Top 10 facts about APE you should know

The ApeCoin project entered the crypto space on 17 March 2022. Many crypto investors are closely watching the BAYC-inspired decentralized project, which shows immense potential. The project’s native token is APE. Let us delve deeper to understand the functioning of ApeCoin, the project, and APE, the token.

Introduction to APE

The crypto market is constantly evolving with the introduction of new coins. APE is an ERC-20 utility and governance token that empowers and incentivizes a decentralized community in Web3. It has attracted much interest due to its ability to vote on how the ApeDAO Ecosystem Fund should be used.

What is an APE token?

The multipurpose utility token known as APE is essential to the APE ecosystem. Users can participate in governance, stake their tokens for high returns, add liquidity to the ecosystem, and receive rewards. There is no burning mechanism, and APE has a fixed supply of 1 billion tokens. Currently, about 318 million tokens are in circulation.

APE’s purpose and function

APE is a governance token, allowing token owners to vote on proposals and protocol modifications, and as a rewards token for liquidity providers. Users who supply the exchange with liquidity are rewarded with a portion of the trading fees in the form of APE tokens.

APE as a governance token

As discussed, APE token owners can partake in the governance of DAO. Holders can also access features such as events, games, merchandise, and other services. Token owners can cast votes on motions that affect how the platform evolves, such as the addition of new features or adjustments to the token distribution. By doing this, the APE community is given a voice, and the platform can continue serving its users’ needs.

One can also use APE to make payments, as many merchants accept it as an ERC-20 token. Holders can also use it as an NFT reward.

APE as a staking token

Staking is a way of putting cryptos to work without actively trading them. Investors use staking to earn regular block rewards in proportion to their contribution. Staking helps the blockchain stay secure without it taking a toll on the environment.

APE functions within the ecosystem as a staking token. Holders of APE tokens can stake them for rewards like more APE tokens or other cryptos. This encourages users to keep their APE tokens, which helps the platform maintain stability and experience long-term growth.

The APE ecosystem

The ApeCoin ecosystem comprises the community of APE users and the various services that use the token. Yuga Labs is a well-known brand in NFTs and digital collectibles and participates in the ApeCoin DAO community. The Bored Ape Yacht Club (BAYC) is a collection of 10,000 digital collectibles that feature cartoon apes created using an algorithm.

APE Finance

APE provides various financial services, such as yield farming, staking, decentralized exchange (DEX) services, and liquidity provision. The ecosystem of APE offers a decentralized, community-driven platform for cryptocurrency asset trading and liquidity provision. The APE token, which allows token holders to vote on proposals and protocol changes, serves as the platform’s governance token.

APE community

The ApeCoin ecosystem would not exist without the APE community. The community comprises APE token owners, liquidity providers, developers, and other stakeholders. To keep the APE ecosystem decentralized and community-driven, the APE community is essential to its growth and governance.

APE Labs

The ApeCoin project’s research and development division is APE Labs. APE Labs is committed to creating fresh goods, solutions, and capabilities for the ApeCoin ecosystem. Additionally, it works with other initiatives and groups to advance the growth of the Web3 ecosystem.

APE’s unique features

APE has several unique features, such as high-yield staking, decentralized governance, community-driven development, and regular events and feedback channels. It aims to create a decentralized and community-driven ecosystem that empowers users and provides high staking rewards.

High yield staking

APE provides its token holders with a high-yield staking program. Users can stake APE tokens to earn rewards such as more APE tokens or other cryptos.

Decentralized governance

Through the APE DAO, APE crypto holders can vote on protocol decisions within the APE ecosystem. In this case, APE functions as a governance token. Proposals are supported by the APE DAO treasury and overseen by the APE Foundation, which is tasked with growing and developing the ecosystem rather than directing it.

Community-driven development

APE’s development is community-driven, meaning the platform’s users have a big say in how it develops. The APE development team considers community inputs and puts proposals to vote.

APE’s tokenomics

ApeCoin is a digital token created by the Ethereum ERC-20 tokenization standard, with a hard-capped supply of one billion APE tokens.

APE token supply and distribution

APE, an ERC-20 token, has a fixed supply of 1 billion. At the time of launch on 17 March 2022, about 13.3% of tokens were in initial supply. There is no mechanism to mint further tokens. APE does not have a burning capacity either.

