apecoin - Pwim.Net

BAYC tied ApeCoin Makes Debut

Crypto token ApeCoin ($APE) was unveiled in the official Bored Ape Yacht Club (BAYC) Twitter account, which detailed initiatives planned by creator Yuga Labs.

The initiative also included a planned token tied to gaming and virtual experiences.

The underlying key feature of the token is a dedicated decentralized autonomous organization (DAO) and a supporting foundation.

On its website, the token announced that the APE Improvement Proposal Process would 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.

The token also has a “special counsel” comprised of Sound Ventures Maaria Bajwa, Reddit co-founder Alexis Ohanian, Animoca brands co-founder Yat Siu, FTX head of ventures and gaming Amy Wu, and Horizen Labs president and general counsel Dean Steinbeck.

The website said that the council would provide oversight of the Foundation administrators at the behest of the ApeCoin DAO members. Their purpose is to administer DAO proposals and serve the community’s vision.

In its Twitter thread, BAYC said, “ApeCoin DAO is supported by Ape Foundation, and will empower the community to build blockchain games and services, host events (in the metaverse or IRL), and create digital and physical products…along with anything else you can dream up.”

BAYC has also planned to airdrop the tokens. It said that “62% of the total supply of ApeCoin is allocated to the ApeCoin community, a portion of which (15% of total supply) will be available to claim to start tomorrow at 8:30 am ET. The airdrop claim consisting of 15% of the total supply of ApeCoin will be made available to @BoredApeYC NFT holders (Bored Apes and Mutant Apes, as well as (Bored Ape Kennel Club) dogs paired with either #BAYC or #MAYC).”

Per the website, the total number of APE is 1 billion tokens, and 150 million of them will be available for the airdrop.

It also said that 8% or 80 million tokens would be allocated to the four founders of Yuga Labs.

Yuga Labs is also planning to sell virtual plots of land to raise millions of dollars.

Although Yuga made $127 million in net revenue last year, it is looking to raise fresh funds at a valuation of $5 billion.

Yuga projects that its net revenue will reach $455 million in 2022 — chiefly through proceeds from the virtual land sales.

Top Altcoins with the Best Weekly Gain: BAT, GRT & APE

Despite the price fall experienced by the digital currency ecosystem in the past week, a rejuvenation was recorded for the better part of this week.

Trailing the upshot, the global crypto market cap soared to a high of $1.837 trillion amidst a soaring upshoot in Bitcoin (BTC) and Ethereum (ETH), both of which control over 60% of the crypto industry.

Despite the headway BTC and ETH recorded in the past week, a number of altcoins saw more impressive growths. These altcoins with the most remarkable growth are showcased below.

Basic Attention Token (BAT)

Basic Attention Token is the token that powers a new blockchain-based digital advertising platform designed to fairly reward users for their attention while providing advertisers with a better return on their ad spend.

Despite its low price currently pegged at $0.8496, up 3.46% in the past 24 hours, the token has always maintained a reputation as one of the most resilient altcoins amidst market surges. This week, BAT has recorded a 25.46% growth over the trailing 7-day period, placing it as one of the top earners for the week.

The Graph (GRT)

Despite shedding off as much as 6% of its accrued gains to be changing hands at $0.4096, the Graph remains one of the top earners for the week.

The Graph is an indexing protocol for querying data for networks like Ethereum and IPFS, powering many applications in both Decentralized Finance (DeFi) and the broader Web3 ecosystem. During the week under review, the digital token has soared to a high of $0.4556 and has maintained a 26.84% growth within the same period.

ApeCoin (APE)

ApeCoin is arguably one of the newest sensations in town. Its debut, despite being filled with a lot of communal upheavals, APE is by far the biggest earner for the week, surging by over 713% at the time of writing to $8.46 after topping a daily high of $39.40 after making its debut on the Binance trading platform.

APE is designed to be a governance token launched by Yuga Labs, the startup that founded the Bored Ape Yacht Club (BAYC) NFT collection and now has the IP rights to the CryptoPunks collection. The large community surrounding the BAYC collection stirred the massive embrace of the APE coin.

