What is ApeCoin?

ApeCoin ($APE) is an ERC-20 token that functions as the primary governance and utility token for the APE Ecosystem, a decentralized community initiative at the forefront of the Web3 movement.1 Launched on March 17, 2022, the token is intrinsically linked to Yuga Labs’ Bored Ape Yacht Club (BAYC), one of the most culturally significant and valuable non-fungible token (NFT) collections.2 While inspired by BAYC, ApeCoin was officially launched by the ApeCoin DAO, a decentralized autonomous organization, to foster a community-governed ecosystem separate from Yuga Labs’ corporate structure.8

The token serves multiple purposes within its ecosystem. As a governance token, it grants holders the right to participate in the ApeCoin DAO, voting on proposals that direct the community’s future, including the allocation of the Ecosystem Fund.1 As a utility token, it functions as a shared and open currency, providing access to exclusive games, merchandise, events, and services.1 Yuga Labs has adopted APE as the principal token for its new projects, most notably the Otherside metaverse, where it is used for transactions such as the purchase of virtual land.5

Initially operating exclusively on the Ethereum blockchain, the APE ecosystem has since expanded to address scalability and interoperability. This includes the development of ApeChain, a dedicated Layer-3 blockchain built using Arbitrum technology, which uses APE as its native gas token.5 More recently, in a significant strategic move, ApeCoin has expanded its presence to the Solana blockchain, leveraging LayerZero’s cross-chain technology to enhance its utility and reach a broader user base.8 The project’s governance has also undergone a major evolution, transitioning from a fully decentralized DAO model to a more centralized entity known as ApeCo, a shift intended to increase operational efficiency and strategic focus.8

History and Launch

The emergence of ApeCoin marked a pivotal moment for the NFT space, signaling a shift from static digital collectibles toward dynamic, token-powered ecosystems. Its launch was strategically timed and executed, though not without controversy, setting the stage for its complex role in the Web3 landscape.

Origins and Creation

ApeCoin was officially launched on March 17, 2022, by the ApeCoin DAO.2 The project was conceived as a decentralized token for the Web3 economy, designed to support the evolution of culture through art, gaming, and entertainment.14 Although deeply connected to the BAYC brand, the decision to have the DAO, rather than Yuga Labs, launch the token was a deliberate one. This structural separation was designed to create legal and operational distance, positioning Yuga Labs as a mere “contributor” to the ecosystem rather than its central controller.9 This arrangement provided a degree of plausible deniability regarding the token’s issuance, a crucial factor in navigating the uncertain regulatory landscape surrounding digital assets. By framing the token as a product of a decentralized community, the ecosystem sought to align with frameworks that distinguish community-governed tokens from corporate-issued securities, a distinction that would prove vital during subsequent regulatory inquiries.23

The token’s debut came at a moment of peak influence for Yuga Labs. The company had recently acquired the intellectual property for two other pioneering NFT collections, CryptoPunks and Meebits, and had just closed a $450 million funding round at a $4 billion valuation.6 This context positioned the ApeCoin launch not as a standalone event, but as the next major phase in Yuga Labs’ expansion from an NFT creator into a dominant force in the burgeoning metaverse economy.6

The Airdrop of March 2022

The initial distribution of ApeCoin was conducted via a large-scale airdrop, a common method in the crypto space for rewarding early community members and decentralizing token supply. A total of 150 million APE tokens, representing 15% of the total supply, were made available for claim by holders of Yuga Labs’ NFT collections.8

Eligibility for the airdrop was extended to owners of Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFTs. Owners of Bored Ape Kennel Club (BAKC) NFTs were also eligible for an additional allocation, provided their BAKC was held in the same wallet as a BAYC or MAYC.10 The amount of APE claimable was tiered, based on the relative market value (floor price) of the different NFT collections in the month preceding the launch, from February 7 to March 8, 2022.13 NFT holders were given a 90-day window to claim their tokens, after which any unclaimed APE would be transferred to the Ecosystem Fund.27

