March 17, 2022
Happy St. Paddy's Day, Fintech friends.
Situational awareness: More than 100 million crypto apps were downloaded in the last three months of 2021, Axios' Brady Dale writes.
- Brady is our new crypto reporter, and you can follow him here.
1 big thing: Bored Apes club expands
Yuga Labs is letting more people into their Bored Ape club, with the launch of its own ApeCoin token and a DAO tasked with overseeing it.
Why it matters: Prior to the token launch, being a part of the Bored Ape Yacht Club required owning one of 10,000 NFTs issued by Yuga Labs.
- But even the cheapest of Bored Apes go for hundreds of thousands of dollars.
- ApeCoin allows even those who are not ETH-rich to participate in the ecosystem by purchasing it through a variety of crypto exchanges.
Details: 8% of ApeCoin tokens will go to the BAYC founders, 16% will go to the Yuga Labs team, 14% to launch contributors (i.e., Yuga partners and investors), 15% to Bored Apes and Mutant Apes collectors, and 47% will be released as part of the DAO’s “ecosystem fund.”
- It's that last 47% which will become available to the general public.
Of note: A portion of the allocation — equal to 1% of the total token supply — will be donated to the Jane Goodall Legacy Foundation.
Yes, but: While Yuga Labs will have a fairly large number of ApeCoins at launch, the company is being careful to separate itself from stewardship of the token.
- Instead, ApeCoin is launching with a new corporate parent — the Ape Foundation — and a DAO to govern it.
- "It’s much more complicated to construct a legally compliant token and set it up in a responsible, sustainable way," Bored Ape's Twitter page read, after it was asked in October about releasing coins.
- ApeCoin DAO council members include Reddit co-founder Alexis Ohanian, FTX’s Amy Wu, Sound Ventures’ Maaria Bajwa, Animoca’s Yat Siu, and Horizen Labs’ Dean Steinbeck.
What they're saying: “Today we’re making the ‘Club’ bigger with ApeCoin,” Ohanian said in a statement to the press.
- “Web3 is being integrated into our art, music, and culture more and more everyday and it all starts with community. I believe this community will build, expand, partner, and disrupt in a massive way.”