ApeCoin Launches Today In Efforts To Show Real Decentralization

ApeCoin launches today and will allow the holders of Bored Ape Yacht club NFT to get another reward for being in the club. The coin launched in an effort to show decentralization and it was not launched by Yuga Labs, rather by the ApeCoin DAO so let’s read more today in our latest crypto news.

Reddit co-founder Alexis Ohanian and FTX Amy Wu will be on the board of the new BAYC-inspired DAO. The BAYC holders will also get another reward for being in the club. With that being said, ApeCoin sports the BAYC Skull logo, Yuga Labs is adopting Apecoin as the man token for all products and services including the blockchain game that is upcomign later this year, and Animoca Brands’ Benji Bananas will also implement Apecoin.

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

NFTs such as Bored Apes are unique blockchain-based tokens that indicate ownership over physical and digital assets like images, digital art, and more. DAOs are decentralzied autonomous organizations that use blockchain tokens to vote and allow for decisions obe made within the community. Unlike some DAOs where NFTs can be used as vot3s, the ApeCoin DAO requires members to hold a token in order to participate in the voting and governance.

While there’s a total of 1 billion Apecoins in existence, most already were distributed to the interested parties and abou t9.75% of the tokens will be held by Yuga Labs, 14% are given to “launch contributors”, 8% are given to the founders of Yuga Labs and another 6.25% are donated to Jane Goodall Legacy Foundation.

1/ @animocabrands has proposed AIPs 4 & 5, these are live on Discourse for viewing. AIP 4 covers a novel staking mechanism to reward @apecoin and BAYC ecosystem NFT holders. AIP 5 proposes the size of the staking liquidity pools – 17.5% of the total token allocation over 3 years

— Yat Siu (@ysiu) March 16, 2022

Bored Ape and Mutant Ape NFT holders will be able to claim a share of the Apecoin supply and BAYC holders can claim up to 10,000 APE per BAYC NFT while the MAYC holders can claim about 2000 APE per NFT. The Reddit co-founder Alexis Ohanian is on the ApeCoin DAO board along with Yat Siu of Animoca Brands, Amy Wu of FTX, Maaria Bajwa of Sound Ventures, and Horizen Labs’ Dean Steinbeck. Alexis Ohanian sees that DAO as a way to expand the fanbase of BAYC and said:

“Today we’re making the ‘Club’ bigger with ApeCoin. Web3 is being integrated into our art, music, and culture more and more every day and it all starts with community. I believe this community will build, expand, partner, and disrupt in a massive way.”