NFT HoldingApeCoin Allocated Per NFT/Pair
Bored Ape only10,094 tokens
Mutant Ape only2,042 tokens
Bored Ape + Kennel Club10,950 tokens
Mutant Ape + Kennel Club2,898 tokens

The Flash Loan Exploit

The design of the airdrop mechanism led to one of the most notable exploits of the event. Unlike many airdrops that rely on a historical “snapshot” to determine eligibility at a fixed point in the past, the ApeCoin claim was based on the “spot state”, whoever held an eligible NFT at the moment of the claim could receive the tokens.29

This live-state design created a vulnerability that was quickly exploited. An anonymous user executed a complex transaction using a flash loan, a type of uncollateralized loan unique to decentralized finance (DeFi) that must be borrowed and repaid within the same blockchain transaction.30 The user first found a vault on the NFTX protocol containing five BAYC NFTs whose APE airdrop had not yet been claimed.29 The user then took out a flash loan to purchase enough of the vault’s fractionalized tokens to redeem the five underlying BAYC NFTs. With momentary custody of the NFTs, the user’s smart contract immediately called the claim function on the ApeCoin contract, successfully claiming 60,564 APE. The NFTs were then returned to the vault, the vault tokens were sold back, and the flash loan was repaid, all within a single, atomic transaction. The maneuver netted the user approximately $1.1 million worth of APE at the time.29

While some observers hailed the event as an innovative arbitrage trade, security analysts characterized it as an attack that capitalized on a design flaw.29 The incident served as a stark illustration of the unique security challenges in Web3, where the composability of financial primitives like flash loans can interact with protocol designs in unforeseen and exploitative ways. Experts noted that the vulnerability could have been mitigated by implementing a minimum holding period for the NFTs or by using a traditional snapshot-based eligibility system.29

The APE Ecosystem: Governance and Key Entities

The APE Ecosystem is defined by a complex interplay between four distinct entities, each with a specific role. This structure was designed to balance decentralized, community-driven governance with the need for legal stewardship and professional execution. However, this model has recently undergone a fundamental transformation aimed at increasing operational efficiency.

Yuga Labs

Yuga Labs is the creative and commercial force behind the ecosystem. As the creator of the Bored Ape Yacht Club (launched in April 2021), Mutant Ape Yacht Club, and Bored Ape Kennel Club, and the current owner of the CryptoPunks and Meebits intellectual property, Yuga Labs established the brand and community that gave rise to ApeCoin.7 Although it is not the official issuer of APE, Yuga Labs has formally adopted the token as the primary currency for all its new products and services.5 This includes its ambitious Otherside metaverse project and token-gated games like Dookey Dash.10 As a recipient of 15% of the total APE supply, Yuga Labs is also a major token holder with significant influence in governance matters.5

The ApeCoin DAO

The ApeCoin DAO is the decentralized governing body of the ecosystem, originally designed to empower APE holders to collectively make decisions about the project’s future.1 Membership is open to anyone holding APE, with voting power proportional to the number of tokens held.5 The DAO operates through a formal proposal system known as Ape Improvement Proposals (AIPs), which allows members to suggest and vote on initiatives related to partnerships, governance rules, and, most importantly, the allocation of funds from the DAO’s treasury.21 This structure was intended to embody the Web3 ethos of community ownership and control.

