As Otherside Metaverse testing ramps up, the official ApeCoin Twitter recently shared that more updates around staking are on the way. With a potentially market moving event on the horizon, it's a great time to get caught up on the ecosystem.
As highlighted by the Yuga Labs team, ApeCoin (APE) is intended to be the token for Web3 culture, in part influenced by a DAO to help the token fulfill that vision. We expect it to be used heavily within Otherside as it was the main payment method to acquire Otherside Deeds, but that is still taking shape. In this brief overview, we will cover two major elements of ApeCoin (APE):
The DAO and voting process plays a huge role in ApeCoin. Here are the three parts that makeup the ApeCoin ecosystem voting process:
The DAO exists to ensure ApeCoin has dispersed management with significant influence from the community. The DAO votes on ecosystem Fund allocations, governance rules, projects, and partnerships. All votes are done through the widely adopted Snapshot platform here.
Two examples of what the DAO has recently voted on:
The former of the two was a hot topic that saw many alternative L1s attempt to court the ApeCoin community. However, it was ultimately decided that the project will remain on Ethereum for the foreseeable future.
In addition to the DAO, there is the ApeCoin Foundation and ApeCoin Board, which function to further steward the ecosystem.
The ApeCoin Foundation is the builder layer of the organization. The Foundation carries out the decisions of the DAO and manages day-to-day administration, bookkeeping, project management, and other tasks to make the DAO’s vision a reality.
The ApeCoin Board administers DAO proposals and serves the vision of the community. It meets on proposals requiring administrative review under ApeCoin DAO rules. The Board serves a term of six months, after which DAO members will vote annually on Board members.
ApeCoin is an ERC-20 governance and utility token. The total supply hard cap is set at 1 billion APE with a circulating supply of 299,531,250.00 APE. The token distribution is as follows:
The launch of ApeCoin (APE) was achieved through a 150,000,000 token drop to BAYC/MAYC holders and serves as an example of one of the most successful fungible token releases to a NFT-based project to date.
According to the Yuga Labs team, the token is designed to have the following utility:
“Unification of Spend” implies that ApeCoin will be a primary payment method within the Ape ecosystem, a decentralized and open currency that can be used without intermediary.
“Access” - some parts of the ecosystem will be gated to those who own and participate in ApeCoin like exclusive games, merch, events, and services. This is certainly an area in which the Yuga Labs and the broader Bored Apes community thrives.
“Incentivization” - ApeCoin is a tool for third-party developers to participate in the ecosystem by incorporating APE into services, games, and other projects. This indicates Yuga Labs intends to go after a platform play to compete with other metaverse projects such as Decentraland (MANA) or The Sandbox (SAND).
ApeCoin’s most substantial source of utility to date has been the initial land sale for the Otherside metaverse. The sale of Otherdeeds, as the NFT assets are called, brought in ~$318M in revenue in the form of APE. The 16,000,000 APE that was used to purchase Otherdeeds will be locked up for an entire year, further reducing the circulating supply.
While it's still quite early in the ApeCoin saga, very few projects are able to boast the level of utility-driven demand for their fungible token. This is definitely one to keep an eye as Otherside and other projects mature within the ApeCoin ecosystem.
Source and Image Credit: ApeCoin DAO/Yuga Labs
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