Speculation Mounts as Elon Musk Changes Twitter Profile Pic to Bored Ape NFT Collage

Does Elon Musk, the Chief Executive Officer of Tesla and the new owner of Twitter, own a Bored Ape Yacht Club (BAYC) Non-Fungible Token?

This has been the question from the broader digital currency ecosystem as the very vocal billionaire recently changed his Twitter profile picture to a collage of some NFTs from the BAYC collection. While it is yet unknown whether Musk has a Bored Ape of his own, the gesture is not one that is seen as a mere joke as he is known for.

With more than 90.7 million followers on Twitter, the publicity Elon Musk is giving Bored Ape and the entire NFT ecosystem is a massive one, and may also lay the additional foundation for many NFT-related integrations on Twitter as he works to rebrand the overall image of the social media platform.

As a lover of digital currencies, Elon Musk once changed his Twitter bio to read ‘Bitcoin’ back in early 2021 at a time when he led his electric vehicle manufacturing firm to acquire $1.5 billion worth of the premier cryptocurrency. The gesture contributed to the rally recorded in the price of the cryptocurrency at the time.

That Elon Musk is shining his beacon on Bored Ape has spelt a very good omen for ApeCoin (APE), the digital token associated with the Bored Ape Yacht Club ecosystem. Following the Twitter profile picture update, the price of the APE token soared remarkably, paring off the losses accrued after investors dumped the coin after the sales of Otherdeeds to the Yuga Labs’ Otherside metaverse project.

The token was changing hands at $16.21, up 8.56% in the past 24 hours per data from CoinMarketCap. Depending on the consistency with which Musk may be publicizing his new collage, the price of the token may benefit from Elon Musk’s influence in the coming weeks.

Proposal for ApeCoin to Move Away from Ethereum Favoured by APE Whales

It has been a few months of reckoning for members of the ApeCoin community as transactions are often subjected to high gas fees as the project is built atop the Ethereum network.

Yuga Labs, the startup behind the Bored Ape Yacht Club (BAYC) brand, has proposed to move ApeCoin away from Ethereum to its own blockchain, a proposal that holders of the APE are currently contesting.

According to an ongoing community voting hosted on Snapshot, ApeCoin DAO wants a reversed decision from what Yuga Labs proposed. Per current voting statistics, many APE whales are against the proposals of ApeCoin DAO to remain on Ethereum for the time being.

The voting commenced on June 3 and is poised to end on June 9 and thus far, those in favour of moving away from Ethereum have overwhelmed those who want to stay. With APE tokens being used as the yardstick for the voting, the statistics showed a total of 1.4 million APE tokens are in support of moving the community to a new blockchain, while 1.1 million APE tokens are in favour of staying.

There are still a few more days for the vote to pass, and it can significantly determine the flow of future products from Yuga Labs or when the Otherside metaverse will become fully operational.

Despite the fact that the Ethereum blockchain presents many challenges for users, many protocols still favour it in part for the legacy it has built and the imminent future for the protocol. From its current Proof-of-Work (PoW) network, the Ethereum Foundation is now in the final stages of its switch to a Proof-of-Stake (PoS) consensus mechanism, which will happen sometime in August.

The rationale behind the ApeCoin DAO proposal to maintain the Ethereum blockchain is perhaps hinged on the benefits that the new protocol dubbed Ethereum 2.0 will herald in the near future.

Crypto Market Resurgence: Two Altcoins Promising a Better Week Ahead

The digital currency ecosystem is trailing a bullish path today as a positive sentiment has been sweeping around the industry with increasing stack up recorded over the weekend.

As evidence of the current outlook, the combined crypto market cap is up 3.29% to $966.41 billion at the time of writing.

With weekends often characterized by bearish events, the ongoing upsurge could be evidence of a better week ahead. Should these projections be true, here are the two altcoins that are likely to fuel this growth.

Ethereum (ETH)

Ethereum still retains its stance as the largest smart contract blockchain protocol to date, and it is amongst the most trusted coins to lead a great charge for the future of coins. The digital currency is currently trading at a price of $1,351.81, up 9.27% in the past 24 hours per data from CoinMarketCap.

