Bored Ape Yacht Club Launches ApeCoin $APE: What You Need to Know

Bored Ape Yacht Club Launches ApeCoin $APE: What You Need to Know

by Christian Hardy


The long-awaited Bored Ape Yacht Club token from Yuga Labs has finally arrived. On Thursday, March 17, ApeCoin ($APE) went live, marking the start of a transition of control over the Bored Ape ecosystem into the hands of the Bored Ape community. 

“($APE) will serve as a decentralized protocol layer for community-led initiatives that drive the culture forward in the metaverse,” the official ApeCoin website reads. “ApeCoin is an ERC-20 governance and utility token used within the APE ecosystem to empower a decentralized community building at the forefront of web3.”

All Bored Apes and Mutant Ape holders can claim their $APE for 90 days. 150 million tokens — or 15 percent of the total 1 billion token supply of $APE — are claimable for BAYC and MAYC NFT holders at launch of the token.

More $APE could be allocated to the community based on future proposals, as 75.8 percent of the total Ecosystem Fund (470 million $APE) has yet to be allocated. 

$APE allocation, via

To hand over control of the Bored Ape IP, Yuga Labs created APE Foundation, which it says is the “steward of ApeCoin.” To start, ApeCoin holders will be able to participate in ApeCoin DAO, where each token acts as governance to decide the future of Bored Apes using APE Improvement Proposals (AIP), which can then be voted on by ApeCoin holders.

What is ApeCoin ($APE)?

$APE will initially be used as a governance token for the APE Foundation, which now controls all rights and privileges to the Bored Ape Yacht Club IP, conveyed in this 1-of-1 NFT. APE Foundation is “the base layer on which ApeCoin holders in the ApeCoin DAO can build.”

By holding $APE, holders will be able to contribute to the growth and development of the APE ecosystem, where one token is equal to one vote on proposals to develop the ecosystem. Currently, the APE Ecosystem Fund holds 470 million $APE, which the APE Foundation can vote to relinquish into the ecosystem through initiatives in proposals.

Utility for $APE

The full potential of ApeCoin utility is currently unclear, as other utility will be voted on by the community, but aims to grow Bored Apes into a major player in the web3 economy through “art, gaming, entertainment, and events.” 

Yuga Labs said that $APE will be “the primary token across new projects,” adding additional potential utility for holders.

As of now, $APE is expected to be used in Yuga Labs upcoming play-to-earn games created with Animoca Brands and nWay, both set to be released this year. It may also be used for the rumored upcoming land sale from Bored Ape Yacht Club, as well as purchasing.

There is an ApeCoin proposal to allocate six percent of the APE Ecosystem Fund — or 3.7 million $APE — for game development, events, merch production, marketing, and a development of an ApeCoin NFT marketplace. This funding would fund these initiatives through 2022. Some of these initiatives will feed revenue back into the Ecosystem Fund.

ApeCoin $APE Staking

ApeCoin staking is not currently implemented, but one of the first APE Foundation proposals lays out a model for staking $APE. According to the proposal, the estimated timeframe to prepare for staking is 4-5 months once passed.

Staking would allow any $APE holder to be rewarded for participation in ApeCoin DAO, as a Bored Ape ecosystem NFT is not required to earn staking rewards, according to the proposal.

The proposal would allow Bored Apes, Mutant Apes, Kennel Club dogs, and ApeCoin holders to stake their assets to earn $APE. The Bored Ape ecosystem NFTs would remain tradeable, while only the ApeCoin would be staked. The owner of a specific NFT at the claim point is able to claim the accrued $APE attributed to the NFT, according to the proposal. 

The proposal does not outline how much $APE would be allocated to staking rewards.

Where to Buy ApeCoin ($APE)

The ApeCoin ($APE) official contract address is 0x4d224452801aced8b2f0aebe155379bb5d594381. Always ensure you are interacting with this contract before purchasing any $APE, as there are fake $APE tokens floating around. You can follow $APE price and trading live on DEXTools.

Etheruem and other ERC-20 tokens can be swapped for $APE on decentralized exchanges like UniSwap or SushiSwap. $APE is also already available on centralized exchanges like Coinbase, Binance, Kraken, MoonPay, KuCoin,, and others. 

Again, always ensure you are interacting with the correct $APE token before buying.

ApeCoin $APE Price

In the minutes after launch, the earliest $APE trades priced the token at an exorbitant $42. At 9 a.m. EST, 30 minutes after claim, the price was $7.10. By 9:30 a.m. EST, the price dipped to $6.20, its lowest price yet, then bounced back up again, hitting a peak of $9.30 at 11 a.m. EST.

The first afternoon after launch, the ApeCoin has found some stability in the $8-9 range. $APE remains volatile, as it is the most traded ERC-20 token today.

ApeCoin Allocation for Ape Holders

A maximum of 15 percent of the total supply of $APE is being distributed to Bored Ape Yacht Club ecosystem holders. The claim is open for 90 days. Mutant Ape holders can claim about 20 percent of the $APE allocation for Bored Ape holders.

ApeCoin $APE allocation for Bored Ape ecosystem holders, via

Another 47 percent of total $APE tokens — 470 million tokens — will remain in the APE Ecosystem Fund. Only 117.5 million $APE in this fund are currently unlocked, with another 7.3 million unlocked every month. 

Using these remaining $APE funds is reliant on proposals that will be voted on and passed by the ApeCoin DAO, which includes all $APE holders.

Other $APE Distribution

The other 38 percent of ApeCoin is being distributed to Yuga Labs, the Bored Ape Yacht Club founders, Yuga Labs’ launch partners, and charity. Many of the remaining token supply is said to be “locked up,” though there are no guardrails in place in the smart contract to ensure the funds remain locked. Here’s how these tokens are being allocated, with expected locked-up periods.

  • Yuga Labs & Charity: 16 percent (160 million $APE) — 150 million tokens to Yuga Labs, initially lock-up of 12 months, then 4.17 million unlocked per month for three years. 10 million tokens (1 percent of $APE) or equal value will be donated to the Jane Goodall Legacy Foundation.
  • Launch Contributors: 14 percent (140 million $APE) — Given to “the companies and people that helped make this a reality.” Over 100 million of these tokens will be locked up for at least 12 months, then unlocked monthly.
  • Bored Ape Yacht Club Founders: 8 percent (80 million $APE) — Given to the four founders of BAYC, who also retain control of Yuga Labs. Locked up for 12 months, then 2.2 million unlocked every month for three years.

What’s Next for $APE

APE Foundation, controlled by ApeCoin DAO and overseen by the Board, now controls the IP rights to the Bored Ape NFT ecosystem. APE Foundation will aim to grow the APE ecosystem in “a fair and inclusive way,” through decentralized governance, where each $APE token equals a vote on proposals.

With over $900 million in $APE sitting unlocked in the Ecosystem Fund, ApeCoin holders will have the ability to vote on what to do with those funds to best benefit the Bored Ape brand and ecosystem.

Currently, there are six proposals live on the ApeCoin DAO forum for $APE holders to discuss, including staking mechanisms and budgets for 2022. These discussions will stay open for seven days before they can be approved and put on Snapshot for $APE holders to vote.

$APE ApeCoin DAO Board Bored Ape Token
ApeCoin DAO Board via

Once voted on, the ApeCoin DAO Board — including Reddit co-founder Alexis Ohanian and Head of Ventures and & Gaming at FTX — will administer the DAO proposals and carry out any action that must be taken. 

You can learn more about $APE, the claim, and see FAQs on the ApeCoin website.

Follow Christian Hardy on Twitter: @ByHardy