What Happened: Yuga Labs announced the launch of ApeCoin Wednesday with a Twitter Inc TWTR thread, a new Twitter account and a website. The token will be used for culture, gaming and commerce to build out the Web3 efforts for the company.
ApeCoin is an ERC-20 governance and utility token.
“ApeCoin is owned operated by the ApeCoin DAO, a decentralized organization where each token holder gets to vote on governance and use of the Ecosystem Fund. Holding ApeCoin is the only requirement for membership in the ApeCoin DAO,” the company said.
The Ape Foundation will serve as the legal steward of ApeCoin and administer the ApeCoin DAO decisions made by the community.
The members of the Ape Foundation are:
- Alexis Ohanian: co-founder Reddit, Founder Seven Seven Six
- Amy Wu: head of gaming at FTX
- Maaria Bajwa: principal at Sound Ventures
- Yat Siu: co-founder and chairman of Animoca Brands
- Dean Steinbeck: president of Horizen Labs
The Ape Foundation will have initial terms of six months, with DAO members voting annually on members after this time period.
ApeCoin Allocations: ApeCoin will be claimable beginning at 8:30 a.m. EDT on March 17, 2022.
A total of 150 million tokens will be claimable for Bored Ape Yacht Club and Mutant Ape Yacht Club holders broken down as follows:
- Bored Ape Yacht Club owner: 10,094 ApeCoins
- Mutant Ape Yacht Club owner: 2,042 ApeCoins
- Bored Ape Yacht Club and Bored Ape Kennel Club owner: 10,950 ApeCoins
- Mutant Ape Yacht Club and Bored Ape Kennel Club owner: 2,898 ApeCoins
- An additional 470 million ApeCoins will go to the DAO treasury, with the DAO total and holder claim representing 62% of supply.
- Another 150 million coins will go to Yuga Labs with a 12-month lock-up.
- Around 10 million ApeCoins (16%) will go to the Jane Goodall Legacy Foundation.
- 14% of the allocation will go to launch contributors.
- 80 million ApeCoins will go to the four founders of Bored Ape Yacht Club with a 12-month lock-up.
“For everyone else who wants to ape in: ApeCoin will be available to all and is expected to begin trading on major crypto exchanges ASAP. We’ll tweet as that happens!,” the company said.
Coinbase Global Inc COIN tweeted it added support for ApeCoin with an “experimental label.”
The label means the assets are either new to the platform or have “relatively low trading volume” compared to other cryptocurrencies.
Voyager Digital VYGVF and Binance both tweeted they will list the coin on their exchanges. Kraken, OKX, Gemini, eToro and FTX are also expected to offer trading of the new coin, according to Yuga Labs.
“Today we’re making the 'Club' bigger with ApeCoin," said Ohanian. “Web3 is being integrated into our art, music, and culture more and more everyday and it all starts with community. I believe this community will build, expand, partner, and disrupt in a massive way.”
Other ApeCoin News: nWayPlay, which is a decentralized marketplace to buy, sell and earn NFTs, announced their interest in the ApeCoin project.
“We’re excited to announce we’ll be adopting ApeCoin in a new play-to-earn game that’s currently being developed by nWay,” the company tweeted.
Animoca Brands, which is the company that owns The Sandbox SAND/USD, also announced its interest in ApeCoin.
“We’re beyond excited to be a contributor to ApeCoin, the official token of Bored Ape Yacht Club! Starting tomorrow, the BAYC community can use $APE to buy NFTs to activate play-to-earn for BenjiBananas,” the company tweeted.
BenjiBananas is a free-to-play game launched by Animoca Brands. The company previously partnered with Yuga Labs on a mobile game involving Bored Apes and Mutant Apes.
Price Action: Sales volume in Bored Ape Yacht Club, Mutant Ape Yacht Club and Bored Ape Kennel Club NFTs increased after the announcement. At the time of writing, the current floor prices were:
- Bored Ape Yacht Club: 98 Ethereum ETH/USD
- Bored Ape Kennel Club: 10 ETH
- Mutant Ape Yacht Club: 22.99 ETH
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