The Bored Ape Yacht Club (BAYC) NFT collection announced its highly anticipated ApeCoin ($APE), an ERC-20 token produced on the Ethereum platform. ApeCoin Will be Governed by a New DAO ApeCoin is described as the “token for culture, gaming, and commerce used to empower a decentralized community building at the forefront of web3” or the expansion of the BAYC universe. Introducing ApeCoin ($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 Notably, the token was not created by Yuga Labs, the developer behind the Bored Ape Yacht Club (BAYC) NFT Collection but the newly founded ApeCoinDAO. The only requirement to join this DAO is holding ApeCoin. To put it simply, $APE will serve as a token to govern the future of the Bored Ape community which includes funding allocations, governance rules, projects, partnerships among others. Yuga Labs is adopting ApeCoin “as the primary token for all new products and services” including its blockchain game coming later this year, according to an official statement. In fact, Animoca Brands’s blockchain game Benji Bananas will also implement ApeCoin starting today. Major Exchanges Announced Support for $APE Immediately after $APE was revealed, Coinbase Assets Twitter account announced supporting the token on an “experimental basis” starting today at 12:00 PM EST, assuming key liquidity thresholds are met. New asset: Coinbase will add support for APE with the Experimental label. Learn more about the Experimental label here: https://t.co/MBMBbYyZ7S pic.twitter.com/9FuL5I1bQA — Coinbase Assets (@CoinbaseAssets) March 16, 2022 The Experimental label, as per Coinbase’s website, refers to “certain tradable assets that are either new to our platform or have relatively low trading volume compared to our broader crypto marketplace.” In addition to Coinbase, a few of the significant U.S. exchanges including FTX, Kraken, Gemini, Binance.US, too announced support for the newly launched token. Upcoming listing on FTX: $APE spot and perpetual futures!@apecoinListing details: https://t.co/3zGsvrAmxu pic.twitter.com/jyLmoGuJVw — FTX (@FTX_Official) March 16, 2022 The news comes just days after Yuga Labs, the creator of Bored Ape Yacht Club, had acquired the CryptoPunks and Meebits NFT series from Larva Labs.
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