ApeCoin (APE) has caused a stir in the crypto market this year, ranking among the world's top 30 largest crypto assets despite being launched less than a week ago.

Ape coin is ERC-20 Governance and utility token 3 used in the APE ecosystem to empower and encourage decentralized communities built at the forefront of the web.

ApeCoin holders govern themselves through a decentralized governance framework that governs ApeCoin DAO and votes on how the ApeCoin DAO ecosystem funds are used. APE Foundation will manage proposals approved by ApeCoin holders.

What is Apecoin?

Ape Coin (APE) It is a utility and governance token developed by Yuga Labs. web 3 Ecosystems and metaverses, especially in the future of gaming, culture, and commerce.

Yuga Labs launched APE in March 2022 and received an immediate positive response from the crypto community.

This success was largely influenced by the popularity of the main actors. non-fungible token (NFT) project, Bored Ape Yacht Crew (BAYC)also a work by Yuga Labs.

In introducing APE, Yuga Labs said the token will become a key element in BAYC's ecosystem and other projects such as Otherside Metaverse, as well as Yuga Labs' future products and services.

This concept corresponds to the role of the SAND token. sandbox Axie Infinity Network and AXS.

APE is managed by the ApeCoin DAO, a decentralized organization whose members can participate in the governance and future funding of the Yuga Labs ecosystem.

ApeCoin DAO is supported by the Ape Foundation, the premier platform of ApeCoin and the entity responsible for approving decisions approved by the ApeCoin DAO community.

Everyone who purchases and deposits APE automatically becomes a member of ApeCoin DAO.

As such, APE holders can use their tokens to vote on governance decisions, subsequent developments, and the future direction of the Yuga Labs ecosystem.

More importantly, APE holders have the opportunity to propose new and innovative ideas that can bring more cultural products to the Metaverse ecosystem.

This coincides with the rapid development of cultural products such as art, games, entertainment, and events in today's Web3 space.

Uses of Ape Coin

APE acts as a “voting station” to determine the future direction of network governance. Additionally, APE will also serve as a token that his Yuga Labs can use in future projects.

But Yuga Labs has a bigger vision for APE to become a key asset in the metaverse economy. In other words, Yuga Labs wants APE to be used as a means of payment for his ecosystem and other of his Web3 applications.

Yuga Labs has taken concrete steps to achieve this goal. For example, Benji Bananas, a Play-to-Earn game developed by Animoca Brands, employs his APE as a key asset in the game.

Additionally, on March 16, 2022, game developer nWayPlay announced that it would be using APE in its latest game. play and earn A game based on BAYC. In addition, here are some examples of his APE usage in action.

• TIME magazine has announced that it will accept APE as an official payment method for digital subscriptions.
• In addition, rappers Snoop Dogg and Wiz Khalifa have released eight songs together that are available for purchase using APE.
• The E11even real estate complex in Miami, USA accepts condo payments as APE assets.
• Saltwater Brewery, a beer manufacturing company based in Florida, USA, is offering a 50% discount to customers who purchase products using APE.

Ape Coin governance structure

Until now, you may have been familiar with the ApeCoin DAO, Ape Foundation, and other parties involved in APE's operations. But what does each role do in more detail? Here's an explanation of each one:

1. Ape Coin DAO

ApeCoin DAO was formed because decentralized governance systems are essential to building and managing a broad global community.

Through this DAO, ApeCoin DAO members can vote on decisions regarding ApeCoin ecosystem funding, network regulation, and future projects and partnerships generally proposed through APE improvement proposals.

2. APE Foundation

Ape Foundation acts as the guarantee authority for the ApeCoin network. This is not a watchdog, but an entity that facilitates community-agreed decentralized governance and ensures the continuity of decentralized systems on the network.

Therefore, APE Foundation is responsible for approving all decisions made by ApeCoin DAO.

Additionally, you will be responsible for day-to-day management, project management, and other tasks to ensure the DAO community's ideas come to fruition.

In addition, APE Foundation will also be responsible for managing the Ecosystem Fund and paying other expenses as directed by ApeCoin. dao.

Additionally, APE Foundation provides the infrastructure for ApeCoin holders to collaborate through an open and seamless governance process.

3. APE Foundation Board of Directors

The APE Foundation Board of Directors is a professional body responsible for overseeing all operations and governance within the APE Foundation.

It is the final approver of all DAO proposals, reviews all future network development proposals, and provides direction to the community.

The term of office for APE Foundation Directors is six months. Once this period ends, DAO members will vote to find a new member.

4. Yugarab

Yuga Labs, the developer of Apecoin, is a Web3 and blockchain company focused on developing NFTs and digital collectibles through a story, experience, and community approach. In the Yuga ecosystem, fans and players are considered owners and creators.

