In addition to tracking price, volume and market capitalisation, CoinGecko tracks community growth, open-source code development, major events and on-chain metrics. As a rule of thumb; do well to carry out your own research before investing in cryptocurrency and NFT projects. And apply caution while interacting with smart contract applications.
- The collection showcases algorithmically generated profile pictures of cartoon apes.
- Expanding on this concept is the ApeCoin ecosystem, a cryptocurrency positioning itself at the forefront of Web3.
- In all other cases, Live AIPs are moved to one of two Final AIP categories.
- The sale went viral, and helped raise $320 million within just 45 minutes.
Let’s look at the NFT collections that are related to the APE ecosystem. Animoca Brands, for instance, created a play-to-earn game called Benji Bananas that utilizes ApeCoin, incentivizing and rewarding players with APE. Rahul Nambiampurath started his career as an accountant but has now transitioned into working full-time in the tech space. He is an ardent fan of decentralized and open source technologies.
Bored Ape Kennel Club (BAKC)
The DAO of the Bored Ape Yacht Club community, whose decisions are overseen by the Ape Foundation, serves to discuss and vote on ideas and new projects proposed by users. A suggested proposal that directly conflicts with another approved proposal cannot go to vote for three months after the original proposal has been implemented to avoid wasting community assets. ApeCoin DAO is launching its community-led governance via a formal proposal process based on the one implemented and proven out over time by Ethereum’s EIP system.
For each Bored Ape NFT they own, holders could “adopt” a random Club Dog NFT for free, only paying a gas fee. Like the Apes, the 10,000 BAKC NFTs have various attributes and rarities. The MAYC http://pekines.info/konkurs-na-portale-pekines/ was also a means to welcome more new members to the APE community. This is why 10,000 mutant Apes were also minted for a public sale in August 2021 following the mutant serum airdrop.
Governance
Aficionados of arts, culture, gaming and entertainment are more likely to use the cryptocurrency. As an NFT basket of up to 20,000 mutated versions of the BAYC Apes, the MAYC helps onboard new members to the Ape community. Original BAYC NFT holders were handed 10,000 mutant serums in three tiers via airdrop to add the rarity of traits. Depending on your mood and choice, you can choose these apes down to the tiniest details.
If you are considering investing in cryptocurrency tokens, we recommend that you always do your own research. Look at the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision. Keep in mind that past performance is no guarantee of future returns and never trade with money that you cannot afford to lose. One way an impatient VC could manipulate a project is by insisting that a startup offer tokens as part of their project, and require that a certain amount of tokens be set aside for the VC. That way, once the tokens become available for trading on public crypto exchanges, VCs can cash out part of their investment years ahead of schedule. Mutant Ape NFT holders will benefit most initially, given that they all get a free stash of valuable tokens that they could sell off, anyone can buy APE from popular exchanges.
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They proposed several steps to rule decisions and expand their cryptocurrency. According to the website, ApeCoin wants to implement specific changes and governance, and access to all users. The Ape Foundation “provides an infrastructure for ApeCoin holders to collaborate through open and permissionless governance processes.” They will have the freedom to resell them whenever they wish and want. Some of those investors already cashed a profitable amount of money.
Proposals that receive a majority “In favor” vote are moved into implementation. Proposals that are rejected will have the chance to be resubmitted via the appropriate Resubmission Template if the author contacts a moderator to initiate this process. If by the Vote Close Time the Live AIP has not gotten any votes or is tied, it will be tagged as “Stalled” and be eligible for Resubmission. Moderators post AIPs to Snapshot after ensuring that each one has gone through the correct approvals process.
As a governance and utility token, ApeCoin serves multiple purposes in the ecosystem. ApeCoin use cases include enabling holders to participate in the governance of the DAO and enabling them to access exclusive features of the ecosystem, such as games, events, merchandise and services. ApeCoin is an ERC-20 governance and utility token that serves a variety of functions within the APE ecosystem, which is made up of individual token holders and the products and services utilizing the token. It’s affiliated with a non-fungible token project known as the Bored Ape Yacht Club , a massively successful and valuable collection launched by Web3 company Yuga Labs. For investors, ApeCoin provides investment exposure to the Web3 ecosystem built on the Bored Ape brand. Decentralized autonomous organization for all APE token holders to participate in governance decisions.
Finally, 80 million tokens go to Yuga Labs and BAYC founders with an initial 12-month lock-up period and 2,222,222.22 tokens unlocked per month for 36 months. The token’s maximum supply is capped at 1 billion, with the DAO ensuring that there is no technical capability to mint additional tokens using the ApeCoin smart contract. To understand not only what ApeCoin is but also how it works within the BAYC governance, let’s look in detail at the process leading to the approval of a new ApeCoin DAO proposal.
