- What is ApeCoin (APE)?
- Who are the founders of APE?
- How does ApeCoin (APE) work?
- Key Attributes of APE
- How to buy ApeCoin (APE) in India?
What is ApeCoin (APE)?
ApeCoin is an ERC-20 governance and utility token of the Bored Ape Yacht Club or BAYC. Bored Ape Yacht Club is an NFT project of Yuga Labs with 10,000 unique bored ape artworks. The ApeCoin is powered by the Ape Foundation which is overseen and managed by the ApeCoin DAO. They aim to ensure governance within the Ape ecosystem as the community burgeons. Therefore, ApeCoin holders are the voters on the DAO, for which the Foundation acts as a facilitator.
To put it simply, ApeCoin is an ERC-20 governance and utility token used in the APE Ecosystem. It also incentivizes a decentralized community at the forefront of Web3.
Who are the founders of ApeCoin (APE)?
Yuga Labs’ Bored Ape Yacht Club project inspired the ApeCoin decentralized project. The ApeCoin was founded to be used within the rapidly growing APE Ecosystem, supported by the APE Foundation. The ApeCoin DAO aims to build an ecosystem that is fair and inclusive using the APE tokens. They also aim to provide an infrastructure for ApeCoin holders so that they can collaborate through open and permissionless governance processes.
The ecosystem will also has a “Board” or an administrative council within the APE Foundation. This body is set to carry out the decisions of ApeCoin DAO members along with responsibilities for the day-to-day administration, bookkeeping, project management, and other tasks that ensure the Community’s ideas have the support they need to become a reality. ApeCoin DAO members will then annually vote for the next Board members.
How does ApeCoin (APE) Work?
The APE tokens are a unique creation from the minds behind the Bored Ape Yacht Club. The tokens are released to give ApeCoin DAO uninterrupted access to the Ape Ecosystem. 62% of all ApeCoin was allocated to the Ecosystem Fund, which will help in supporting all the community-driven initiatives as will be voted on by ApeCoin DAO members.
ApeCoin also provides access to certain parts of the Ecosystem, like exclusive games and services that are otherwise unavailable.
Ket attributes of APE
The ApeCoin Project strives to promote the creation and expansion of a web 3.0 community by catering towards the following:
- Governance: ApeCoin holders become members of the ApeCoin DAO, thus they are responsible for voting on any proposed changes keeping in mind the project’s long-term vision and ensuring it is upheld.
- Access: Few segments of the Ape ecosystem, like exclusive merchandise, games are restricted for day-to-day users. Access to these are unlocked through ApeCoins.
- Spending: Being an ECR-20 utility token, ApeCoin also acts as a crypto token that unifies the entire community by providing them with means of transacting amongst themselves.
HOW TO BUY ApeCoin (APE)?
Use these three-step processes to buy your first APE using the CoinDCX crypto investment app
- Sign Up for the CoinDCX account: Enter a valid email address and a user name on the sign-up page. Once the Email Id has been verified, set a strong password to secure your account.
- Verify the account: You need to complete your KYC, to buy APE on the CoinDCX platform. All you need to do is upload the documents and your account will be set up in 15 minutes.
- Buy APE: After the account has been verified, you can deposit any amount of fiat currency you are comfortable with and start your crypto journey!
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. In case you have any queries, write to [email protected].
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