The team behind Bored Ape Yacht Club (BAYC) unveiled an ecosystem-linked token and conducted an airdrop.
Introducing ApeCoin ($APE), a token for culture, gaming, and commerce used to empower a decentralized community building at the forefront of web3. 🧵
— ApeCoin (@apecoin) March 16, 2022
«We present ApeCoin (APE) — a token for culture, gaming and commerce, used to build a decentralized community at the forefront of Web 3.0», — according to the official ApeCoin account.
Trading of APE began on the FTX exchange. The asset also появился in a USDT pair on the Bybit spot platform.
The developer Coinist Bot Luke Martin called APE “the best investment of all time.” According to his calculations, ROI of the token was approximately 1,898x in ETH or 2,100x USD.
If you add up all the value that @yugalabs has airdropped to BAYC holders, it makes minting an ape one of the greatest investments of all time.
~ 1,898x $ETH return
~ 2,100x USD returnIt all happened in less than 1 year to everyone that contributed $200 of ETH & held.
Insane. pic.twitter.com/RVNn5UKuyV
— Luke Martin (@VentureCoinist) March 17, 2022
The token will be governed by a decentralized organization ApeCoin DAO, open to any token holder. To implement community decisions and day-to-day administration as a legal entity, the Ape Foundation has been established.
The foundation’s oversight is provided by a board whose members are elected every six months. The initial lineup includes:
- co-founder of Reddit Alexis Ohanian;
- head of FTX’s venture arm Amy Wu;
- director of Sound Ventures Maariya Bajwa;
- co-founder and chair of Animoca Brands Yat Siu;
- president of Horizen Labs Din Steinbeck.
ApeCoin’s supply will total 1 billion coins and remain fixed. The tokens will be allocated among four main groups, with a portion of their assets initially locked. They will become available over 48 months in accordance with the unlock schedule.
Allocation by shares:
- 62% — the ecosystem fund, including the treasury and airdrop funds (15%);
- 16% — the company behind BAYC, Yuga Labs, and the charitable initiative;
- 14% — BAYC launch participants (firms and individuals who helped bring the project to life);
- 8% — the four founders of Yuga Labs.
Among BAYC NFT holders, as well as derivative assets MAYC and BAKC, 150 million APE will be distributed.
The token will also be listed on exchanges — support for the token has already been announced by Binance and Coinbase.
#Binance will list @apecoin $APEhttps://t.co/PpkEuvMuT0
— Binance (@binance) March 17, 2022
As part of the charitable initiative, the project will donate 10 million APE or the monetary equivalent to Jane Goodall’s charitable funds.
According to OpenSea, BAYC token trading volume surged 661% in the past 24 hours. MAYC and BAKC rose by 465% and 639%, respectively.
In a statement, Yuga Labs said ApeCoin would become the primary asset not only for the BAYC ecosystem but also for the company’s future projects and products.
We’re excited to announce we’re adopting ApeCoin as the primary token for the Bored Ape Yacht Club ecosystem as well as future Yuga products and services. https://t.co/HJs5zD9i2i
— Yuga Labs (@yugalabs) March 16, 2022
As reported in 2022, the company planned to receive revenue of $455 million largely from the sale of virtual land in the metaverse.