Many altcoins (i.e., those that are not Bitcoin or sometimes Ethereum) are classified in this way. The “crypto” in cryptocurrencies refers to the cryptographic technics that allow for creating and processing digital currencies. Because it isn’t the only cryptocurrency available, looking into others and finding out which ones besides Bitcoin are doing well is essential. Here are some alternative cryptocurrencies that have held on throughout steep price climbs and nosedives. After the initial 6-month term, DAO members will vote annually to keep
existing or appoint new Board members. ApeCoin token holders (the DAO members)
can also remove or replace a Board member at any time with a majority “In favor”
vote.

As a reward for club membership, a minimum of 10,094 tokens would be airdropped to BAYC holders while a minimum of 20,402 tokens to MAYC holders. ApeCoin (APE) is an ERC-20 utility and governance token that supports the APE ecosystem. It was developed by the Bored Ape Yacht Club and governed by the ApeCoin DAO.

The sale went viral, and helped raise $320 million within just 45 minutes. APE is poised to be deeply integrated with Yuga Labs’ metaverse project, Otherside, where it could be used for any transaction within the environment. If Otherside eventually incorporates a P2E mechanic, APE could be given as rewards to players.

On July 22, 2023, MATIC traded at $0.76 and had a market cap of $7.09 billion. On July 22, 2023, TRX had a value of $0.085 and a market cap of $7.64 billion. On Sep. 15, 2022, Ethereum completed its long-anticipated transition to the proof-of-stake (PoS) validation method. PoS is less energy intensive because it removes incentivized mining, makes the blockchain more efficient, and allows it to scale better. Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance.

Cardano has also been dubbed an “Ethereum killer” because its blockchain is said to be capable of more. That said, Cardano is still in its early stages, with a long way to go regarding DeFi applications. As of July 22, 2023, USD Coin had a market cap of $30.8 billion and a price per coin of $0.9999. 8% of the tokens have been set aside for the four founders of Yuga Labs and BAYC. ApeCoin follows the concept of locked tokens to prevent Yuga Labs, the founders of BAYC, and other launch contributors from selling their holdings.

ApeCoin will be distributed among four main groups, as detailed in the chart
below. Wallets holding tokens alloted to the DAO treasury and resources can be
viewed here. In the First Trip, players first appear in an area called Infinity Space, where the mysterious creature Koda opens a portal and the voyagers enter into another world and participate in a series of storylines. A lot of players shared trial videos and experiences after playing the First Trip, most of which were positive and full of expectations for the different adventures in the follow-up open world of The Otherside.

Most cryptocurrencies today are derived in some form or another from Bitcoin, which uses open-source code and a censorship-resistant architecture. This means anyone can copy and tweak the code and create their own new coin—which many entities do for various reasons. Due to this rigorous process, Cardano stands out among its PoS peers and other prominent cryptocurrencies.

The Board is responsible for ensuring the community’s vision is being followed as the ecosystem continues to develop. APE holders vote to determine the Board’s membership on a yearly basis. However, it’s worthwhile to remember among all this negativity, initial coin drops are nearly always volatile as investors try to work out how the cryptocurrency should be valued based on its (in this case, speculative) utility. The BAYC NFT collection has spent a long time in the sun, and celebrity endorsements have formed a large part of the project’s success. Last week, a new cryptocurrency token was dropped from the skies into the wallets of Bored Ape Yacht Club (BAYC) owners.

If the price holds, and traders outside the Bored Ape Yacht Club ecosystem start taking positions in APE, you can expect the use cases to, uh, evolve. Right now, ApeCoin mostly exists for speculation and “governance” for the DAO. Of course, traditional companies do this all the time, via initial public offerings of stock. The difference is the ApeCoin offering is essentially unregulated because, in the U.S., the Securities and Exchange Commission still doesn’t oversee NFTs. It hinges on the idea that ApeCoin DAO is entirely independent from Yuga Labs. If Yuga Labs issued a token explicitly as a reward for Bored Ape holders, you could more easily make the argument that a Bored Ape is a kind of investment, and therefore subject to securities regulations.

• It plays an essential role in allowing people to vote on and build AIPs.
• In the online realm, Yuga Labs has partnered with gaming company Animoca Brands to build out a library of play-to-earn (P2E) gaming titles that feature APE crypto payments and rewards systems.
• They can decide how to allocate the Ecosystem Fund, make governance rules, select projects, partnerships, etc.
• For example, APE is adopted as incentives for players in Benji Bananas, a play-to-earn mobile game developed by Animoca Brands.

The community holders of ApeCoin and various products/services using the cryptocurrency collectively make up the APE ecosystem. Yuga Labs, founded in 2021 and headquartered in Miami, Florida, is a prominent name in NFTs and digital collectibles. If the DeFi ecosystem on Ethereum is the financial settlement layer of blockchain, then the booming NFT and gaming market from ApeCoin is expected to be the cultural settlement layer of blockchain. With the development of IoT and AR/VR, each of us may be one of an ape living in the metaverse in the future, while NFT and related applications are ubiquitous. ApeCoin is a governance and utility token issued by ApeCoin DAO, following Yuga Labs’ stunning performance in the NFT market in 2021, and immediately attracted attention and enthusiasm after its launch. Based on the NFT community of BAYC, Cryptopunks, and Meebits, Yuga Labs pushed its influence to the wider people through ApeCoin, greatly reducing the gap between NFT and the public.

Third-party developers use ApeCoin to play a role in the ecosystem and incorporate the token into their services, games and various projects. For instance, in Animoca Brands’ Benji Bananas, a play-to-earn (P2E) mobile game, the coin is adopted as an incentive for players. They will be able to earn special tokens when playing and swap these tokens for ApeCoin. The Foundation facilitates decentralized and community-led governance and is
designed to become more decentralized over time.

It is tasked with ensuring that the community’s visions are implemented. The Board consists of 5 members from the tech and crypto community, including Reddit co-founder Alexis Ohanian. As a decentralized Board, the initial Board members will serve for 6 months before APE holders vote for new Board members on an annual basis.

It works in tandem with the APE Foundation to carry out governance decisions that must be implemented in the real world. ApeCoin is a cryptocurrency that has been built on the Ethereum blockchain. It offers users a unique, decentralized platform for digital assets and is backed by a community of loyal supporters. It also provides access to a metaverse economy, powered by a DAO and features an array of applications and services.