ApeCoin (APE) Live Price

In this age and time, there is no way that you would mention Non-Fungible Tokens (NFTs) without the thought of the Bored Ape Yacht Club [BAYC]. This blue-chip collection was one of the most desired collections of the 2021 NFT frenzy.

Not just because of its high-quality community but the incredible utility of owning a part. No wonder they were sold millions of dollars and are still worth so much despite the current market condition.

Interestingly, the Yuga Labs-led project took a step further when it launched its governance token—ApeCoin (APE).

APE is currently available on cryptocurrency exchanges, including but not limited to Binance, and OKX. So, if you are looking to trade ApeCoin, this well-detailed article will provide every information you need. So, stick around and read through till the very end but first, let's explain what Apecoin is all about.

What Is ApeCoin?

ApeCoin (APE) is the governance and utility token of the APE ecosystem. APE was built on the Ethereum blockchain by Yuga Labs since the BAYC operated with the Ethereum NFT marketplaces. Hence, ApeCoin is an ERC-20 token.

Unlike most projects in the crypto market, ApeCoin is controlled by its Decentralized Autonomous Organization (DAO). So, every APE holder has a say in the governing and decision-making of the APE ecosystem.

Who Are the Founders of ApeCoin?

The Bored Ape community, led by Yuga Labs, founded ApeCoin (APE). As a matter of fact, the team created APE so the community as a whole could contribute to all decisions. 

So, the APE DAO, with the support of Yuga Labs, developed a system allowing token holders to vote on all DAO proposals. This process also allows for open and permissionless collaboration among its members.

How does ApeCoin work?

ApeCoin is a fungible administration token based on the Ethereum blockchain, but how exactly does it work? APE, through the ApeCoin Foundation, allows all ApeCoin holders to cast votes and take part in governance decisions of the DAO. With this unusual procedure, the ApeCoin Foundation ensures that its ecosystem development is never hindered.

What Makes ApeCoin Unique?

ApeCoin's uniqueness is found in its all-inclusive community participation. As an ApeCoin community member, you can actively participate in its DAO activities and access opportunities that are not open to the public. 

All of these are possible without third-party sources.Developers can integrate ApeCoin into their applications and games. Ordinary community members can access community-driven projects without any hindrance.

ApeCoin: Key Events and Governance 

The key events and governance of ApeCoin would be incomplete without mentioning the journey of Yuga Labs. While the founders were initially acting under a fictional name, it was later revealed that Wylie Aronow and Greg Solano were part of the Yuga Labs team.

Boasting board members that included crypto bigwigs, the ApeCoin DAO was able to raise $450 million in March 2022. a16z, the investment giant, led the seed fund. This fund then enabled the DAO to buy the rights to other assets, including Meebits NFT and CryptoPunks.

How Is the ApeCoin Network Secured?

The Ethereum blockchain is one of the most secure networks in the crypto ecosystem. Hence, this makes ApeCoin (APE), a Proof-of-Work (PoW) based cryptocurrency, very secure. However, Ethereum's recent transition to Proof-of-Stake (PoS) does not make APE less safe.