success or failure of the APE ecosystem it powers.

ApeCoin (APE): Cryptocurrency for the APE-BAYC Ecosystem

The community interest around this collection and the development of the ecosystem around it serve as the main utilities for APE, granting holders a vote or a voice in the direction taken by the ecosystem as a whole. ApeCoin is a decentralized project launched and governed by the ApeCoin DAO, a decentralized autonomous organization central to the APE ecosystem and the Bored Ape Yacht Club Community. ApeCoin is an ERC-20 standard token that serves as the governance and utility token central to the APE ecosystem, made world-famous by the Bored Ape Yacht Club.

• ApeCoin has a fixed total supply of 1 billion APE tokens, which cannot be minted or burned.
• Mutant Ape Yacht Club (MAYC) is an NFT collection of up to 20,000 mutated versions of the original BAYC Apes.
• ApeCoin was developed on the ERC-20 standard, allowing it to operate on the Ethereum blockchain and ensuring compatibility with Ethereum wallets, exchanges, and assorted infrastructure.
• As mentioned above, ApeCoin holders are granted governance, meaning as a holder you are entitled voting rights on projects, partnerships, applications, and beyond.
• The BitPay Wallet is a non-custodial crypto wallet meaning you, and only you, control your ApeCoin.
• Imagine a world where your digital collectibles unlocked more than just online bragging rights.

Overwatch 2: How To Get League Tokens

The Foundation is responsible for the day-to-dayadministration, bookkeeping, project management, and other tasks that ensure theApeCoin DAO community’s ideas have the support they need to become a reality. Holding APE makes users part of the Ape decentralized autonomous organization (ApeDAO), enabling them to vote on system improvement proposals and govern the community surrounding the token. This represented one of the most valuable airdrops in crypto history at the time. In fact, each holder of a BAYC NFT was able to claim over $100,000 worth of APE at launch.

How Many APE Are in Circulation?

Backed by a team responsible for projects that have exceeded $500 million in market cap, $APE is ready to establish itself as a leader in the memecoin space. Like most crypto investments, putting money in ApeCoin is risky and speculative. But while the market can be highly volatile, ApeCoin’s value may lie in the success of the APE ecosystem, especially the Otherside metaverse. Before investing, it is advisable to do your own research and especially keep an eye on any developments regarding the BAYC, MAYC, and Otherside projects that could potentially drive up or sink the price of APE. Yuga Labs launched the project in Aug. 2021, and it is made up of 20,000 modified Bored Apes. The company created the series by airdropping 10,000 so-called mutant serums to the original Bored Ape NFT holders, allowing them to develop mutated versions of their NFTs.

Step 4: Securely store your ApeCoin in your personal wallet

While both approaches have their tradeoffs, the two methods can be combined to amplify their benefits and cancel out their drawbacks. Overwatch League Tokens are used to purchase a variety of Overwatch League team-based skins, as well as a few other special cosmetics. There are different color options for every team in the Overwatch League, including Away versions of these skins. Overwatch League Tokens can only be purchased for real money from the in-game Overwatch 2 shop. Imagine a world where your digital collectibles unlocked more than just online bragging rights. It all starts with a mystery box – a digital treasure chest containing a surprise NFT.

Connection Between ApeCoin and Bored Ape Yacht Club

Instead of relying on long and complex crypto wallet addresses, ENS allows users to own human-readable domain names, such as “yourname.eth.” This potential for expanded utility, coupled with the project’s growing popularity and the enduring appeal of limited-edition collectibles, positions Pudgy Penguins as a potentially high-value asset for long-term investors. Cold wallets keep your tokens offline for added safety, while hot wallets connect to the internet and are convenient to use with various blockchain-based apps such as DEXes and games.

BitPay Now Supports ApeCoin! Buy, Store, Swap and Spend APE with BitPay

ApeCoin’s primary use is as a governance and utility token within the APE ecosystem. It allows holders to participate in DAO governance votes while also offering access to members-only features of the ecosystem like games, events and other services. Raffle.Cat is a blockchain-based platform where users can participate in raffles to win NFT prizes. It uses smart contracts on the Ethereum network to ensure transparency and fairness in prize distribution. Participants purchase tickets using cryptocurrency, and winners are randomly selected, fostering a vibrant community around digital collectibles.

What is ApeCoin (APE)? How Does It Work?

The trajectory of APEcoin, marked by its strategic distribution, ecosystem development, and roadmap, suggests a commitment to growth and community engagement. However, the dynamic nature of the cryptocurrency market requires a cautious approach to investment decisions. The distribution strategy for APEcoin has been multifaceted, involving airdrops, contests, and bounties, which have engaged the community and increased the token’s circulation. The ecosystem surrounding APEcoin is expansive, including platforms like The MonkeyFirm and BUSTA, which contribute to its utility and offer users various interactions within its network.

