Bored Ape Yacht Club Launches Its Official ApeCoin Token
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.
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.
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.
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.