The APE Foundation and The Board

The APE Foundation serves as the legal steward and administrative arm of the ApeCoin DAO.1 It is not an overseer but rather the legal entity responsible for implementing the decisions passed by the DAO community.10 Its duties include day-to-day administration, financial management, and project management to ensure that community-approved ideas become a reality.10

The Foundation is guided by a special council known as “The Board,” which is responsible for administering DAO proposals and serving the community’s vision.10 The initial board was composed of high-profile investors and entrepreneurs from the technology and gaming sectors, including Reddit co-founder Alexis Ohanian and Animoca Brands co-founder Yat Siu, which lent significant credibility to the project at its inception.13 Following the initial six-month term, board members are now elected annually by DAO members, reinforcing the principle of community oversight.31

The Shift to ApeCo

In June 2025, the APE ecosystem’s governance model underwent a radical transformation. Citing significant operational challenges with the DAO structure, Yuga Labs CEO Greg Solano introduced AIP-596, a proposal to sunset the ApeCoin DAO and transfer its assets and operational control to a new, centralized entity named ApeCo.8

The rationale for this change was to address what was described as “sluggish, noisy, and often unserious governance theater”.39 Proponents of the shift argued that the DAO model, while effective for initial community building, had become a bottleneck, funding low-impact initiatives and struggling with the agility required for long-term product development in a competitive market.8 The transition to ApeCo was framed as a necessary evolution from an experimental phase to a professional operation capable of executing a focused strategy with conviction.39

The proposal passed with over 99% of the vote, indicating strong community support for a more efficient, albeit less decentralized, governance structure.8 Under the new model, ApeCo will manage the ecosystem’s treasury and roadmap, concentrating resources on three core pillars: ApeChain, the Bored Ape Yacht Club brand, and the

Otherside metaverse.8 This pivot represents a significant case study in the Web3 space, highlighting the practical challenges of pure decentralization and a community’s willingness to trade ideological purity for perceived operational effectiveness and strategic growth.

Tokenomics and Distribution

The economic design of ApeCoin is foundational to its function within the APE ecosystem. Its fixed supply and structured distribution model were crafted to incentivize long-term participation from all key stakeholders, including the community, developers, and the project’s creators.

Supply and Allocation

ApeCoin has a total and permanently fixed supply of 1 billion tokens.3 The smart contract that governs the token does not permit the minting of new tokens nor the burning of existing ones, making its monetary policy both non-inflationary and predictable.3 This fixed supply is a core aspect of its value proposition, ensuring that the token cannot be diluted by future issuance.

The 1 billion tokens were minted at once and allocated across eight primary categories, with a large portion dedicated to the community-controlled ecosystem fund and a significant share reserved for the project’s founders, parent company, and key contributors. This distribution reflects a strategic effort to balance decentralized community ownership with the need to reward and retain the core team responsible for building and expanding the ecosystem. The allocation to Yuga Labs and its founders, totaling 23%, combined with the shares for launch contributors, created a structure where insiders retained substantial long-term influence and a vested financial interest in the project’s success.

Vesting Schedules and Unlocks

To promote long-term stability and prevent immediate sell-offs by insiders, a large portion of the allocated tokens were subject to initial lock-up periods and extended vesting schedules.11 The tokens designated for Yuga Labs, the BAYC founders, and most launch contributors were locked for an initial 12 months. Following this cliff, the tokens began to unlock on a linear monthly schedule over a period of 33 to 36 months.10 Similarly, a portion of the DAO Treasury and Ecosystem Fund is subject to a 48-month linear release schedule.28 These staggered unlocks mean that the circulating supply of APE will continue to increase gradually until approximately 2026, a critical factor for market participants to monitor as it introduces potential sell pressure over time.10

The detailed breakdown of the allocation and vesting schedules is as follows:

Category/RecipientToken AmountPercentage of Total SupplyVesting and Lock-up Schedule
DAO Treasury & Resources470,000,00047.0%117,500,000 unlocked at launch; 7,343,750 unlocked per month for 48 months.
Airdrop to NFT Holders150,000,00015.0%All unlocked for claim at launch.
Yuga Labs150,000,00015.0%12-month lock-up, then 4,166,666.67 unlocked per month for 36 months.
Launch Contributors 185,000,0008.5%10,000,000 upfront; 25,000,000 after 6 months; 25,000,000 after 12 months; 25,000,000 after 18 months.
BAYC Founders80,000,0008.0%12-month lock-up, then 2,222,222.22 unlocked per month for 36 months.
Launch Contributors 330,000,0003.0%12-month lock-up, then 833,333.33 unlocked per month for 36 months.
Launch Contributors 225,000,0002.5%12-month lock-up, then 757,575.76 unlocked per month for 33 months.
Charity (Jane Goodall Legacy Foundation)10,000,0001.0%12-month lock-up, then 277,777.78 unlocked per month for 36 months.