The Ethereum ecosystem is about to be transformed as developers within the community unanimously agreed that September 19 will be the date for The Merge. The Merge described the transitory point when Ethereum as a Proof-of-Work network will switch to a Proof-of-Stake consensus model.

Beginning from now till the Merge occurs, investors are likely to continually stack up on the coin seeing Ethereum is bound to take a new lease of life.

ApeCoin (APE)

ApeCoin is the native token of the Bored Ape Yacht Club (BAYC) ecosystem and has a very strong developmental backing from the iconic Yuga Labs team.

The token is changing hands at $5.04, up 10.49% over the past 24 hours, and while a cooling period is beckoning, the digital token still has a massive propensity for growth. By recently integrating with the Polygon Network, it has been able to resolve one of its most crucial challenges of a high gas fee.

In reality, when the crypto winter will be rolling over, and investors are exploring metaverse tokens to bank on, ApeCoin, with its iconic franchises and community, is bound to be amongst the most notable that will be chosen.

Luxury Fashion Brand Gucci Now Accepts Payment in ApeCoin

Italian fashion brand Gucci has announced that it has started accepting ApeCoin (APE) as one of the payment options.

According to the company, the addition of ApeCoin was made possible with the aid of its crypto payments partner, BitPay. The service is only available to select stores in the United States now.

ApeCoin is the native token of the Yuga Labs-created Bored Ape Yacht Club (BAYC) ecosystem. The ecosystem encompasses some of the industry’s most iconic non-fungible tokens like the Bored Apes and also includes Mutant Ape Yacht Club (MAYC), CryptoPunks, and Meebits, both of which were acquired by Yuga Labs earlier this year.

The ApeCoin was launched as a way to help holders of either of these NFTs with additional utilities.

The addition of the ApeCoin token also represents a milestone for Gucci as it seeks to double down on its Web3.0 mission.

Back in May, Gucci announced that it is making a move to accept digital currencies for in-house purchases, which will encompass the likes of Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Shiba Inu, Dogecoin, and five dollar-pegged stablecoins.

“Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers. Now that we are able to integrate cryptocurrencies within our payment system, it is a natural evolution for those customers who would like to have this option available to them,” Marco Bizzarri, President and CEO of Gucci, said in a statement at the time.

Other top fashion brands are also making their moves into Web3.0 with prominent names, including Lacoste, Dolce & Gabbana, and Salvatore Ferragamo. While the pace of Web3.0 adoption is different, each company has its own defined modalities, each following its individual timelines.

ApeCoin DAO Signs Off on a $4.4M Bug Bounty

ApeCoin DAO, the Decentralized Autonomous Organization that is in charge of overseeing the development of APE, the native token of the Bored Ape Yacht Club (BAYC) ecosystem, has approved the allocation of $4.4 million to conduct a bug bounty program on ImmuneFi.

According to the snapshot of the votes cast which ended today, as many as 3.9 million APE tokens were cast in favor of the proposal, dubbed AIP-134.

The votes in favor ended at 57.92% as compared to 42.08% for those who committed 2.9 million APE against the proposal.

The essence of the bug bounty is to carve out an extra security layer for the much anticipated ApeCoin staking service that is billed to go live in December. The ApeCoin DAO wants experienced hackers to help search out the loopholes or any porous avenues in the staking smart contract that may cause headaches later on.

The bounty, now that it has been approved can be launched on ImmuneFi with the 1 million APE tokens earmarked for the bounty set to be drafted from the protocol’s treasury.

“As we near the launch of the ApeCoin staking system outlined in AIP-21 and AIP-22, we propose taking additional measures to ensure the DAO is following smart contract security best practices. This proposal uses treasury assets to fund a 1 million $APE bug bounty program with Immunefi, and partners with Llama to help design, implement, and run operations of these initiatives,” a snapshot from the proposal reads.

The DeFi ecosystem has not been spared from the wranglings and inconveniences caused by hackers this year. That there is a security loophole in most emerging smart contracts is not a question up for debate, whether founding teams have the right model to prevent exploitation remains a major bone of contention.