Founded in 2021 by Wiley Aronow and Greg Solano, Yuga Labs has received total funding as of June 2022 from leading crypto venture capital firms around the world, including Andreessen Horowitz (a16z), Coinbase, and Friendly Trading. Successfully raised $4 billion in funding.

One of Yuga Labs' notable projects is Bored Ape Yacht Club (BAYC), a collection of 10,000 NFT artworks featuring images of apes with diverse facial expressions.

The company introduced BAYC NFT in April 2021, making it one of the most valuable NFT projects by market capitalization.

Additionally, Yuga Labs has also acquired the intellectual property rights to previous NFT projects such as CryptoPunks and Meebits.

Yuga Labs developed ApeCoin but does not directly control it. Instead, the governance of ApeCoin will be completely entrusted to his ApeCoin DAO. Why is this so? Here's why.

• This dichotomy originates from William Hinman, a former official at the U.S. Capital Markets Authority (Securities and Exchange Commission/SEC) who currently holds a senior position at a16z. Hinman argues that decentralized institutions are free to issue tokens without registering with the SEC, as long as they are truly decentralized. In the context of the ApeCoin ecosystem, ApeCoin DAO is considered a decentralized institution, but Yuga Labs does not meet that criteria.

• APE aims to be a primary asset of the Web3 economy and metaverse, and should not be tied to other Web3 or metaverse projects.

tokenomics Ape coin side

The total supply of APE is limited to 1 billion units worldwide. In other words, the developer does not add to or consume the supply, so the supply will remain at 1 billion pieces forever.

The APE allocation breakdown is as follows:

• ApeCoin DAO/Ecosystem Fund: 47%
• Community airdrop: 15%
• Yuga Institute: 1Five%
• Parties that helped launch APE: 14%
• Founder: 8%
• Charity: 1%

Despite limited supply, APE is not yet fully distributed. This is due to the concept of a “token lock” which dilutes the actual supply and gives the impression that the APE supply is larger than it actually is.

For example, the founders of Yuga Labs and BAYC, the entities that helped launch APE, were required to lock their tokens for a year. The plan is to fully cycle the entire APE supply by 2026.

Strengths and criticisms of ApeCoin

Below are some of the ApeCoin pros and criticisms that are especially important to know.

Strengths

• Yuga Labs has strong capital and is currently valued at $4 billion.
• APE is partnering with Bored Ape Yacht Club (BAYC), one of the largest and most valuable NFT projects and communities.
• Yuga Labs has a proven track record in developing cryptographic projects.
• The Web3 project developed by Yuga Labs has a great future.
• BAYC was one of the first NFTs to gain mainstream attention, allowing APE to become the primary currency of the Web3 ecosystem and metaverse.
• Yuga Labs is a pioneering company focused on developing metaverse projects that span multiple networks.

criticism

• There are concerns that the supply value of ApeCoin may become diluted over time.
• Currently, ApeCoin is known as a governance token with no clear utility.
• There are concerns about Yuga Labs’ reputation after another project, Otherside Land, experienced technical issues that disrupted the Ethereum network.

The potential of ApeCoin ecosystem

ApeCoin has great potential to play a key role in future innovation and development, especially through its involvement in projects like Otherside Metaverse.

As part of a growing ecosystem, Ape Coin can also foster exciting and innovative new projects in the Web3 and Metaverse spaces.

Through collaboration with major projects such as Bored Ape Yacht Club (BAYC) and Otherside Metaverse, ApeCoin has a huge opportunity to become a major asset in the Web3 economy and metaverse.

As a decentralized and finite asset, ApeCoin could be an attractive option for users and investors involved in these ecosystems.

Through strong support and adoption, ApeCoin has the potential to become important in facilitating transactions and interactions across the future digital economy.

conclusion

In conclusion, ApeCoin is a cryptographic token developed by Yuga Labs with the aim of becoming an important asset for the Web3 ecosystem and metaverse.

The total supply of ApeCoin is limited to 1 billion coins, giving holders peace of mind and creating upward price pressure due to increased demand.

Although ApeCoin is now recognized as a governance token, there is still uncertainty about its utility within the Yuga Labs ecosystem, which may impact investor interest and confidence in the asset.

ApeCoin has great potential to play a role in future innovation and development, primarily through projects such as Otherside Metaverse.

With its connections to NFTs and major projects in the Metaverse space, ApeCoin has a good chance of becoming a major asset in the Web3 and Metaverse economy in the future.

Interested in purchasing Ape Coin crypto assets?

Now you understand the uses and possibilities of Ape Coin.

You can also read various interesting articles about blockchain technology on INDODAX Academy.

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