Key Takeaways:
- Yuga Labs has announced the launch of a new cryptocurrency ApeCoin (APE)
- A new DAO, called ApeCoin DAO, will manage the new token
- Yuga Labs is the team behind the popular NFT project Bored Ape Yacht Club (BAYC)
YEREVAN (CoinChapter.com) — Yuga Labs has dropped major news for fans and collectors. According to their official Twitter handle, they have released a new cryptocurrency called the ApeCoin (APE), managed by a new decentralized autonomous organization (DAO), called the ApeCoin DAO. Ownership of the token gives holders membership and the right to participate in its decision-making.
Yuga Labs is the creator of the popular nonfungible token (NFT) project Bored Ape Yacht Club (BAYC).
Perhaps drawing lessons from Ripple’s ongoing court case against the U.S Securities and Exchange Commission (SEC), Yuga Labs has distanced itself from the APE token. This will help them steer clear of the watchful eyes of financial regulators.
Nevertheless, the company has adopted ApeCoin as the “primary token for all new products and services” coming from Yuga Labs. This includes a new play-to-earn blockchain game. The team has partnered with the developer nWay to release the game later this year.
According to the announcement, the ApeCoin community will receive 62% of the token’s total supply. An additional 15% will be available to claim in an airdrop on March 17. As the token allocation suggests, the DAO will also allocate 8% of the total supply of the ApeCoin to the four founders of Yuga Labs.
Those that don’t own an NFT from Yuga Labs, including Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and Bored Ape Kennel Club (BAKC), can obtain ApeCoin from exchanges soon.
The token has already found support from the community, including Reddit founder and investor Alexis Ohanian.
Recommended: Collectors dump their Bored Ape Yacht Club NFTs as floor price tumbles below 70 ETH
Exchanges line up to list ApeCoin
Following the launch announcement, popular crypto exchanges rushed to list the token. Thanks to the popularity and success of the NFT projects, exchanges want in on the possible success of ApeCoin.
Big names in the industry, including Binance, FTX, and Kraken, have already listed APE. OKX, another well-known exchange, also joined the list.
“OKX is pleased to announce the listing of ApeCoin’s APE token on our spot trading markets. Trading of APE will start according to the following schedule,”
the company announced.
According to a trademark filing, the ApeCoin DAO also plans to sell physical merchandise, including alcohol, books, clothing, jewelry, and bags.
However, as the community starts trading in the newly-released coin, we still have to wait to see how it impacts the ecosystem.