As one of the most prestigious NFT collections, Bored Ape users have been a major target of cybercriminals, and hopefully, the bug bounty will help tighten all loose ends ahead of the launch of the staking product.

Yuga Labs Facing More Lawsuits Over NFTs

The beleaguered cryptocurrency and fintech company Yuga Labs is going to be hit with more legal action in connection with its nonfungible tokens (NFT) collection, Bored Ape Yacht Club (BAYC), and many other ventures.

On January 30, the worldwide legal firm Rosen Law Firm, which specialises in the protection of investor rights, made the announcement that it intends to bring a class action lawsuit against the company Yuga Labs.

Rosen sent an invitation to buyers of Yuga assets, such as BAYC NFTs and the native token ApeCoin (APE), to participate in the class action lawsuit filed against Yuga before to the deadline for the lead plaintiff, which was set for February 7.

The legal firm emphasised that investors in Yuga securities who bought BAYC and APE between April 23, 2021 and December 8, 2022 may be entitled to compensation without having to pay any additional costs as a result of a contingency fee arrangement. This compensation could be obtained without the payment of any additional costs.

The new action is going after a huge number of defendants, one of them is Wylie Aronow, co-founder of Yuga Labs. Aronow has been out of the office since January 28, alleging health difficulties as the reason for his absence. In addition, co-founder Greg Solano, billionaire BAYC founder Kerem Atalay, and Yuga Labs CEO Nicole Muniz will be named as defendants in the lawsuit, along with a number of internationally renowned personalities and businesses, such as Madonna and Adidas and MoonPay.

This latest lawsuit is just another effort to make Yuga Labs responsible for the significant losses that NFT investors who purchased BAYC and APE over the previous several years have sustained as a result of the company’s actions. After hitting a high of $312,000 in April 2022, the average transaction value of BAYC NFTs had fallen to less than $85,000 by the time October 2022 rolled around. At the time of this writing, the floor price of BAYC NFTs dropped from around 144 ether (ETH), which is equivalent to $226,000, to 64 ether (which is equivalent to $100,000).

In December 2022, American litigants Adonis Real and Adam Titcher filed a case against Yuga Labs that was quite identical to the one described above. In a manner similar to Rosen’s class action, the lawsuit named more than 40 individuals and corporations as defendants. Among those named were Madonna, Justin Bieber, Paris Hilton, Snoop Dogg, Jimmy Fallon, Post Malone, and a number of other individuals.

Prior to this, in June 2022, the legal firm Scott+Scott initiated a class-action lawsuit against Yuga Labs, alleging that the company “inappropriately encouraged” the community to purchase BAYC NFTs and ApeCoin. The litigation was launched against Yuga Labs.

In addition, Yuga Labs, which has its headquarters in Miami, has been embroiled in a number of legal battles involving trademark and copyright controversies. Yuga Labs said in their complaint that the defendant, artist Ryder Ripps, had misappropriated Yuga Labs’ trademarks to advertise his own NFT collection. The complaint was filed in June and was submitted to a court in Los Angeles. In a later court filing, it was argued that Yuga Labs did not have the appropriate copyright registration for BAYC.

According to the filing, “Yuga Labs does not have a registered copyright, and as a result, there is no immediate prospect of a lawsuit for copyright infringement.”

In spite of the many challenges it has been encountering, Yuga Labs has been working to broaden the scope of its NFT ecosystem. The new Dookey Dash game was released by Yuga Labs on January 18. It is a skill-based minting experience that allows BAYC investors to claim free tokens in order to compete for the best score and gain additional rewards.

ApeCoin Experiences Sharp Price Surge on South Korean Exchange

On April 12, the price of ApeCoin (APE), which is an ERC-20 token that was produced by Yuga Labs, had a large spike, reaching $90.00 per token on the cryptocurrency exchange that is known as Upbit and which is based in South Korea. The price surge was just a brief phenomenon, however, and was followed by a sharp collapse that wiped out the bulk of the profits. In spite of this fact, APE is still trading at a significant premium of around $4.50 above other exchanges, with each token going for $10.90 at the time this article was published.