Technology and Infrastructure

ApeCoin’s technical foundation has evolved significantly since its inception. Initially a standard token on a single blockchain, it has expanded into a multi-chain ecosystem with its own dedicated infrastructure designed to overcome the limitations of its parent network.

Core Protocol

At its core, ApeCoin is an ERC-20 token deployed on the Ethereum blockchain.1 This standard ensures that APE is compatible with the entire Ethereum ecosystem, including major cryptocurrency wallets like MetaMask, decentralized exchanges such as Uniswap, and a wide array of other decentralized applications.1 By launching on Ethereum, ApeCoin leveraged the network’s robust security, decentralization, and established user base. However, this also meant it was subject to Ethereum’s inherent challenges, namely high transaction fees (gas costs) and network congestion, which can be prohibitive for high-volume applications like gaming and microtransactions.41

ApeChain: A Dedicated Layer-3

To address the scalability and cost issues of operating on the Ethereum mainnet, the APE ecosystem developed ApeChain, which launched in October 2024.8 ApeChain is a Layer-3 (L3) blockchain built using the Arbitrum Orbit technology stack.15 This framework allows for the creation of highly customizable and scalable blockchains that settle their transactions on an Arbitrum Layer-2 network, which in turn settles on Ethereum. This tiered architecture allows ApeChain to inherit the security of Ethereum while offering significantly higher throughput and lower transaction costs.5

A crucial feature of ApeChain is the adoption of APE as its native gas token.5 This integration provides a fundamental utility for the token beyond its roles in governance and payments, as every transaction on the network requires APE. Following the launch of ApeChain, key ecosystem activities, such as the NFT-based staking pools, were migrated from Ethereum to the new L3 on April 15, 2025.1 This migration utilized a novel “Shadow” technology, which creates soul-bound NFT representations on ApeChain that act as staking keys, thereby eliminating the need for users to bridge their valuable original NFTs from Ethereum.45

Multi-Chain Expansion: Solana Integration

In a major strategic move to broaden its utility and user base, ApeCoin officially expanded to the Solana blockchain on September 9, 2025.17 This initiative, part of a strategy named “Rapid Apecoin Integration Deployment” (R.A.I.D.), was designed to leverage Solana’s high-speed, low-cost transaction environment and its vibrant DeFi and gaming communities.8

The technical backbone of this expansion is a partnership with LayerZero, a cross-chain interoperability protocol.47 ApeCoin utilizes LayerZero’s Omnichain Fungible Token (OFT) standard, a technology that enables the seamless transfer of native tokens across different blockchains without the need for traditional asset wrapping or reliance on middlechains.48 This allows APE to exist as a native asset on both Ethereum and Solana, enabling users to bridge their tokens between the two ecosystems while maintaining fungibility. This multi-chain presence transforms APE from an ecosystem-specific token into a more versatile Web3 asset, opening up new use cases in Solana-based DeFi applications, NFT marketplaces, and social payments.18

This three-tiered technical architecture; leveraging Ethereum for security, ApeChain for scalable ecosystem applications, and Solana for high-performance expansion, represents a sophisticated approach to navigating the blockchain trilemma and positioning ApeCoin for broader adoption.

Utility and Use Cases

ApeCoin was designed with a multi-faceted utility that extends across governance, commerce, and exclusive access within the APE ecosystem and beyond. Its use cases are intended to drive demand and embed the token as an integral component of the Web3 culture it aims to support.

