ApeCoin (APE)

Governance

ApeCoin is a governance token that lets holders vote on decisions within the ApeCoin DAO, helping guide the future of the ApeCoin ecosystem.

Payments and Rewards

It can be used to make payments and receive rewards in apps, games, and platforms that support ApeCoin, including cashback-style rewards and digital collectibles.

Web3 Ecosystem Support

ApeCoin supports the growth of art, gaming, entertainment, digital and physical events, storytelling, and other Web3 projects.

Community and Decentralization

It empowers a decentralized community to build and manage projects, with the APE Foundation handling administration and supporting community ideas.

Marketplace Use

ApeCoin is used in the official ApeCoin marketplace for buying, selling, and staking NFTs related to the Bored Ape Yacht Club and others.

Pros

• Decentralized governance allows holders to participate in decision-making.
• Backed by the popular Bored Ape Yacht Club (BAYC), adding credibility.
• ERC-20 token on Ethereum with fast transactions and low fees.
• Incentives like airdrops encourage community engagement.
• Affordable price with support from major exchanges.
• Encourages developer activity to expand its ecosystem and use cases.
• Token supply is stable, neither inflationary nor deflationary.

Cons

• No mining of new tokens, so supply is fixed.
• Vulnerable to certain attacks like flash loans.
• Highly volatile price, common in meme and NFT-related tokens.
• Depends heavily on Ethereum’s blockchain.
• Limited trading history compared to older cryptocurrencies.
• Not an independent blockchain, which may limit some features.

Founders and Creators

ApeCoin was created by the Ape Foundation, a group made up of Bored Ape Yacht Club (BAYC) enthusiasts. Yuga Labs, the company behind BAYC, is also involved as a member of the ApeCoin DAO and holds influence over the project.

Key People Involved

The initial Ape Foundation board includes:

• Alexis Ohanian (Reddit co-founder)
• Amy Wu (Head of Ventures & Gaming at FTX)
• Maaria Bajwa (Principal at Sound Ventures)
• Yat Siu (Co-founder & Chairman of Animoca Brands)
• Dean Steinbeck (President & General Counsel at Horizen Labs)

Yuga Labs Founders

The four founders of Yuga Labs and BAYC received a significant portion of ApeCoin tokens (8% of total supply), but ApeCoin itself is managed by the Ape Foundation and DAO, not directly by Yuga Labs.

For more details, visit the official ApeCoin website: apecoin.com

ApeCoin Investors

• The initial board of the Ape Foundation, which oversees ApeCoin DAO proposals, includes five well-known crypto investors: Reddit co-founder Alexis Ohanian, Amy Wu (head of FTX’s venture arm), Maaria Bajwa (Sound Ventures), Yat Siu (Animoca Brands), and Dean Steinbeck (Horizen Labs).
• Early investors also include wealthy Bored Ape Yacht Club (BAYC) NFT owners who received ApeCoin through an airdrop.
• ApeCoin has attracted a mix of crypto enthusiasts, BAYC community members, and professional investors interested in the token’s governance and utility within the ecosystem.
• Yuga Labs, the company behind BAYC, is closely linked to ApeCoin but claims no direct ownership of the ApeCoin DAO.

These investors help guide the project and participate in the ApeCoin ecosystem through governance and other activities.

Halal Status of ApeCoin

• Yes or No: ApeCoin is generally considered halal by some Islamic finance sources.
• Reason: It is viewed as a governance and utility token without direct involvement in interest (riba) or gambling (maysir), and it supports ethical and transparent operations within its ecosystem. However, detailed rulings may vary depending on individual scholars or Islamic finance authorities.