Token Drop – Ape Coin
Bored Ape Yacht Club has formally announced ApeCoin ($APE), which will drop to current Bored Ape Yacht Club and Mutant Ape Yacht Club NFT holders.
ApeCoin Will Drop Tomorrow
In an exciting development, the much-anticipated governance and utility token for Bored Ape Yacht Club, known as APE, is scheduled for release tomorrow at 8:30 AM EST, as per the official tweet from Bored Ape Yacht Club’s Twitter account.
APE token holders will gain membership in the ApeCoin DAO, a decentralized autonomous organization tasked with voting on governance issues pertaining to the ecosystem. The Ape Foundation, established as the “legal steward” to guide the ApeCoin DAO and its ecosystem’s growth, is governed by a board featuring prominent figures such as Alexis Ohanian (Co-Founder of Reddit), Amy Wu (FTX), Maaria Bajwa (Sound Ventures), Yat Siu (Animoca), and Dean Steinbeck (Horizen Labs).
A total of 15% of the token’s overall supply of 1 billion will be accessible via an airdrop to Bored Ape Yacht Club and Mutant Ape Yacht Club NFT holders tomorrow, with additional tokens set aside for Bored Ape Kennel Club NFT holders who also possess BAYC or MAYC NFTs. Eventually, 62% of the entire token supply will be assigned to the DAO, 16% to Yuga Labs, 14% to launch contributors, and the remaining 8% to the founders.
Coinbase will support APE on a trial basis starting tomorrow at 12:00 PM EST, as announced in an official Twitter thread from the Coinbase Assets account, provided it reaches key liquidity benchmarks.
This announcement has stirred up the secondary markets for the Bored Ape Yacht Club, Mutant Ape Yacht Club, and Bored Ape Kennel Club collections, with trading volume of all three soaring more than three times over the past 24 hours. This follows closely on the heels of news about Yuga Labs, the creator of Bored Ape Yacht Club, acquiring the CryptoPunks and Meebits NFT series from Larva Labs.
- ApeCoin has been formally announced, and is scheduled to drop tomorrow.
- 15% of the total token supply will go out to holders of Bored Ape Yacht Club and Mutant Ape Yacht Club NFTs starting tomorrow.
- The coin could start trading on exchanges as early as tomorrow as well.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.