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Cryptocurrencies

Apecoin

ApeCoin (APE)

ApeCoin is an ERC-20 governance and utility token within the APE ecosystem. Managed by the Ape DAO, it allows holders to vote on governance decisions. This token serves as a shared currency for the ecosystem, enabling access to exclusive games, merchandise, events, and services. Third-party developers can also integrate APE into their applications. In the game Benji Bananas by Animoca Brands, players earn tokens that can be exchanged for ApeCoin. Additionally, ApeCoin is accepted as a payment method by brands like Gucci and the NFT marketplace OpenSea.

ApeCoin also functions as a governance token, enabling participation in the ApeCoin DAO. The ApeCoin Foundation implements decisions made by the community, with a Board of five members from the tech and crypto sectors. Board members are elected annually by ApeCoin holders.

ApeCoin claiming

Starting March 17, 2022, ApeCoin was allocated to holders of Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFTs. Holders of an NFT with a Bored Ape Kennel Club (BAKC) companion received additional tokens:

  • Bored Ape only: 10,094 tokens
apecoin background
Ticker APE
Category Gaming (GameFi)
Website https://apecoin.com/
Twitter @apecoin
Contract Addresses
ethereum 0x4d...81Copied!
polygon-pos 0xb7...30Copied!
  • Mutant Ape only: 2,042 tokens
  • Bored Ape + Kennel Club: 10,950 tokens
  • Mutant Ape + Kennel Club: 2,898 tokens

    • Tokenomics of ApeCoin

    ApeCoin's total supply is fixed at 1 billion tokens. The contract does not allow for additional minting or burning, ensuring the supply remains constant. Initial allocations were locked and set to unlock over 48 months starting March 17, 2022.

    The token distribution includes four main groups: Ecosystem Fund, Yuga Labs and Charity, Launch Contributors, and BAYC Founders. The Ecosystem Fund received 62% of tokens, with a portion allocated to BAYC/MAYC holders and the DAO treasury. Yuga Labs and Charity received 16%, with a planned donation to the Jane Goodall Legacy Foundation. Launch Contributors received 14%, and Yuga Labs founders were allocated 8%.

    ApeCoin staking

    ApeCoin allows users to stake their tokens for rewards. Rewards depend on the amount of tokens staked and the duration of staking. The staking initiative launched with Apestake.io, with pre-deposits beginning on December 6, 2022. The staking rewards, known as Ape Staking emission, account for 17.5% of the total token supply, distributed over three years.

    The staking amendment proposal

    In spring 2022, Animoca Brands proposed improvements to the staking system through AIP-4 and AIP-5. These introduced four staking pools and specific token limits per NFT:

    • BAYC NFT holders can stake 10,094 $APE per NFT.
    • MAYC NFT holders can stake 2,042 $APE per NFT.
    • BAKC NFT holders can stake 856 $APE per NFT.

    The four staking pools

    1. Ape Pool: Available to ApeCoin holders only, allocated 30% of the staking pool.
    2. BAYC Pool: For ApeCoin and BAYC NFT holders, allocated 47.1%.
    3. MAYC Pool: For ApeCoin and MAYC NFT holders, allocated 19.06%.
    4. Paired BAKC Pool: For ApeCoin holders with BAKC and either BAYC or MAYC NFTs, allocated 3.8%.

    Effects of the staking amendment

    The amendment allows NFT users to access staking pools by pairing NFTs with staked tokens. While NFTs are not staked themselves, they act as a key for the staked tokens. NFT holders can choose to sell NFTs with or without the staked ApeCoin.

    ApeCoin DAO

    ApeCoin DAO is a decentralized organization in the APE ecosystem, empowering holders to vote on ecosystem decisions via Ape Improvement Proposals (AIPs). Holding ApeCoin is the sole requirement for DAO membership. The DAO's authority was exercised in deciding to keep ApeCoin on the Ethereum blockchain.

    APE Foundation

    The APE Foundation is the executive arm of the ApeCoin DAO, implementing DAO decisions. It handles tasks like bookkeeping and project management. A subcommittee, the ApeCoin DAO Board, oversees specific proposals and consists of five initial members, each serving a six-month term.

    Ape Foundation IP

    Yuga Labs gifted the APE Foundation a unique NFT, granting it all rights and privileges. The ApeCoin DAO determines its usage.

    The Board

    The Board is responsible for executing community visions. Comprising five members from technology and crypto sectors, the Board is elected annually by ApeCoin holders.

    AIP-138: The special council election process

    This proposal establishes a fair election process for the ApeCoin DAO's Special Council. Elections occur every six months, with terms starting in January and July. Members can serve up to two consecutive terms, with a break required before re-nomination. The process includes online nominations, voting, and campaign regulations.

    Current Board Members

    • Alexis Ohanian: Co-founder of Reddit and General Partner at Seven Seven Six.
    • Amy Wu: Head of Ventures & Gaming at FTX.
    • Maaria Bajwa: Principal at Sound Ventures.
    • Yat Siu: Co-founder and Chairman of Animoca Brands.
    • Dean Steinbeck: President & General Counsel at Horizen Labs.