While leaks of a roadmap pitch were coming out on social networks, the team behind the Bored Ape Yacht Club, the most popular NFT ecosystem, reassured their members that the mystery remained.
It didn’t take more than 24 hours to get real official announcements from Yuga Labs, Bored Ape Yacht Club, as well as market-leading crypto exchange platforms like Binance, Kraken and FTX.
The $APE token called ApeCoin has indeed become a reality, accompanied by a complex DAO and an interesting Airdrop system, let’s go over the important details.
ApeCoin, a fully web-based economy 3
The Ape Foundation and the DAO
An entity called The Ape Foundation was created as the custodian of the token and support of the DAO controlled by the holders.
This Decentralized Autonomous Organization will therefore be in the hands of the $APE token holders in order to decentralize the entire token ecosystem. The members of the DAO (the holders) will make the crucial decisions around the allocation of funds, governance rules, partnerships and new projects and much more.
To facilitate the birth of this organization, the Ape Foundation steps in to help with the administration of DAO decisions, accounting… Its role is to ensure that the organization, its ideas and decisions are implemented and supported properly. It tends to decentralize in the future, to leave full control to the community.
The foundation uses the Ecosystem Fund, using a multi-signature wallet, to pay its expenses according to the DAO guidelines and provides an infrastructure for ApeCoin holders to collaborate through open governance processes.
A board is also set up with 5 members whose mission is to provide oversight to the Foundation’s directors. According to the rules approved by the DAO, the board meets to review the various proposals and decisions of the foundation’s members.
The board will remain unchanged for six months, after which the DAO will vote to elect new members annually.
Yuga Labs and BAYC seem to keep their promises of decentralization and aim to give full decision-making powers to the community through the token holders. It is interesting to note that the board is composed of 5 recognized members of the Web 3 universe:
Alexis Ohanian: co-founder of Reddit and 776
Amy Wu: head of investments and games at FTX
Maaria Bajwa: Director of Sound Ventures
Yat Siu: Co-founder of Animoca Brands
Dean Steinbeck: President of Horizen Labs
The DAO was offered a unique NFT 1/1 created by Yuga Labs. This is the ApeCoin logo (a blue version of the BAYC logo) which also gives the entire intellectual property rights of the logo to the decentralized organization. The latter is free to use this derived logo.
In addition to representing a liquid gateway to an investment in the Bored Ape Yacht Club ecosystem, the $APE token has several functions.
It is the governance token of the ecosystem, allowing $APE holders to participate in the ApeCoin DAO under the ratio 1 $APE = 1 vote.
It will also give access to some exclusive benefits of the ecosystem, such as games (a Play to Earn is announced), merchandise, events and exclusive services.
The ApeCoin can also be used by inventive developers who want to create original games, services or projects by incorporating the Bored Ape ecosystem. Respected member Jenkins The Valet is already hinting at the use of the token in his proprietary project.
The first proposals of the ApeCoin DAO
On the ApeCoin DAO forum, 5 proposals are visible at the moment. The first 3 concern the functioning of the DAO, the votes as well as the budget allocation for the first year of the organization.
Proposals 4 and 5 are particularly interesting. They come directly from the development studio and investor of the token: Animoca Brands. The latter proposes a staking system including the $APE token as well as the various NFTs of the Bored Ape Yacht Club ecosystem. The proposal targets 17.5% of the total token allocation spread over 3 years in the staking liquidity pool.
The DAO will then make the necessary decisions regarding the budget allocated to the staking implementation, the liquidity pool and the main details.
You can find the different proposals on the ApeCoin forum HERE.
Tokenomics and details of ApeCoin $APE
First of all, it should be noted that this token is an ERC-20 token limited to one billion tokens.
62% of this total is distributed in the ecosystem with, first of all, an airdrop distribution: NFT owners of the Bored Ape ecosystem will be able to claim 15% of the total supply from the first day, that is to say on March 17 at 08:00 am ET and for 90 days.
117,500,000 tokens are released for the DAO as well as cash at the same time and a little over 7 million tokens per month for 4 years.
The rest of the tokens are shared between the founders and the various investors with a smooth release over 36 months. 10 million tokens will also be donated to the Jane Goodall Legacy Foundation.
The token will be able to be traded on major crypto exchanges: Binance, Coinbase, FTX, Kraken, Gemini and others are already boasting of listing ApeCoin on their platforms immediately.
A Bored Ape Yacht Club Play to Earn powered by ApeCoin
Shortly after the ApeCoin’s splashy announcement, decentralized exchange platform NFT tweeted about using the token in a Play to Earn game currently in development. Bored Ape Yacht Club has released an image to tease the arrival of the game.
Animoca Brands, the video game development studio is also working with Yuga Labs on a game, probably Play to Earn, but it is impossible to say if the two announcements are related.
The studio has so far only announced to integrate the $APE token in its game Play to Earn Benji Bananas.
First conclusions on ApeCoin
Most certainly the most anticipated token of Web 3 this year, ApeCoin was officially released by surprise only a few hours ago, but announcements seem to be raining down from all sides: major exchanges, NFT marketplaces, development studios and projects of all kinds…
Expectations are obviously high for the NFT collection of 10,000 avatars that has become a real Web 3 brand, often compared to Marvel, Nike or Disney. But the team seems to be working relentlessly to keep its club members happy.
Play to Earn, DAO, staking, Metaverse, plots of land and derivatives, Yuga Labs should have many surprises in this year 2022…