ApeCoin is for the web3 economy.
Culture has found new expression in web3 through art, gaming, entertainment, and events. The possibilities for blockchain’s impact on culture are so endless that they can’t possibly all be predicted yet. APE is a token made to support what’s next, controlled and built on by the community. It will serve as a decentralized protocol layer for community-led initiatives that drive culture forward into the metaverse.
The APE Foundation
The APE Foundation is the steward of ApeCoin. It is not an overseer, but the base layer on which ApeCoin holders in the ApeCoin DAO can build.
The Foundation facilitates decentralized and community-led governance and is designed to become more decentralized over time. It is tasked with administering the decisions of the ApeCoin DAO, and is responsible for day-to-day administration, bookkeeping, project management, and other tasks that ensure the DAO community’s ideas have the support they need to become a reality.
The goal of the APE Foundation is to steward the growth and development of the APE ecosystem in a fair and inclusive way. It utilizes the Ecosystem Fund, which is controlled by a multisig wallet, to pay its expenses as directed by the ApeCoin DAO and provides an infrastructure for ApeCoin holders to collaborate through open and permissionless governance processes.
ApeCoin DAO exists because decentralized governance is critical to building and managing a globally dispersed community—and therefore critical to the success of the APE ecosystem.
The APE Improvement Proposal Process (see Governance) will allow ApeCoin DAO members to make decisions regarding Ecosystem Fund allocations, governance rules, projects, partnerships, and beyond. ApeCoin DAO membership is open to all ApeCoin holders.
A special council on the APE Foundation (the DAO’s “Board”) provides, at the behest of the ApeCoin DAO members, oversight of the Foundation administrators. The purpose of the Board is to administer DAO proposals and serve the vision of the community. It meets on proposals requiring administrative review under ApeCoin DAO rules. The initial Board serves a term of six months, after which DAO members will vote annually on Board members.
ApeCoin is an ERC-20 governance and utility token used within the APE ecosystem to empower a decentralized community building at the forefront of web3.
As the open-source protocol layer of the ecosystem, ApeCoin serves several purposes:
|Governance||ApeCoin is the ecosystem’s governance token, allowing ApeCoin holders to participate in ApeCoin DAO.|
|Unification of Spend||ApeCoin is the ecosystem’s utility token, giving all its participants a shared and open currency that can be used without centralized intermediaries.|
|Access||ApeCoin provides access to certain parts of the ecosystem that are otherwise unavailable, such as exclusive games, merch, events, and services.|
|Incentivization||ApeCoin is a tool for third-party developers to participate in the ecosystem by incorporating APE into services, games, and other projects.|
The total supply of ApeCoin is permanently fixed at 1 billion tokens. No minting capability is exposed through the contract interface, thus the total supply will never increase. Similarly, the contract interface does not expose any token burning capability, so the total supply will never decrease.
In line with the standard practice, a portion of the tokens for contributors to the project will be initially locked. Locked tokens will be unlocked over a period of 48 months, in accordance with the predetermined unlock schedule in the chart below, starting on launch day, March 17, 2022.
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.
Yuga Labs + Charity
ApeCoin Claiming for BAYC and MAYC Holders
Tokens will be allocated to BAYC/MAYC members via the claim page starting on March 17, 2022 at 8:30AM ET.
To ensure a fair launch of ApeCoin to BAYC and MAYC NFT holders, the allocation is informed by the difference in floor price between each collection of NFTs, roughly the month prior to the token claim launch (02/07/22 to 03/08/22). Each Bored Ape or Mutant Ape NFT that has a companion Bored Ape Kennel Club NFT will be able to claim the amount of ApeCoin specified below.
