Summary

ApeCoin (APE) is the ERC-20 utility and governance token of the APE ecosystem. It is based on the forefront of Web 3.0 and supports the construction of a decentralized APE community.

APE is managed by ApeCoin DAO and supported by the APE Foundation. With APE, token holders can vote on governance proposals in the DAO and use exclusive features of the APE ecosystem such as games, events, and services.

Yuga Labs is the producer of the popular NFT series collectible "Boring Ape Yacht Club (BAYC)". They also actively use APE as the main token for all new products and services.  

Introduction

Since its launch in April 2021, the Boring Ape Yacht Club (BAYC) has gradually Become one of the most popular NFT collectibles. BAYC is known for having a vibrant and active community of supporters.

What is ApeCoin (APE)?

ApeCoin (APE) is the governance and utility token of the APE ecosystem. It is a decentralized protocol layer that supports the decentralized APE community based on the forefront of Web 3.0 and assists its construction and development.  

APE is an ERC-20 token with a total supply of 1 billion. It is controlled and built by the community. ApeCoin DAO is a decentralized organization that allows all APE holders to vote on token-related governance decisions.  

In addition, Yuga Labs actively uses APE as the main token for all new products and services.  Yuga Labs is the producer of the popular NFT series collectible "Boring Ape Yacht Club (BAYC)". It also owns the IP of two other popular NFT projects (CryptoPunks and Meebits).

How does APE work?

APE was created with the intention of applying it to the growing APE ecosystem. APE is managed by ApeCoin DAO and supported by the APE Foundation.

ApeCoin DAO is a decentralized autonomous organization (DAO), and all APE token holders can participate in governance decisions. They can decide how ecosystem funds are allocated, set governance rules, select projects, establish partnerships, and more. After DAO members vote on the proposal, the APE Foundation will continue to implement community-led governance decisions.  

The APE Foundation is the legal supervisor of the DAO. It promotes the healthy growth and development of the APE ecosystem in a fair and inclusive manner. The Foundation has a special board of directors called the "Board of Directors," whose mission is to ensure that the community's vision becomes a reality. The board of directors consists of five members from the technology and cryptocurrency communities, including Reddit co-founder Alexis Ohanian. The initial members of this decentralized board of directors will serve for 6 months, and then new members will be elected annually by APE holders.

What is the APE ecosystem?

The APE ecosystem consists of community holders of ApeCoin and all products and services that use APE.

Yuga Labs is a web3 company famous for its Boring Ape Yacht Club. It will become a community member in the ApeCoin DAO, adopting APE as the main token of the new project. After the launch of ApeCoin, holders of the Boring Ape Yacht Club and Mutant Ape Yacht Club NFTs have the right to jointly receive 15% of the ApeCoin supply (i.e. 1 billion * 15% = 150 million).

Let’s take a look at the NFT collectibles related to the APE ecosystem.

Boring Ape Yacht Club (BAYC)

Boring Ape Yacht Club (BAYC) was launched in April 2021 and is a member of the APE ecosystem. The first NFT collectible. It has 10,000 unique apes on the Ethereum blockchain. Each ape has a unique appearance, style and rarity.

Mutant Ape Yacht Club (MAYC)

Mutant Ape Yacht Club (MAYC) is a set of NFT collectibles, consisting of up to 20,000 Made up of mutated versions of the original BAYC apes. 10,000 mutated serums were airdropped to holders of the original BAYC NFT, and the three layers of serum increased the rarity of the trait. After injecting different levels of serum received, BAYC holders can create different types of mutant apes. Each BAYC can only produce a single variant from a single serum type, and the serum disappears after use.

MAYC is also a means to attract new members to join the APE community. Therefore, after the mutant serum was airdropped in August 2021, 10,000 mutant apes were also cast and successfully put on the market.

Boring Ape Kennel Club (BAKC)

Boring Ape Kennel Club (BAKC) is a set of canine NFT collectibles dedicated to Open to all members of BAYC. Holders can randomly "adopt" a Club Dog NFT for each Boring Ape NFT they own, and only need to pay the fuel fee. Like apes, 10,000 BAKC NFTs also have their own attributes and rarity.

What are the uses of APE tokens?

ApeCoin tokens have multiple uses in the APE ecosystem. Holders can use it as a governance token to participate in ApeCoin DAO. They also have access to exclusive features of the APE ecosystem (such as games, merchandise, events and services).

APE is also a tool for third-party developers to participate in the APE ecosystem. They can integrate the tokens into services, games, and other projects as incentives. For example, APE is an incentive for Benji Bananas players. Benji Bananas is a play-and-earn game developed by Animoca Brands. Benji Bananas provides an NFT membership pass ("Benji Pass") that allows holders to obtain special tokens when playing Benji Bananas, and these tokens can be exchanged for ApeCoin.

How to buy APE on Binance?

You can buy ApeCoin (APE) on cryptocurrency exchanges like Binance.  

1. Log in to your personal Binance account and click [Transaction]. Select Standard or Professional trading mode to start trading.

2. Enter "APE" in the search bar on the right side of the screen to view available trading pairs. Let's take APE/BUSD as an example.

3. Visit the [Spot] area and enter the amount of APE you wish to buy. In this example, we select Market Order. Click [Buy APE] to confirm your order, and the purchased APE will be deposited into the spot wallet.

Summary

With Yuga Labs uses ApeCoin as the base token, and the community expects the utility of the token to further increase in the future. For example, long-term holders of APE can earn passive income through staking, use multiple GameFi applications, and even collaborate with other NFT IP owned by Yuga Labs.