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APECoin: A Key Player in the NFT and DeFi Space
APECoin: A Key Player in the NFT and DeFi Space
APECoin (APE) is an ERC-20 token associated with the Bored Ape Yacht Club (BAYC), one of the most successful NFT projects in the crypto space. It is one of several tokens currently held within the Index Coop’s Metaverse Index (MVI).
8/22/2023
Index Coop
Content
APECoin (APE) is an ERC-20 token that was launched in 2022 and is associated with the Bored Ape Yacht Club (BAYC), one of the most successful NFT projects in the crypto space. APECoin serves as the governance token for the Bored Ape Yacht Club DAO and is used for various applications within the BAYC ecosystem.
What is APE?
APECoin is a crypto token that grants holders governance rights over the Bored Ape Yacht Club DAO. The DAO is an online club for Bored Ape NFT holders, who are considered members of the BAYC community and are entitled to voting rights. The Bored Ape Yacht Club is a collection of 10,000 unique Bored Ape NFTs that serve as membership cards to the club. The club provides members with benefits such as access to online and real-world events, intellectual property rights to their NFTs, and the opportunity to participate in the BAYC community.
APECoin works by allowing holders to vote on proposals that govern the BAYC DAO. These proposals can cover various aspects of the Bored Ape Yacht Club, such as new initiatives, changes to the club's rules, and more. APECoin holders can either vote directly or delegate their voting rights to other members of the BAYC community.
Who Created APE?
APECoin was created by the team behind the Bored Ape Yacht Club, a collective of developers and artists known as Yuga Labs. The creators of Yuga Labs wanted to build a community around their Bored Ape NFT project. They saw the creation of a DAO and a governance token as a way to empower their community members and give them a say in the project's future.
APE Governance and Tokenomics
The total supply of APECoin is 1 billion tokens. The distribution of these tokens is as follows: 50% to Bored Ape and Mutant Ape holders, 25% to the community treasury, 20% to the team and advisors, and 5% for liquidity provision. The token was airdropped to holders of Bored Ape NFTs and Mutant Ape NFTs, making them the initial holders of the token.
APECoin holders can participate in the governance of the Bored Ape Yacht Club DAO by voting on proposals or delegating their voting rights to others. This makes APECoin a crucial component of the BAYC community, as it gives holders a direct say in the future of the project.
Why is APE included in MVI?
The objective of MVI is to reflect the trend of Metaverse and Gaming activities in virtual economies powered by blockchain technology and NFTs, replacing the previous objective of capturing entertainment, social activities, and businesses in virtual economies powered by blockchain technology and NFTs. APECoin’s provided utility in the BAYC universe and meets all the inclusion criteria.
How can I gain exposure to APE?
You can gain exposure to APE by buying MVI tokens on various cryptocurrency exchanges. You can buy MVI directly from the Index Coop by connecting your wallet to the Index Coop app
If you’re looking to exchange a fiat currency, like the U.S. dollar, directly for MVI, then you’ll want an Ethereum wallet like Argent, Metamask, or Rainbow. With each of these wallets, you can connect to your bank account or debit card, which allows you to exchange fiat currencies directly for Index Coop products like MVI.
What is MVI?
The Metaverse Index (MVI) is designed to capture the trend of entertainment, social activity, and business moving to take place in virtual economies powered by NFTs and blockchain technology. The MVI uses a combination of the square root of market cap and DEX liquidity to arrive at the final index weights.
As a bundled crypto asset, you effectively own all of the underlying tokens. You can redeem your units of MVI for the underlying tokens, a feature of traditional structured products that are typically reserved for large institutional investors.
About Index Coop
Index Coop is a decentralized autonomous organization (DAO) that powers structured decentralized finance (DeFi) products and strategy tokens using smart contracts on the blockchain. We offer a suite of sector-structured products, leverage and inverse products, and yield-generating products. We aim to create products that are simple to use, accessible to everyone, and secure.
Our products are built on Index Protocol, a good-faith fork of Set Protocol v2 that allows for the creation and management of Ethereum-based (or ERC-20) tokens. Among users, partner protocols, and our composable products, Index Coop maintains one of the largest partnership networks in the DeFi ecosystem.
How to buy Index Coop products with fiat currencies:
First, you must create an Ethereum wallet like Argent, Metamask, Gemini, or Rainbow.
Next, you’ll set up your new wallet and connect your bank account.
Once you’ve deposited fiat currency in your wallet, you can exchange it for Index Coop products like
or the
.
You can also earn or buy MVI tokens directly via your favorite decentralized exchange.
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