ApeCoin

ApeCoin (APE) is an ERC-20 governance and utility token used within the APE ecosystem. The total supply of ApeCoin is permanently fixed at 1 billion tokens, with no minting or burning capabilities exposed through the contract interface. It was launched on March 17, 2022, and a portion of the tokens for contributors to the project were initially locked, with a scheduled unlocking over a period of 48 months from the launch date.

ApeCoin is part of a broader project called the APE ecosystem. This ecosystem aims to support web3 through art, gaming, entertainment, and events. The APE ecosystem is designed to be a decentralized protocol layer for community-led initiatives that drive culture forward into the metaverse​.

ApeCoin serves several purposes in the APE ecosystem:

1. Governance: As the ecosystem's governance token, ApeCoin allows holders to participate in the ApeCoin DAO, a decentralized autonomous organization where members can vote on various proposals.
2. Unification of Spend: As the ecosystem's utility token, ApeCoin is a shared and open currency that can be used without centralized intermediaries.
3. Access: ApeCoin provides access to parts of the ecosystem that are otherwise unavailable, such as exclusive games, merchandise, events, and services.
4. Incentivization: ApeCoin can be incorporated into services, games, and other projects by third-party developers, serving as a tool for incentivization

ApeCoin was created by the ApeCoin DAO, a new governing body in which all APE holders are members. This DAO is meant to field proposals from the community, which token holders can then vote on. A separate organization, the Ape Foundation, handles day-to-day DAO administration, proposal management, and ensures that the DAO community's ideas have the support they need to become a reality. The initial board of the Ape Foundation consisted of five high-profile crypto investors, each serving a six-month term.

Yuga Labs, the company behind the Bored Ape Yacht Club NFT collection, is closely linked with ApeCoin. Despite this, Yuga Labs insists it's not directly responsible for ApeCoin. It did, however, gift a special one-of-one NFT to the ApeCoin DAO treasury and plans to "adopt ApeCoin as the primary token for all new products and services," which ties its value to the health of the Bored Ape collection as a whole.