|NFT||ApeCoin Allocated Per NFT or NFT Pair|
|Bored Ape only||10,094 tokens|
|Mutant Ape only||2,042 tokens|
|Bored Ape + Kennel Club (token IDs do not need to match)||10,950 tokens|
|Mutant Ape + Kennel Club (token IDs do not need to match)||2,898 tokens|
How it works
15% of the total ApeCoin token supply allocated to BAYC/MAYC holders for claim will be transferred to a smart contract. Ownership of the contract will be transferred to a multisig wallet, which will be responsible for:
- initiating the BAYC/MAYC/BAKC claim period
- ending the claim period 90 days after launch
- taking ownership of all unclaimed APE tokens at the end of the claim period
- transferring these unclaimed tokens to the Coinbase Custody wallets that constitute the Ecosystem Fund
The airdrop claim tokens associated with any NFT can only be claimed once. In order to check whether a certain BAYC, MAYC (or BAYC or MAYC with a companion BAKC) has claimed its tokens, use the NFT checker:
APE Foundation IP
The APE Foundation was gifted a 1 of 1 NFT by Yuga Labs, the creators of Bored Ape Yacht Club. You can see it here. Yuga Labs has conveyed all rights and privileges to this NFT and its underlying artwork to the APE Foundation. The ApeCoin DAO can decide how this intellectual property is used.
Who/what are the different entities and names, and how do they relate to each other?
- Yuga Labs - Yuga Labs is a web3 company best known for the creation of the Bored Ape Yacht Club. It will be a community member in the ApeCoin DAO and will adopt APE as the primary token across new projects.
- BAYC - The Bored Ape Yacht Club is a collection of digital art crafted into NFTs where the token itself doubles as a membership to a swamp club for apes.
- APE Foundation - The APE Foundation is the steward of ApeCoin, a legal entity that exists to administer the decisions of the ApeCoin DAO.
- ApeCoin DAO - A decentralized governance organization that will make decisions regarding Ecosystem Fund allocations, governance rules, projects, partnerships, and more. ApeCoin DAO membership is open to all ApeCoin holders.
- APE - The symbol for ApeCoin token.
Does the Foundation control ApeCoin and/or the ApeCoin DAO? If not, what role do they play?
The Foundation does not control ApeCoin or the ApeCoin DAO. The Foundation consists of an administrative Board, which exists solely to oversee the decisions of the ApeCoin DAO, as well as a third party project management team in charge of ensuring ApeCoin DAO decisions are implemented.
A decentralized autonomous organization (DAO) is the best way to give every member of the community a vote on important decisions whether it's a technical upgrade or a decision to fund a new idea. However, the reality is that today a DAO cannot sign a lease or hire people or make merch or whatever the community decides to do on its own. The Foundation is responsible for the day-to-day administration, bookkeeping, project management, and other tasks that ensure the ApeCoin DAO community’s ideas have the support they need to become a reality.
How was the Foundation Board selected?
Certain members of the community that have strong operational experience were consulted on how to best structure the ApeCoin DAO. Several of these members voiced their willingness to join the Board to oversee the decisions of the community and are committed to upholding and furthering the decentralization of the ApeCoin DAO. The initial Board will serve 6 months.
Will there be a chance for other individuals to join the Board?
Yes. 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.
What role does Yuga Labs play in all of this?
Yuga Labs is a contributor to the APE Ecosystem and will assist in the creation of products and experiences for the ecosystem as a whole.
What will the charitable donation to the Jane Goodall Legacy Foundation be used for?
The donation will help secure an invested endowment for the JGLF, helping to fund projects including:
- Long-term research at the Gombe Stream Research Center in Western Tanzania (which been conducted continuously for more than six decades)
- Lake Tanganyika Catchment Reforestation and Education (TACARE), community-centered conservation that preserves chimp habitats in six African countries
- Conservation science that explores, innovates, and discovers new solutions, technologies and tools to protect the environment and wildlife
- Roots & Shoots, a program active in 60+ countries that empowers young people (kindergarten through university) to become involved in hands-on projects for people, animals, and the environment
How were the token allotments for BAYC, MAYC, and BAKC NFT holders calculated?
The allotment of ApeCoin to NFT holders was a ratio based on the average floor price of BAYC and MAYC from roughly the month prior to launch (02/07/22 to 03/08/22).
Why don’t those with only BAKC NFTs get a token allotment?
BAKC NFTs are companion NFTs to BAYC and MAYC, meaning they don’t have utility on their own, only when paired with a BAYC or MAYC.