Governance and Voting

The primary and most fundamental utility of ApeCoin is its role as the governance token for the APE ecosystem.1 Ownership of APE grants membership in the ApeCoin DAO, giving holders the right to vote on key decisions that shape the project’s future.10 This includes voting on the allocation of the Ecosystem Fund, approving new partnerships, and ratifying changes to governance rules.21 With the recent transition to the ApeCo model, the precise mechanisms of community influence are evolving, but the token remains the core instrument for expressing community sentiment and oversight.18

Digital Currency

ApeCoin serves as the official medium of exchange across a growing number of platforms and applications, solidifying its role as a “unification of spend” within the ecosystem.7

  • Otherside Metaverse: APE is the exclusive currency of Otherside, the ambitious metaverse project from Yuga Labs. It is used for all primary transactions, including the minting and trading of virtual land plots known as “Otherdeeds” and the purchase of in-game items and services.5 The initial sale of 55,000 Otherdeeds, which required payment in APE, was a major event that demonstrated the token’s utility at scale.10
  • Gaming: APE is integrated into several blockchain-based games. In Animoca Brands’ popular mobile game Benji Bananas, players can earn special tokens that are swappable for APE.13 Yuga Labs also utilized APE in games like
    Dookey Dash for purchasing power-ups.10 With the launch of ApeChain, a new wave of games, such as Pixel Vault’s
    Battle Plan and the upcoming Sugartown poker game, are being built with APE as their native currency.16
  • Marketplaces and Commerce: The official ApeCoin Marketplace, approved by the DAO, uses APE for the buying and selling of Yuga Labs’ NFT collections.55 Beyond the digital realm, APE has seen limited but high-profile real-world adoption. Select Gucci boutiques in the US began accepting APE as a payment method, and TIME Magazine announced it would accept the token for digital subscriptions.6

Access and Exclusivity

Holding ApeCoin functions as a digital key, granting access to exclusive parts of the ecosystem that are otherwise restricted.1 This includes access to limited-edition merchandise drops, special in-person events like the annual ApeFest, and exclusive games or services within the Yuga Labs universe.2 This utility creates a direct incentive to hold the token beyond its speculative or governance value, fostering a sense of community and rewarding active participants.

Staking and Rewards

ApeCoin can be staked to earn passive rewards. A dedicated staking platform, ApeStake.io, allows holders to lock up their APE tokens in various pools to earn yield in the form of more APE.2 The system is designed to reward long-term holders and NFT owners differently. There is a primary staking pool for APE tokens alone, but there are also three separate pools exclusively for holders of BAYC, MAYC, and BAKC NFTs, which offer significantly higher annual percentage yields (APYs).52 This tiered reward structure incentivizes ownership of the ecosystem’s core NFT assets. In April 2025, these three NFT-based staking pools were migrated from the Ethereum mainnet to the more efficient ApeChain network.1

Legal and Regulatory Landscape

Since its inception, the ApeCoin ecosystem has been at the center of several high-stakes legal and regulatory challenges. These cases have not only impacted Yuga Labs and APE holders but have also established important precedents for the broader NFT and digital asset industry in the United States.

SEC Investigation

In October 2022, Bloomberg reported that the U.S. Securities and Exchange Commission (SEC) had opened an investigation into Yuga Labs.25 The probe focused on whether certain digital assets offered by the company, including its NFT collections and the ApeCoin token, should be classified as securities and thus subject to federal disclosure laws.2 The investigation applied the long-standing Howey Test to determine if these assets constituted an “investment contract”.25 Yuga Labs stated its intent to cooperate fully with the inquiry.56

In March 2025, Yuga Labs announced that the SEC had concluded its investigation without recommending any enforcement action.25 The company hailed the outcome as a “huge win for NFTs,” publicly declaring that “NFTs are not securities”.25 While the SEC’s decision not to press charges is not a formal legal ruling or a blanket exemption for all NFTs, it was widely seen as a positive development for the industry and a validation of the legal structuring of the ApeCoin launch through a decentralized entity.

