APE ApeCoin

ApeCoin Use Cases

ApeCoin serves multiple purposes within its ecosystem, including:

• Governance: ApeCoin is the governance token of the ApeCoin DAO, allowing token holders to vote on decisions within the community. This democratic approach enables holders to directly influence the future development of the ecosystem.
• Utility: ApeCoin is used as a utility token within the expanding APE ecosystem, which includes the popular Bored Ape Yacht Club NFTs and the upcoming Otherside metaverse. It can be used to purchase goods and services, access exclusive events, merchandise, games, and services.
• Currency: ApeCoin can be used as a medium of exchange in Yuga Labs' projects, including the highly anticipated Otherside metaverse, driving demand and potential value appreciation.
• Incentive: ApeCoin is used by third-party developers to integrate into their services, games, and other projects, such as Animoca Brands' Benji Bananas, a play-to-earn mobile game.
• Metaverse: ApeCoin will be integrated into the upcoming metaverse Otherside, potentially making it a sought-after metaverse currency, used for transactions and rewarding players in play-to-earn elements.
• DeFi Applications: ApeCoin can be used in DeFi applications across the Ethereum blockchain, providing additional utility and versatility.

Pros of ApeCoin

• Exclusive Image: ApeCoin is popular among traders due to its unique and appealing depiction of an ape, making it stand out in the cryptocurrency market.
• Built on the Ethereum Network: ApeCoin operates on the Ethereum blockchain, utilizing smart contracts for processing transactions, which enhances its reliability and security.
• Web 3.0, Play-to-Earn, NFTs: ApeCoin supports various projects, including Web 3.0 applications, play-to-earn games, and NFTs, offering a diverse range of uses within the APE ecosystem.
• Voting Rights: ApeCoin provides token holders with voting rights in the ApeCoin DAO, enabling them to influence the future development of the ecosystem.
• Support for Real Apes: ApeCoin supports real apes through the Jane Goodall Foundation, adding a charitable aspect to its appeal.

Cons of ApeCoin

• High Hype Factor: ApeCoin has experienced high levels of hype, which can lead to market volatility and unpredictable price movements.
• Large Price Volatility: The price of ApeCoin has shown significant volatility in the past, which can be a concern for investors.
• High Transaction Fees: ApeCoin transactions on the Ethereum blockchain can incur high fees, which may be a drawback for some users.

Additional Considerations

• Ecosystem Expansion: ApeCoin's ecosystem is expanding with the launch of ApeChain, which aims to enhance utility and performance, and support meme-related projects.
• Interoperability: ApeChain integrates with LayerZero's Omnichain Fungible Token (OFT) standard, enabling seamless cross-chain transactions.
• Community Engagement: ApeCoin's focus on community governance and meme culture can foster a highly engaged community, which can be beneficial for the ecosystem's growth.

Founders and Key Entities

ApeCoin was not founded by a single entity but rather is a community-driven project. However, key entities and individuals involved in its development and governance include:

• Yuga Labs: The creators of the Bored Ape Yacht Club (BAYC), who are community members in the ApeCoin DAO and have adopted APE as the primary token across new projects.
• The APE Foundation: The steward of ApeCoin, which facilitates decentralized and community-led governance. The Foundation consists of an administrative board that oversees the decisions of the ApeCoin DAO and a third-party project management team that ensures these decisions are implemented.
• ApeCoin DAO: A decentralized autonomous organization that allows APE holders to make decisions regarding Ecosystem Fund allocations, governance rules, projects, partnerships, and more.
• Initial Board Members:
  • Alexis Ohanian: Co-founder of Reddit.
  • Amy Wu: Head of Ventures & Gaming at FTX.
  • Yat Siu: Co-founder & Chairman of Animoca Brands.
  • Maaria Bajwa: Principal at Sound Ventures.
  • Dean Steinbeck: President & General Counsel at Horizen Labs.

These individuals and entities play crucial roles in the governance and development of ApeCoin, but the project is fundamentally driven by its community of token holders.

ApeCoin Investors

ApeCoin has a diverse group of investors, including:

• Initial Airdrop Recipients: The initial airdrop of ApeCoin was distributed to holders of Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFTs. These NFT owners received a predefined amount of ApeCoin based on the type of NFT they held.
• Yuga Labs: Yuga Labs, the company behind BAYC and MAYC, owns 16% of the total ApeCoin tokens. However, Yuga Labs claims no ownership over ApeCoin DAO, the decentralized organization that governs ApeCoin.
• Launch Contributors: 14% of ApeCoin tokens were allocated to launch contributors, which include companies and individuals who helped in the development and launch of ApeCoin.
• BAYC Founders: 8% of ApeCoin tokens were allocated to the founders of BAYC.
• General Investors: ApeCoin is listed on major cryptocurrency exchanges, allowing anyone to buy and invest in ApeCoin.

Halal Status of ApeCoin

• Halal Status: No
• Reason: ApeCoin's involvement in various activities such as NFTs, gaming, and governance within the APE ecosystem raises concerns about its compliance with Islamic finance principles. The token's utility and governance roles, as well as its association with potentially non-compliant industries, make it questionable from a Shariah perspective.