What is ApeCoin?
What utility does $APE have?
Membership/Governance rights within ApeCoin DAO
Native currency of the ApeCoin ecosystem (Otherside, Yuga Labs, etc.)
Access to exclusive games, merch, services, and events
Incentivization for 3rd party developers to incorporate $APE into their projects
Blockchain: Ethereum (ERC-20)
Max total supply: 1 billion
Launch date: March 16, 2022
What were ApeCoin's initial distribution allocations?
Initial amount distributed: 277.5 million APE
BAYC/MAYC holders: 150 million
Launch contributors: 10 million
ApeCoin DAO treasury: 117.5 million
Total allocation percentages?
DAO treasury: 47% (35.25% vested)
BAYC/MAYC community: 15%
Yuga Labs: 15% (vested)
Launch contributors: 14% (13% vested)
Founders: 8% (vested)
Charity: 1% (vested)
BAYC only: 10,094
MAYC only: 2,042
BAYC + BAKC: 10,950
MAYC + BAKC: 2,898
How long are the vested tokens locked?
Unlocks for Launch Contributors don't start until 6 months after launch. After the initial 6 months, their tokens unlock over a span of 2 years.
All other vested tokens are locked for 1 year, then unlock over a 2 year span.
Why do Founders AND Yuga Labs get tokens? Are they the same people?
Founders = 4 individuals who started BAYC
Yuga Labs = Founders + Employees + Equity stakeholders (~46 people)
Paper Ape's Analysis
If there's ever a biased analysis I make it would probably be this one. I received a fat ApeCoin airdrop so to nobody's surprise I'm bullish on it.
With that in mind, here's my thoughts:
A lot of people still seem to think buying ApeCoin = buying shares of Yuga Labs. This is not the case.
Instead, ApeCoin was released by ApeCoin DAO and does not give holders any ownership or governance rights to Yuga Labs. This gives holders influence within the ApeCoin ecosystem rather than the organization that created Bored Apes.
As shown in the image above, Yuga Labs can now be looked at as a "community member" of the ApeCoin DAO. They've also made it clear that their future projects will use APE as the primary token which is great news for the ecosystem.
Yuga Labs being viewed as a community member makes it clear their vision for the ecosystem is for others to take charge and create their own metaverse experiences that are interconnected thru the APE token.
Slowly I think we'll start seeing more metaverse assets priced in APE rather than ETH, especially with the emergence of the Otherside. Third party projects that choose to integrate APE will speed up this process and benefit from the increased exposure to ApeCoin's community.
Since ApeCoin's launch, a few companies have already announced they will be accepting $APE for their products.
For this reason I think it's more accurate to think of ApeCoin as the store-of-value for it's ecosystem rather than a DAO token.
I'm sure most people agree when I say the thing I'm most excited about within this community is the Otherside. The Otherside has not yet been defined but my speculation says it'll be a decentralized hub for the ApeCoin ecosystem's metaverse activities. If you're unfamiliar with the Otherside I highly recommend buckling your seatbelt and watching the teaser below.
I'm excited to see the new projects created/funded from within the ApeCoin ecosystem because there are no limits. With the Ecosystem Fund carrying nearly 50% of the total APE supply, funding large scale projects should be no issue. Imagine if the community develops a marketplace, DeFi primitives, and other infrastructure using APE as the base currency. Doing this would benefit the developers from increased exposure/incentives while providing a public good to the whole community.
The execution ability of Yuga Labs and unrivaled attention BAYC/ApeCoin receives makes it a daunting task for any competitors trying to steal their spotlight.