Crypto Gems on KuCoin You Should Keep Eyes on - ApeCoin (APE)
The Bored Ape Yacht Club keeps on bringing it! Without a doubt, BAYC has been the biggest NFT project of the last year and it seems like everybody who was anybody was buying a Bored Ape NFT. Pop stars, sports stars and celebrities suddenly were all “Aping” in. Each Ape was a 1of 10,000 NFT set of a cartoon ape, each with unique and with individual characteristics algorithmically created from a set of traits. I think we have all seen those grungy cartoons of our closest primate friend, wearing odd clothing and ape faces filled with existential boredom and dread. I think we can all relate which is part of the broad appeal of the Bored Apes. March this year saw the hotly anticipated drop of ApeCoin (APE), the fungible utility token for the BAYC ecosystem. So, what is it, what makes APE unique and why is Kucoin the best place to trade and buy it?
WHAT IS APECOIN?
As stated on their official twitter account, “ApeCoin sees itself as having multiple roles as a token for culture, gaming and commerce”. To begin with, the token looks to leverage the strong culture that has been built around the BAYC brand. Holding Apecoin (APE) token will allow holders access to the BAYC ecosystem without the need to own a scarce and expensive Bored Ape NFT. For example, APE token holders will receive special access to BAYC games and services.
The token has already been used in the minting of Otherdeeds for the Otherside Metaverse which is being built by Yuga Labs. A flat price of 305 APE would have secured you a piece of land in this futuristic APE metaverse. APE will also be the standard currency within the Otherside metaverse. BAYC co-founder Wylie Aronow has said that their goal is to create “an interoperable world” that is “gamified” and “completely decentralized”. Expect not to see just Apes, but also other NFT collections controlled by Yuga Labs such as Crypto Punks, Meebits and Cool Cats all existing within this world. It is also expected that the metaverse will include some play-to-earn games where users will be rewarded with APE tokens for completing in-game tasks.
Imagine a game where the players control the universe, a place where your NFT can become a playable character and the community will build and develop the unique experiences within the world - this is the plan for the Otherside and the growth will be organic and continuously evolving in conjunction with its players in a way that has never been done before. This is what Yuga Labs are aiming to achieve, and the APE coin will be central to it.
WHY IS IT UNIQUE?
One of the unique aspects about APE is that it was not released via an ICO, and not sold by YUGA Labs. In an effort to be legally compliant and responsible against what can be sometimes seen as unclear regulation surrounding crypto, the APE tokens were airdropped by the Apecoin Dao - a decentralized autonomous organization. By distributing in this manner, it is hopeful that they will not be considered as a ‘security’ by the SEC.
Apecoin is not controlled by the creators of BAYC - Yuga Labs - but instead is controlled by a DAO. A dao is simply a “Decentralized Autonomous Organization”. Apecoin Dao will give token holders a vote on fund allocation, governance rules, projects and partnerships. What's more, to get the DAO started on the right foot, on the board of it will be Reddit founder Alexis Ohanian and Amy Wu from FTX as well as other experienced members of the gaming community. Holders of APE will be able to vote on protocol changes and the future of the token. “ApeCoin is owned and 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 DAO has already held one important vote to determine whether the token should stay on Ethereum or migrate to something else. The vote narrowly passed to keep the token on Ethereum for now. So, evidence of DAO governance that works.
As a token for commerce, APE is an ERC-20 (Ethereum) token which can be used for payments and transactions within APE Web 3.0 applications. For Example game developer nWay will be using APE in a new play-to-earn game being developed in conjunction with BAYC. APE has already shown that it has utility both as an in-game currency in Animoca Brands’ Benji Bananas and other Yuga labs products such as the upcoming release of MetaRPG, a Metaverse platform. In a statement made to CoinDesk, the CEO of Yuga Labs Nicole Muniz said that it will “adopt ApeCoin as the primary token for all new products and services,” The token even has real-world utility for everyday payments outside of the BAYC ecosystem. Currently, you can buy a condo in Miami, or get discounts for buying beer with the ApeCoin.
WHY TRADE ON KUCOIN?
Known as the "People’s Exchange", KuCoin is built for all classes of investors. To begin with, the exchange charges low fees. With fees starting at 0.1% and then further discounts for holding Kucoin’s native KCS token, this makes Kucoin one of the cheapest places to trade and therefore allows smaller investors to take trades without fear of fees eating into their position.
What’s more, KuCoin is considered to be the top altcoin exchange, with a choice of more than 700 different assets and over 1,200 trading pairs. APE can be traded spot on Kucoin against either USDT or USDC as well as their 3xshort and 3xlong tokens. There is also a perpetual futures market for APE/USDT. Kucoin has the second highest daily worldwide trading volume for APE of around US$20M. You can find the markets for APE by going here - https://www.kucoin.com/markets
Established in 2017 and with over 18 million users in 207 countries and regions around the world, it is without a doubt one of the most trusted and used exchanges. In fact, 1 out of 4 crypto holders worldwide use Kucoin Exchange. If you haven’t already joined Kucoin then please click the following referral link and get trading some APE today! Joining here - https://www.kucoin.com/ucenter/signup?rcode=E3JGpH
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