Ape Coin is definitely one of the most talked about coins in March 2022. If you were wondering more about it, in this article we will answer the questions "what is it?" and "how does it work?" for you.
ApeCoin is designed for the web3 economy
APE is a token built and controlled by the community. It is designed to be a decentralized protocol layer for those promoting culture in web3 through art, games, entertainment and events.
The APE Foundation
The APE Foundation is responsible for the day-to-day administration, accounting, project management, and other tasks necessary to make the ideas of the DAO community a reality.
The goal of the APE Foundation is to manage the growth and development of the APE ecosystem in a fair and inclusive way. To do this, it uses an ecosystem fund that is controlled by a purse with multiple signatures.
Decentralized governance is critical to building and managing a globally distributed community, which is why the ApeCoin DAO was created to ensure the success of the APE ecosystem. Membership in the ApeCoin DAO is open to all ApeCoin holders.
A special board under the APE Foundation is needed to administer the DAO offerings and serve the vision of the community. The initial Board is elected for a six-month term, after which DAO members will vote for Board members annually.
ApeCoin is a token used by APE to empower the decentralized community. It serves to manage the ecosystem, allowing ApeCoin holders to participate in the ApeCoin DAO; unifying costs; providing access to certain parts of the ecosystem; and encouraging developers to participate in the ecosystem.
Due to the fact that no minting option is provided through the contract interface, but the contract interface also provides no token writing option, the total supply will never increase or decrease, remaining fixed at 1 billion tokens.
How it works
15% of the total supply of ApeCoin tokens allocated to BAYC / MAYC holders for claims will be transferred to a smart contract. Ownership of the contract will be transferred to a multi-signature wallet, which will be responsible for:
Initiation of the BAYC / MAYC / BAKC claim period;
ending the claim period 90 days after triggering;
taking possession of all unclaimed APE tokens at the end of the claim period;
transfer of those unclaimed tokens to Coinbase storage wallets.
DOES THE FUND CONTROL APECOIN AND/OR APECOIN DAO? IF NOT, WHAT ROLE DO THEY PLAY?
The foundation consists of an administrative board and regulates ApeCoin DAO decisions and the project management team, but does not control ApeCoin or ApeCoin DAO in any way.
However, while each member of the community has a say in important decisions, today the DAO cannot act independently and, for example, sign leases, hire people, make merchandise, or anything else.
HOW WAS THE FOUNDATION BOARD CHOSEN?
There was a consultation for those who have a lot of experience, during which some of these members expressed their willingness to join the Board to oversee community decisions and help further develop ApeCoin DAO.
WILL THERE BE A CHANCE FOR OTHERS TO JOIN THE BOARD?
Yes. After an initial 6-month term, DAO members will vote annually to retain existing or appoint new Board members.
HOW WERE THE TOKEN DISTRIBUTIONS FOR BAYC, MAYC, AND BAKC NFT HOLDERS CALCULATED?
The distribution of ApeCoin to NFT holders was a ratio based on the average minimum price of BAYC and MAYC approximately one month prior to launch.