Yuga Labs v. Ryder Ripps

In 2022, Yuga Labs filed a trademark infringement lawsuit against artist Ryder Ripps and his associate Jeremy Cahen.60 The suit concerned the “Ryder Ripps Bored Ape Yacht Club” (RR/BAYC), an NFT collection created by Ripps that used exact copies of the original BAYC images. Yuga Labs argued that the RR/BAYC collection was a “scam” designed to confuse consumers and devalue the authentic BAYC brand.61

Ripps defended his project as a form of appropriation art and satirical commentary, protected under the First Amendment.61 His central claim was that the RR/BAYC collection was created to draw attention to what he alleged were racist and neo-Nazi symbols embedded within the original BAYC artwork and Yuga Labs’ branding.60

In April 2023, a U.S. District Court granted summary judgment in favor of Yuga Labs, rejecting Ripps’ fair use defense and finding him liable for trademark infringement. The court initially awarded Yuga Labs $1.6 million in damages, which was later increased to over $9 million to include disgorgement of profits and legal fees after Ripps’ counterclaims were dismissed.62

Ripps appealed the decision. On July 23, 2025, the U.S. Court of Appeals for the Ninth Circuit issued a significant and nuanced ruling.62 The appellate court delivered a partial victory for Yuga Labs by affirming a key legal principle: it ruled that NFTs are “goods” under the Lanham Act and are therefore eligible for trademark protection.65 This set a major legal precedent for the entire NFT industry, confirming that traditional intellectual property laws apply to digital assets.

However, the court reversed the lower court’s summary judgment on the core issue of infringement.62 The panel of judges concluded that Yuga Labs had not proven a “likelihood of consumer confusion” as a matter of law and that the issue required a full trial to be decided.62 As a result, the $9 million damages award was overturned, and the case was remanded back to the district court for further proceedings on the infringement and cybersquatting claims.62 The case continues to be a landmark legal battle shaping the application of IP law in Web3.

Controversies

The immense popularity and cultural impact of the Bored Ape Yacht Club have been accompanied by significant controversy, most notably persistent allegations regarding the project’s imagery and branding.

Allegations of Racist Imagery

Artist Ryder Ripps, as part of his justification for creating the RR/BAYC collection, publicly accused Yuga Labs of embedding racist, alt-right, and neo-Nazi “dog whistles” throughout the BAYC project.60 These allegations, detailed on a website Ripps created, drew connections between BAYC imagery and historical racist tropes and symbols.64

The specific claims included:

  • Simianization: The use of apes was linked to the historical racist trope of comparing Black people to monkeys.68
  • Logo Comparison: Ripps drew a visual comparison between the BAYC skull logo and the Nazi Totenkopf (death’s head) emblem used by the SS. He noted that both skulls had 18 teeth, suggesting a connection to the neo-Nazi numerical code for Adolf Hitler (1=A, 8=H).61
  • Company Name: The name “Yuga Labs” was linked to the term Kali Yuga, an esoteric concept sometimes co-opted by alt-right groups to signify a degenerate modern age.68
  • Significant Dates: The official launch date of BAYC was highlighted as April 30, the anniversary of Adolf Hitler’s death.68

Yuga Labs has consistently and strongly denied all such allegations, characterizing them as “insanely far-fetched” and part of a coordinated “slanderous” campaign by Ripps to damage their brand and promote his own infringing NFT collection.61 While the legal battle with Ripps centered on trademark law rather than the validity of these claims, the accusations have become an indelible part of the project’s public narrative. In an article addressing the controversy, a senior research fellow at the Anti-Defamation League was quoted as finding the specific research connecting BAYC to neo-Nazism to be “insubstantial,” though he and a colleague still criticized the collection for what they perceived as racial stereotyping.68

See Also

  • Yuga Labs
  • Bored Ape Yacht Club
  • Decentralized autonomous organization (DAO)
  • Non-fungible token (NFT)
  • LayerZero

References

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