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Table Of Contents
ApeCoin (APE) is a governance DAO (decentralized autonomous organization) designed to support the popular Bored Ape Yacht Club NFT protocol. The developers introduced community governance to provide a more diverse and self-sustaining ecosystem to users. In this way, all ApeCoin holders gain voting rights.
Bored Ape Yacht Club
To understand ApeCoin, you first need to look at its underlying protocol, the top-selling series of NFTs, the Bored Ape Yacht Club. This NFT sensation launched as a 10,000 strong series. Like most NFT collectibles, each token features a combination of features that add to its scarcity. Specifically, you can find categories such as fur color, background color, outfits, and accessories.
Insanely, the Bored Ape Yacht Club has a market cap of around +$3.7 billion. The lowest price for a Bored Ape is around $262,630 making it the top of the NFT sector in terms of popularity. The highest-priced token in the collection, Bored Ape #232, just sold for $2.85 million. The firm behind the concept, Yuga Labs, managed to keep the creators' identity secret for a while. However, it has been revealed that a team of designers led by the concept creators, Greg Solano and Wylie Aronow.
What Problems Does ApeCoin (APE) Attempt to Fix?
One of the main issues that DAOs like ApeCoin seek to eliminate is centralization. Unlike stocks, where traders are left out of the decision-making process completely. DeFi (decentralized finance) protocols seek to bring all users into the fold. They improve community participation and enable large communities to avoid fractions.
It’s great to enable your users to participate in the direction of the platform but these systems mean nothing if people are undedicated on how to accomplish this task. As such, ApeCoin provides valuable insight into the process. The goal is to educate DAO members on their new rights and how they can get their voices heard.
One of the biggest problems facing DAOs currently is gas fees. It can hinder community participation when it costs users fees to conduct voting transactions. ApeCoin provides a fee-less structure that enables the community to conduct weekly votes versus monthly or bi-annually.
Benefits of ApeCoin (APE)
ApeCoin provides easy access to the crypto world. Specifically, those who hold Bored Ape Yacht Club tokens have a particular interest in keeping these tokens and joining the voting process. Additionally, the project was built with security as a primary concern. The system integrates Snapshots for voting purposes. To participate, every ApeCoin holder must verify their wallet via an authentication process.
DAOs provide the community with far more transparency than centralized alternatives. For one, all the processes and decisions are shared openly with the community. In the ApeCoin economy, one ApeCoin is equal to one vote. This arrangement makes it easy for voters to see how much weight their actions hold.
How Does ApeCoin (APE) Work
ApeCoin combines some popular protocols with advanced blockchain systems to accomplish its goals securely. Notably, the protocol is loosely based on the Ethereum EIP system. Specifically, the system provides open voting for six days. The voting process closes weekly at 9 PM ET.
APE Foundation Website
The APE Foundation is a non-profit designed to further the platform's adoption and support the expansion of the community. The Foundation's website features an easy-to-navigate interface that streamlines the proposal and voting process for users. Here are some more details on how the voting process works.
AIP (Ape Improvement Proposal)
When you put forth a proposal it’s called an AIP. AIPs can cover a huge selection of items but all can be broken down into three distinct categories, Core, Process, or Informational. Each category covers a specific type of change, which makes it easier to organize these proposals for the community to review.
The first type of AIP is called Core AIPs. Core AIPs focus on brand decisions which include anything the project attaches its name to and even partnerships and collaborations. The second type of Core AIP is ecosystem fund allocation. These proposals would cover how DAO funds should be utilized.
The next style of AIP is Process AIPs. These proposals would include any changes to procedures, guidelines, or the decision-making process. You could have proposals that alter the weight of a vote or the frequency of votes in this category. Also, any changes to the tools or environment fall into this section as well.
Informational AIPs cover items such as general guidelines or information provided to the community. Here you may find people proposing to set up new guides, video tutorials, or other helpful data to further adoption.
Checks and Balances
One of the quality control aspects of the ApeCoin DAO is that every AIP must undergo review from moderators to ensure it meets the required criteria before it is made public. The community provides all users with access to the DAO guidelines as part of this approach. Only once an AIP receives an “in Favor” vote will it move on to the implementation part of the process.
Another cool feature is the ability to delegate your votes to a trusted source. Delegation is an easy way to place your voting power behind another user who can then vote on your behalf. The main requirements to become a delegate are to simply hold ApeCoin. In this way, anyone can delegate or receive delegates from the community.
ApeCoin is the governance token for the ApeCoin DAO. It serves a vital role in enabling users to vote and create AIPs. Notably, ApeCoin is an ERC-20 token that can be traded on popular DEXs like SushiSwap.
The ApeCoin DAO operates as the decentralized governance framework that supports the Ecosystem Fund. This community governance system was created to provide a more democratic and transparent experience to Bored Ape Yacht Club token holders and fans.
How to Buy ApeCoin (APE)
Currently, ApeCoin (APE) is available for purchase on the following exchanges.
Uphold – This is one of the top exchanges for United States & UK residents that offers a wide range of cryptocurrencies. Germany & Netherlands are prohibited.
Kraken – Founded in 2011, Kraken is one of the most trusted names in the industry with over 9,000,000 users, and over $207 billion in quarterly trading volume.
The exchange offers trading access to over 190 countries including Australia, Canada, Europe, and is a recommend exchange for USA residents. (Excluding New York & Washington state).
WazirX – This exchange is part of the Binance Group, which ensures a high standard of quality. It is the best exchange for residents of India.
ApeCoin – Gain a Say in the Hottest NFTs
The ApeCoin project is cool because it shows how developers continue to move towards decentralization even after they hit major success. This decision is a far cry from stuffy corporate board rooms where the average person's voice was never heard. Today, you can secure returns and help guide your favorite DeFi networks into a profitable future.
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