ApeCoin (APE) is the native digital asset of the APE ecosystem, a decentralized project inspired by some of the most popular NFT series such as Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC). Created by Yuga Labs, the ApeCoin DAO is designed to promote an inclusive development of the overall APE ecosystem.

The APE token serves as the governance and utility token within the APE ecosystem. It is an ERC-20 token designed on the Ethereum blockchain and serves as an incentive to foster innovation within the realm of Web 3.0.

Holders of ApeCoin crypto govern the DAO, specifically voting to decide how to use the ApeCoin DAOs Ecosystem Fund. The process of managing the funds spend is undertaken by the APE Foundation, which serves as the DAOs Board.

The APE Foundation administers the proposals voted on by the DAO. The initial Board gets to serve for a period of six months, following which an annual vote by ApeCoin DAO members will decide on who sits on the APE Foundation Board of the ecosystem.

You can learn more about ApeCoin(APE) at our BYDFi Blog.

The ApeCoin network functions as the open-source protocol layer within the APE ecosystem. In addition to working as the governance token within the ApeCoin DAO, the APE crypto has several other functions, including:

Decentralized Currency

It is the utility token and in-game currency that users can transact within the APE Ecosystem. APE token allows for quick, efficient, and low-cost payment transfers in a secure manner without any centralized intermediaries.

Access to Exclusive Features

ApeCoin token holders enjoy certain privileges, including gaining access to exclusive events, services, games, and merchandise in the APE ecosystem. These features are unavailable to non-holders of the APE crypto.

Incentives to Develop APE Ecosystem

The ApeCoin crypto is also offered as incentives to third-party developers who wish to build new projects and services within the ecosystem. The incentives will encourage more Web 3.0 projects that leverage the APE ecosystem and its native token, further developing the ecosystem and its adoption among users.

ApeCoin was launched in March 2022 when it got listed on leading crypto exchanges and platforms, including BYDFi, for trading. While its launch is fairly recent in the crypto market, the digital assets origins can be traced back to several years ago as it evolved from the initial creation of BAYC and MAYC NFTs.

ApeCoins launch took place on 17 March 2022 after which its distribution started. 62% of all APE tokens have been allocated to the APE Ecosystem Fund. This includes the 150,000,000 tokens allotted to holders of BAYC and MAYC NFTs as well as 470,000,000 tokens allotted to the ApeCoin DAO treasury and resources.

16% of APE tokens have been set aside for Yuga Labs and charity. 150,000,000 ApeCoin tokens were allotted to Yuga Labs with an initial plan for being locked up for the first 12 months. After this period, 4,166,666.67 tokens will be unlocked every month over a period of 36 months. 10,000,000 ApeCoins were also donated to the Jane Goodall Legacy Foundation.

Of the remaining ApeCoins, 14% were allocated to launch contributors while 8% was given to the founders of the BAYC NFT series.

Yuga Labs, the creator behind the most popular NFT series Bored Ape Yacht Club, envisioned ApeCoin as the digital currency that can power community-led initiatives and the brands expansion into the metaverse. APE crypto is a decentralized, community-owned and managed cryptocurrency governed by ApeCoin DAO members that can propel the Web3 revolution across art, gaming, entertainment and events in the APE ecosystem.

ApeCoins connection with one of the most popular and exclusive NFT collections in the market BAYC makes it a formidable digital asset to monitor and invest in. Yuga Labs, the creator of the BAYC and MAYC series, has ambitious plans to enter the metaverse and expand its ecosystem beyond art and into gaming, events, and other services.

It has designed the ApeCoin token to be the currency for use within such an ecosystem, which means that APE would be a highly versatile crypto with several use cases. Yuga Labs airdrops of APE crypto to BAYC and MAYC NFT holders have ensured that this crypto is held by a very renowned community of crypto investors.

Including APE within your portfolio will make you part of this exclusive community. In addition, APE token holders also enjoy voting powers within the ApeCoin DAO, letting you have a say in how the APE Ecosystem evolves and develops in the future.

As more decentralized Web 3 apps develop in the APE Ecosystem and start using ApeCoin as their native currency, the demand for the crypto could rise higher. This, in turn, could send the ApeCoin price, market cap, and 24-hour trading volume to new highs, making it an interesting cryptocurrency to invest in.

Although it is impossible to make an accurate ApeCoin price prediction over any period of time, there is considerable optimism among crypto experts regarding the potential of this crypto asset. A hike to $100 and beyond for the ApeCoin price would require a strong bullish sentiment in the crypto market to support investor interest and trading volume.

In addition to solid investor confidence toward digital assets, an uptick in the development and launch of new decentralized apps and projects within the APE ecosystem can also power up the ApeCoin price and take it higher. As more projects launch and onboard more users, the ApeCoin price could increase, supporting its ascent towards the key $100 level and beyond.

Another key factor that can increase investor confidence in ApeCoin and take APE price towards $100 is the increased interest in the Web 3.0 space. The APE Ecosystem has built the ApeCoin as a key to drive Web3 and a general positive mood among businesses and consumers towards such emerging technologies can make APE an exciting Web3 digital asset to invest in.

As of May 2022, there are very few platforms that offer you the option of staking ApeCoin (APE). While some crypto exchanges and DeFi apps do let you stake APE, you can also use BYDFis Crypto Lending option to easily generate passive income from your ApeCoin holdings.

You can lend liquidity in ApeCoin to the BYDFi Exchange and earn attractive APRs. Head to the BYDFi Crypto Lending section and look for APE from the list of cryptocurrencies we support. Select the APE token and enter the number of ApeCoins you wish to lend.

You can also choose the duration of the lending - from 7 days, 14 days, and 28 days. Check the daily interest rate on offer for each of the durations and review and estimate the profit you can earn before you confirm the transaction.

MetaMask is one of the most popular wallets in the crypto market right now Andi t supports APE. Follow the steps listed below to add APE to your MetaMask wallet:

1. Open a MetaMask account if you dont already have one.

2. Login to your account and confirm that you are using the Ethereum mainnet network.

3. Select the Import Tokens option in your account and choose the Import Custom Token option from the list.

4. Copy the Ethereum contract details from the ApeCoin page on BYDFi and enter them here.

5. Once youve entered the contract details, verify the information and click on Add Custom Token.

6. APE will be visible as a token symbol within your MetaMask account after this.

7. You can then transfer your ERC-20 APE holdings into your MetaMask wallet and store your ApeCoins safely.