If correct, the server will create a session with a unique identifier along with information about the session such as the user’s ID, the creation time, expiration time, session status, etc. These details will be tracked in persistent storage, such as a database, and the session identifier will be sent back to the client to be used with future requests. Learn about how leveraging the benefits of both session token authentication and JWTs results in the best of both approaches. When the shop eventually closes, it is likely that the skins based on OWL teams will also be removed from the game, as the teams no longer exist. However, they may be added into the normal shop for purchase with another type of currency, but only time will tell. These domain names function like NFTs, granting full ownership and control, including the ability to buy, sell, or transfer them.

The token originated from the Bored Ape Yacht Club (BAYC), an NFT series from Web3 company Yuga Labs. The collection features 10,000 unique cartoon ape drawings, each with a distinct look and style, with ownership of each verified on the blockchain. BAYC has been one of the most successful NFT projects to date, enjoying viral popularity including famous owners like Jimmy Fallon and Eminem. Prices fluctuate, but individual pieces in the series sell for a minimum of $130,000 as of this writing, with a ceiling well above $1 million. Airdropping tokens is a common marketing tactic to get new blockchain projects into people’s wallets. This attracts public scrutiny and triggers the FOMO instinct—fear of missing out.

APEcoin.dev represents the digital hub for the APECoin ecosystem, a project that leverages the cultural phenomenon of the “ape” meme within the cryptocurrency community. This ecosystem encompasses a variety of platforms, including The MonkeyFirm and BUSTA, all centered around the APE token. As a BEP-20 token, APE embodies the playful spirit of meme culture in the crypto space, aiming to engage users through a mix of humor and innovation.

No mintingcapability is exposed through the contract interface, thus the total supply willnever increase. Similarly, the contract interface does not expose any tokenburning capability, so the total supply will never decrease. 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. Meanwhile, although BAYC creator Yuga Labs doesn’t control ApeCoin, its founders did receive a significant portion of the total supply of APE and the company is listed as a contributor to the project.

It will be a community member in the ApeCoin DAO and adopt APE as the primary token across new projects. Upon the launch of ApeCoin, holders of Bored Ape Yacht Club and Mutant Ape Yacht Club NFTs were entitled to collectively claim 15% of the ApeCoin supply (150 million tokens of the 1 billion total tokens in supply). Holding APE also provides users of the ecosystem with exclusive features and benefits, including access to premium events, web3 games, and limited edition merchandise. You can use ApeCoin to gain entrance to physical or digital events held by the APE community, purchase BAYC merchandise, and spend it within the APE ecosystem’s suite of products and services. Moreover, you can use APE to participate in the ApeCoin DAO if you’d like to have a say in the future of the APE ecosystem. It’s important for potential investors to conduct thorough research and consider the inherent risks of cryptocurrency investments.

In addition to governance, ApeCoin has also been designed for utility where the token can be used for transactions and payments within Web3 applications. As mentioned above, ApeCoin holders are granted governance, meaning as a holder you are entitled voting rights on projects, partnerships, applications, and beyond. ApeCoin (APE) is the native cryptocurrency token for the Bored Ape and Mutant Ape ecosystem.

If the signature is valid, the server can trust the details embedded into the JWT such as the user ID and expiration date. After the shop eventually closes after December 2025, any unused League Tokens will be converted into a different type of in-game currency. The Overwatch League has since transitioned into the new Overwatch Champions Series, and the cosmetics and League Tokens that were used to purchase them are being phased out.

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%. This is not surprising, as people count on an initial price boost to immediately sell it for huge profits. Of course, the selloff pressure created then has a domino effect on suppressing the price.

Since its launch in April 2021, Bored Ape Yacht Club (BAYC) has become one of the most popular NFT collections. By instead combining the perks of each approach, we can provide fast responses from JWTs while enabling developers and users to invalidate sessions. If a session is expired or invalidated on the server, the authentication system will no longer create a JWT, effectively logging the user out of the system. This change means that JWTs used for authentication will need to be created more frequently to keep the user logged in.

This gave the launch and airdrop event of ApeCoin more publicity and fame, as the community behind these NFTs became instantly involved in the project and coin. ApeCoin is heavily linked to two popular NFT collections by YugaLabs, Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC).Both of these NFT collections are some of the largest on the Ethereum Blockchain. The average sale price of a Bored Ape (BAYC) NFT is $285,000 as of writing this article. Celebrity names such as Justin Bieber and Eminem are Bored Ape Yacht Club NFT owners. The purpose of the ApeCoin DAO is to facilitate and support the community-led proposals and ideas to become a reality for the holders.