APE token price and market performance

As of 11 March, APE trades at $3.73. Its market cap stands at $1.38 billion. It is important to conduct thorough research before investing in any crypto, including APE crypto.

APE’s use cases

The APE ERC-20 token created on the Ethereum blockchain has various applications in the DeFi ecosystem. It can be used for yield farming, staking, and decentralized governance. You can trade it on crypto exchanges. This token serves as a crucial utility token within the larger DeFi ecosystem, benefiting investors and platform users.

Decentralized Finance (DeFi)

Decentralized finance is one of the main applications for APE crypto.

Staking and yield farming

Holders can use APE tokens to take part in high-yield staking programs. Users can stake APE tokens to earn rewards such as more APE tokens or other cryptos.

The APE team and advisors

ApeCoin was launched by ApeCoin DAO, a governing body comprising all APE token holders. The DAO considers proposals from the community, and token holders can vote on those ideas. Separately, the APE Foundation oversees the day-to-day functioning of the project. In other words, the foundation forms the legal backbone for ApeCoin DAO.

APE’s core team members

The ApeCoin DAO’s initial board had Reddit co-founder Alexis Ohanian, Amy Wu, the then head of FTX’s venture unit, Sound Ventures’ Maaria Bajwa, Yat Siu of Animoca Brands, and Horizen Labs’ Dean Steinbeck.

APE’s advisory board

ApeCoin DAO members vote and elect a new board every year.

FAQs

What are 5 interesting facts about apes?

1. Closest Relatives to Humans: Apes, including chimpanzees and bonobos, are humanity’s closest living relatives. Humans share about 98 percent of their DNA with chimpanzees, highlighting the evolutionary connection between apes and humans.
2. Long Lifespan: Apes are among the longest-living mammals, with some known to live for over 50 years. Their extended lifespan is a notable characteristic within the mammalian kingdom.
3. Omnivorous Diet: Apes are omnivores, meaning they consume both plants and meat. Similar to humans, apes have a diverse diet and will eat a variety of foods.
4. Primates with Unique Features: Apes are primates with distinctive features, including hair instead of fur, opposable thumbs, grasping fingers, and a large brain-to-body size ratio. These characteristics distinguish them from other mammals, such as monkeys.
5. Global Distribution: Apes are primarily found in the tropical forests of western and central Africa and Southeast Asia. They are distinguished from monkeys by having a complete absence of a tail. The distribution of apes reflects their adaptation to specific environmental conditions.

What is special about apes?

Tail Absence: Apes are distinguished from monkeys by the complete absence of a tail, a defining feature that separates these primates from other members of their order.
Complex Brains: Apes exhibit more complex brains compared to other primates. This complexity contributes to their advanced cognitive abilities and problem-solving skills.
Long Arms for Brachiation: A major differentiating characteristic of apes is their long arms, which they use for brachiating through trees. Their wrists are ball and socket joints, allowing for effective movement in their arboreal habitats.

What are the 5 great apes?

1. Gorilla: Gorillas are the largest of the great apes and are native to the forests of central Africa.
2. Chimpanzee: Chimpanzees are known for their intelligence and share about 98% of their DNA with humans. They inhabit the forests of central and West Africa.
3. Orangutan: Orangutans are large, solitary apes native to the rainforests of Borneo and Sumatra in Southeast Asia.
4. Bonobo: Bonobos are closely related to chimpanzees and are found in the dense forests of the Democratic Republic of the Congo in central Africa.
5. Human: Humans are also classified as great apes. While the other four species are non-human, humans share a common evolutionary ancestor with them.

What makes an ape a great ape?

1. Large and Complex Brain: Great apes, including humans, possess brains that are larger and more complex than other primates.
2. No Tail: Unlike many other primates, great apes lack a tail.
3. Upright Position: Apes have a large, heavy body adapted for an upright position, facilitating activities like walking and swinging through trees.
4. Distinctive Teeth: Great apes exhibit distinctive molar teeth in the lower jaw, often forming a ‘Y5’ pattern with five cusps or projections.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered investment/financial advice from CoinSwitch. Any action taken upon the information shall be at the user’s risk.

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