ApeCoin to Swing Higher and Higher
by Gideon Six
ApeCoin (APE) is a fine example of how DAOs are taking over the Cryptosphere. Currently trading at $11.19 as of this writing, Apecoin is an ever-expanding movement that has generated a huge cult following. Is it just a trend? How did it begin? Where does it go from here? These are a few of the questions that will be answered below. Please like, follow, and share!
A Bit of Background
ApeCoin began as a token meant for members of the Bored Ape Yacht Club (BAYC) with the help of Yuga Labs. These members mainly traded NFTs that are known to be among the most expensive available. It is an ERC-20 token on the Ethereum blockchain. ApeCoin launched on March 16th, 2022 and has been listed by nearly every large CEX. ApeCoin considered this launch to be a “fair-launch,” however for a month prior, BAYC and MAYC (Mutant Ape) NFT holders were allowed to claim 150 Million tokens in aggregate (24.4% of Ecosystem Fund and 15% of the Total Supply of Apecoin. There are currently 68 Days left to claim these tokens.
ApeCoin purports itself to be a decentralized protocol layer for the Web3 Economy. This essentially means that they intend to create their own metaverse where content creators will provide art, gaming, entertainment, etc- while creating a unique culture that is purely community-driven.
As previously mentioned, ApeCoin is governed by a DAO. The base of which is referred to as its “steward” - The Ape Foundation. This group is responsible for the day-day administration, project management, and other tasks that support the overall economy of the project. They source ideas from the community and relay that information to the DAO and “The Board”
According to ApeCoins official website, DA) membership is open to all ApeCoin holders. These holders all have a fair opportunity to contribute ideas and vote on Ecosystem Fund Allocations. The power behind the throne is referred to as “The Board” it is a special counsel that claims the initial board will only serve for six months, the an annual vote will be held to vote in new board members. The board is the “overseer” of the Ape Foundation and final decision maker.
This is a snippet taken directly from the official ApeCoin website.
Twitter - @apecoin 263.7k Followers
Instagram- apecoindao 33.8k Followers
LinkedIn- Apecoin 25 Followers
Discord- not found
Reddit- r/apecoins 3.2k Members
Telegram- ApeCoin 1513 Subscribers
Youtube- Ape Coin 566 Subscribers
Current “The Board” members consist of the following:
There are some that have raised issues with ApeCoin, specifically regarding the DAO and its ability to give itself moneys. Casey Newton argues that the DAO gave “a healthy chunk” of the total allocation of Apecoin to “Yuga Labs, Yuga Labs’ founders, and the VCs who backed the project.” She does not specify what a “healthy chunk is.
Many people also seem to take issue with Yuga Labs who received 150 Million ApeCoin at launch. There are arguments in various subreddits and other online resources that Yuga Labs is in fact directly in control of the project, rather than the DAO. This could be because they are such an integral part of the genesis and backbone of the project.
Out of all the current DAO tokens out there, I would challenge someone to find a more credible board. I understand that calling this project a “fair-launch” may have been a bit creative, but VCs and other entities that made this project possible, should be compensated appropriately- and I believe they have. I like that they were exceptionally transparent with the distribution schedule of tokens. There seems to be no effort to hide any information from their holders or the general public. It is still very new and since hitting an ATH out of the gate $17.17, it has not seen the drop-off that most tokens do. I think it still has a great entry point.
As always, my opinions are just that and should never be misconstrued with proper, educated, sound, legal or financial advice.
All the best!
https://www.theverge.com/22992086/bored-ape-yacht-club-apecoin-venture-capital-yuga-labs-money -There’s something off about ApeCoin