What is ApeCoin (APE)?

The Ape Foundation is the steward of ApeCoin, not an overseer, but the foundation upon which ApeCoin holders in the ApeCoin DAO can grow. The Foundation is intended to be more decentralized in usage, with decentralized and community-led governance.

It is tasked with administering the decisions of the ApeCoin DAO and is responsible for day-to-day administration, bookkeeping, project management, and other tasks that ensure the DAO community’s ideas have the support they need to become a reality. The goal of the Ape Foundation is to steward the growth and development of the Ape ecosystem fairly and inclusively. 

It performs this by utilizing the Ecosystem Fund, which is controlled by a multi-sig wallet, to pay its expenses as directed by the ApeCoin DAO and provides an infrastructure for ApeCoin holders to collaborate through open and permissionless governance processes.

The ApeCoin community governs itself via the ApeCoin DAO, the decentralized governance framework that supports the Ecosystem Fund. The DAO follows a proposal process to vote on how the Ecosystem Fund will be distributed by the APE Foundation to promote a diverse and self-sustaining ecosystem.

The APE Foundation website is the DAO hub, providing an interface to educate DAO members on the governance process and provide easy access to the channels below to streamline the DAO’s operation and enhance its utility.

The ApeCoin DAO exists because decentralized governance is critical to building and managing a globally dispersed community—and therefore critical to the success of the APE ecosystem. The APE Improvement Proposal Process will allow ApeCoin DAO members to make decisions regarding Ecosystem Fund allocations, governance rules, projects, partnerships, and beyond. ApeCoin DAO membership is open to all ApeCoin holders

APE is the official token of the Ape foundation, developed to support what will be controlled and built on by the community. ApeCoin is an ERC-20 governance and utility token used within the APE ecosystem to empower decentralized community building at the forefront of web3. The token will also serve as a decentralized protocol layer for community-led initiatives that drive culture forward into the metaverse.

 

Who Are the Founders of ApeCoin (APE)?

There ApeCoin foundation was founded by an association of well-known individuals in the NFT space. They include Alexiss Ohania, Co-founder of Reddit; General Partner & Founder of Seven Seven Six, Amy Wu, Head of Ventures & Gaming at FTX. Also included are Maaria Bajwa, Principal at Sound Ventures, Yat Siu, Co-founder & Chairman of Animoca Brands, and Dean Steinbeck, President & General Counsel at Horizen Labs.

The purpose of the Board is to administer DAO proposals and serve the vision of the community. It meets on proposals requiring administrative review under ApeCoin DAO rules. The initial Board serves a term of six months, after which DAO members will vote annually on Board members.

 

What is the ApeCoin (APE) used for?

Governance

The ApeCoin is the ecosystem’s governance token that allows ApeCoin holders to participate in ApeCoin DAO.

Unification of Spend 

Since the ApeCoin is the ecosystem’s utility token, it gives all its participants a shared and open currency that can be used without centralized intermediaries.

Access to exclusivity

ApeCoin provides access to certain parts of the ecosystem that are otherwise unavailable, such as exclusive games, merch, events, and services.

Incentivization

ApeCoin is a tool for third-party developers to participate in the ecosystem by incorporating APE into services, games, and other projects.

 

What Makes ApeCoin(APE) Unique?

Before being a member of the Ape Foundation, participating in idea submission, commentary, proposal submission, holding ApeCoin, and voting is only restricted to ApeCoin DAO members, encouraging non-members to join. 

After joining, members are required to uphold the foundation’s guiding values like boldness as they don’t shy away from the weird, the hard, or the new. In addition, everybody is equal and transparent as one APE equals one APE and the processes and decisions are shared openly with the community. Community responsibility is also upheld and persistence is encouraged as success is an ouroboros, not a straight line.

 

How Many ApeCoin (APE) Are There in Circulation?

The total supply of ApeCoin is permanently fixed at 1 billion tokens and no minting capability is exposed through the contract interface, thus the total supply will never increase. In line with the standard practice, a portion of the tokens for contributors to the project will be initially locked. Locked tokens will be unlocked over 48 months, following the predetermined unlock schedule. 

ApeCoin will be distributed among four main groups 62% goes to the ecosystem fund,16% goes to yuga labs and charity, 14% goes to the launch contributors, and 8% goes to the Bayc founders.

 

How Is the ApeCoin Network Secured?

When proposals are being made, discourse is the first stop where an AIP (Ape Improvement Proposal) Idea is submitted as a post in Discourse and must receive confirmation from a moderator that it complies with DAO-approved guidelines before it appears to the community. This is to ensure scammers do not bring in proposals that may end up being risky for the DAO members.

To further strengthen the security, ApeCoin holders must go through a wallet authentication process to post ideas or give feedback to ideas via comments. During voting, the snapshot is used as proposal drafts that have passed their respective approval processes become available for voting on Snapshot. These security measures show the ApeCoin project is formidable.

Asides the project is backed by various organizations approved by strong governing bodies in the world. One of these associations includes Yuga Labs, a web3 company best known for the creation of the Bored Ape Yacht Club. 

 

How do I buy ApeCoin (APE)?

ApeCoin was designed for the Ape Foundation web3 economy that allows for the development of art, gaming, virtual entertainment, and events. The APE token can be used for a wide range of uses like governance and gaming.

APE tokens can be easily purchased by the following steps. 

* Open an account with the crypto trading platform or log in if already registered.

* Deposit a specific amount of fiat currency to your account.

* Wait for your deposit to be confirmed and buy APE through your trading account.

 

Which Cryptocurrency Wallet Supports ApeCoin (APE)?

The PTPWallet platform supports many cryptocurrencies simultaneously, such as ApeCoin (APE). Because of its vast use case, it has grown to become one of the most used platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. Users can easily use PTPWallet as their APE wallet because it offers a simple and interactive interface, making it easy for people to navigate its system.

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