It is a management and utility token of BAYC, a project of NFT Yuga Labs. The Ape Foundation, which powers ApeCoin, is overseen and managed by the ApeCoin DAO, aiming to provide governance as the community develops. Thus, ApeCoin holders become voters in the DAO, where the foundation acts as a facilitator. It is an open source project designed for the “Web 3.0 Economy,” in which creators themselves own the web content. This includes digital graphics, music, videos, GIF files, game objects and more. The potential for cultural impact of blockchain is so great that it is currently impossible to predict. Unlike NFTs, they must be “fungible” – just like Bitcoin (BTC). Each ApeCoin must be worth exactly the same as any other ApeCoin. They can be freely bought and sold on decentralized exchanges, which are the digital trading point for cryptocurrencies.
Apecoin’s operation
ApeCoin is a token that serves to manage the APE ecosystem, allowing its holders to participate in the ApeCoin DAO and providing them with an open common currency that can be used without the need for an intermediary. It is worth noting that 62% of all ApeCoin has been allocated to the Ecosystem Fund, which will support initiatives that benefit the community, according to a vote of ApeCoin DAO members. The token also provides access to parts of the ecosystem that would not normally be accessible, such as exclusive games and services. For independent developers, ApeCoin is a tool to build it into their services, games and other projects.
ApeCoin and the APE Foundation – how do they work?
The ApeCoin project is committed to promoting the creation and expansion of a decentralized Web 3.0 community to achieve the following goals:
- Governance – once ApeCoin holders become DAO members, they will be responsible for voting on proposed changes to the protocol and ensuring that the long-term vision of the project is maintained.
- Access – some parts of the Ape ecosystem are restricted from regular users, such as exclusive merchandise, games, services and even events.
- Incentives – network participants with ApeCoins can include “boring monkeys” in projects they are working on. Possibilities range from the concept of using Ape avatars in games to services and other applications.
- Spending – as a utility token, ApeCoin also acts as a cryptocurrency unifying the entire community and enabling transactions among themselves on a decentralized platform.
ApeCoin for the Web 3.0 Economy
In today’s Web 3.0, culture is receiving new opportunities for expression through art, games, entertainment and other events. Blockchain can influence it in unpredictable ways, opening up wide-ranging opportunities for community development. The APE token is intended to serve as a decentralized protocol layer that supports community cultural initiatives and helps create and control new projects. It can be thought of as a virtual reality in which the community has control over what happens.
The Ape Foundation is the main administrator of ApeCoin. It is not an overseer, but is treated as a basic layer that ApeCoin holders in the DAO layer can expand. The foundation supports community-led decentralized management and aims to become an even more decentralized concept over time.
It is responsible for managing the decisions of the ApeCoin DAO, as well as the day-to-day administration, accounting, project management and other tasks ensuring that the ideas of the DAO community are supported and brought to life. The APE Foundation aims to manage the growth and development of the ecosystem in an equitable and inclusive manner. It uses an ecosystem fund controlled by a multi-signature portfolio, pays fees as directed by ApeCoin DAOs and provides their holders with the infrastructure to collaborate through an open governance process without permission.
In summary – ApeCoin is an ERC-20 management and utility token for the APE ecosystem that empowers and encourages the decentralized community at the forefront of Web 3.0. Holders manage themselves by controlling the decentralized governance structure of the ApeCoin DAO and voting on how its ecosystem funds are used, while the APE Foundation manages the applications agreed upon by ApeCoin holders.