It would seem that a retail mania and a limitation of viable trading routes on Upbit were the primary factors that led to the price increase that took place. At the present, the only trading pair for APE that is listed on the exchange is BTC/APE, which only accounts for a minuscule portion of the coin’s overall trading activity. Other trading pairs for APE are expected to be added in the near future. During the course of the day, transactions involving around 4 million APE tokens took place. This is in comparison to the total amount of APE tokens now in circulation, which is 369 million.

However, it’s probable that the rise didn’t continue very long since Upbit places trading limitations on its users’ accounts. On the same day, the exchange put a hold on deposits and withdrawals of Ether (ETH) and ERC-20 tokens as they awaited the completion of the Ethereum network’s Shanghai upgrade. These actions were carried out in advance of the forthcoming hard fork. Users of Upbit were unable to convert their APE, which is an ERC-20 token and is regarded as a memecoin by some people, into other ERC-20 tokens such as Tether (USDT) and ETH by selling or purchasing APE in exchange for those tokens. APE is a memecoin and is believed to be a cryptocurrency by some individuals. As a consequence of this fact, the one and only option that was still available was to exchange Bitcoin (BTC) for Australian Dollars (BTC/USD).

Since the price increase, cryptocurrency price aggregators like CoinMarketCap have labeled the APE pricing on Upbit as a “outlier” when computing the aggregate prices of cryptocurrencies. This is due to the fact that Upbit’s prices are much lower than those of the competition in the market. Since the price increase on Upbit was not mirrored on any other exchanges, this may imply that it was an isolated event that occurred just on Upbit. Nevertheless, this occurrence highlights the potential for sudden price volatility in cryptocurrency markets, as well as the effect trading restrictions may have on the value of cryptocurrencies.

Sharks Dominated ApeCoin APE's Trading Volume in Q2 2023

In a recent report released by Messari, ApeCoin (APE), an ERC-20 token used for governance of the ApeCoin DAO, experienced significant changes in Q2 2023. The report provides an in-depth analysis of APE’s performance, governance, and future plans.

The report highlights that the trade volume of APE was dominated by sharks, traders with daily trading volumes between $1 million and $10 million, for the first time since APE’s inception. This shift marked a significant change in the trading dynamics of the token.

In Q2 2023, approximately 25 million APE was unlocked to non-DAO entities, and nearly 26 million APE was claimed by Yuga ecosystem asset and APE holders. This increased sell pressure potentially contributed to a 32% drop in the average APE price.

Governance within the ApeCoin DAO also saw changes with the election of two new Special Council members. This transition of power within the DAO’s special roles demonstrates the organization’s commitment to decentralization and community involvement.

WebSlinger, the administrator of the APE Foundation, completed its first full quarter in this role in Q2 2023. Despite a decline in all key metrics of ApeCoin, the daily token transfers, votes per governance proposal, and transfer volume remained higher than in certain previous quarters.

The report also noted that APE’s fully diluted valuation hit a $2 billion floor at the end of Q2’23, marking a 91% drop from its all-time high in Q2’22. Despite this, the ApeCoin DAO continued to approve proposals and allocate funds for the development of the ecosystem.

In terms of staking, APE holders and Yuga Labs’ ecosystem projects claimed 25.8 million APE in Q2’23. This followed the implementation of staking rewards in Q4’22.

The ApeCoin DAO also saw an increase in governance activity, with 34 proposals voted on in Q2 2023. Of these, 11 passed, 18 failed, and 5 were elections. The DAO approved a $480,000 grant for Forj, a subsidiary of Animoca Brands, to create a launchpad called the Ape Accelerator. This platform aims to incubate and grow projects that use ApeCoin and Bored Ape Yacht Club (BAYC) IP.

In a move to fund crypto public goods, ApeCoin DAO approved a proposal to allocate $1 million to ETH Global and ApeCoin hackathons. This initiative aims to give back to the Ethereum community, further development work around account abstraction, and introduce developers to ApeCoin.

Despite the challenges faced in Q2 2023, the ApeCoin DAO continues to demonstrate resilience and commitment to its community. The DAO’s ability to allocate and transition power without conflict, coupled with its efficient capital allocation, suggests a promising future for ApeCoin as the ecosystem continues to grow.