The Dip - ApeCoin | Issue #1
Upcoming $ApeCoin Developments
ApeCoin is one of my top prospects going into the 2023-2025 crypto season. In this article, I will review some upcoming ApeCoin developments while relaying my opinions on various topics. Enjoy!
Contents
ApeCoin Staking
ApeCoin Vesting Unlock
Personal Plan Moving Forward
ApeCoin Staking
One of the most highly anticipated events involving ApeCoin has to be ApeCoin staking, which is being handled by Horizen Labs, a leading blockchain technology company specializing in developing blockchains and blockchain-related apps. You know, the sexy stuff.
On September 22nd, an AMA was scheduled with Horizen Labs and Yuga Labs to announce the go-live date of ApeCoin staking. Unfortunately, someone on the Horizen Labs team got sick, resulting in the AMA being postponed to a later date that has yet to be announced. I saw a comment on Twitter saying this reminded them of times when they would say they were sick to get out of school. Can I say I giggled?
Regardless, the Horizen Labs team came through and announced a guesstimate for the go-live time for ApeCoin staking, which is scheduled for October 31st. 🎃👻
According to a breakdown provided by Horizen Labs, for the first year of staking, there will be a total of 100 Million $Ape, 10% of the total $Ape supply, distributed amongst four separate staking pools, with the BAYC, MAYC, and BAKC pools providing additional rewards for those who hold the designated NFT. Remember that BAYC ecosystem holders got airdropped thousands of $Ape PER NFT had. So any that kept that initial chunk or sold near the top and bought back in are in for a fucking payday, again.
ApeCoin Vesting Unlock
In the ApeCoin about tab on the official ApeCoin website, which we all obviously read because we are responsible investors, there is a section that goes into the lock-up & unlocks schedule for the remaining $Ape that is yet to be in circulation. For reference, there are around 306 million - 315 million coins in circulation at the time of writing, which is about 30% of the total $Ape supply, that being 1 billion. The current circulating supply varies per platform.
Currently, 7,343,750 $Ape is unlocked per month and deployed to the ApeCoin DAO treasury for whatever they decide to do with it. The is the most frequent unlock in the vesting schedule and is one of two types of unlocks set to occur within 12 months from launch. The second being a 25-million $Ape unlock allocated for Launch Contributors that is said to occur six months post-launch. Seeing that $Ape went live on March 16th this year, this is set to happen any day now.
There has been lots of speculation on whether or not the influx of the 25 million $Ape will affect the price of $Ape in the short term. If you do the math, that’s around an additional 8% thrown into circulation overnight. Even if you are a contributor, especially in a bear market, you have to think about skimming a chunk of that profit off the top…middle…or even more. However, funny how convenient the timing of this unlock is with the ApeCoin staking scheduled to happen next month, don’t you think? If you are a contributor, do you try your luck playing the crypto game to see if you can sell and buy back quickly at a slightly lower price for extra gains? Or, do you play it safe, wait the month, and stake your massive payday for the chance of an even bigger payday later? Decisions, Decisions.
Personal Plan Moving Forward
For the 0-3 people reading that care what I think, I thought I’d shed some light on my thoughts for what I’m doing with $Ape going forward.
Disclaimer: I do own $Ape and dollar cost average into $Ape consistatnly. I’m a 20 year old crypto bro on the internet, don’t do what I do <3.
First, when it comes to Web3/Metaverse plays, ANYTHING Yuga seems to be a safe bet. From how I see it, Yuga owns the top of the NFT space and is one of the few brands making waves outside of Web3, whether directly through Yuga Labs or indirectly through things such as the Bored and Hungry restaurant in California.
Seeing that any NFT inside the Yuga Labs ecosystem is priced extremely high, for 99% of us, the dream of owning a BAYC or even a MAYC or BAKC seems somewhat untouchable. However, I believe ApeCoin can become a top 10-15 cryptocurrency within the next 1-2 years as long as they don’t somehow throw everything away and burn themselves to the ground. No pressure.
At the moment, the greatest use case for ApeCoin that we’ve seen so far was the Otherdeeds mint that required the use of $Ape. This alone propelled the value of $Ape to around $27 before it inevitably dumped to a low of about $3, currently trading around $5.30 at the time of writing—that kind of hurt to read out loud.
Of course, that event was an anomaly, and the chances of us seeing something like that again is extremely slim. The actual value for $Ape was overshadowed by FOMO, which created the somewhat blow-off-top we saw in the $Ape price evaluation and general NFT space.
With that said, over the next 1-2 years, I don’t think Yuga Labs is going anywhere. Especially from this point, utility and use cases for ApeCoin will only grow, which will then build the foundation for real and sustainable-ish-kinda-sorta value just in time for the next bull run. As we know, pumpamentals are one of the strongest forces known to man, especially in a bull market. We just have to hope the world doesn’t implode on itself before we get there.
In all seriousness, the following points are just a few of my most looked forward to developments coming within the next year that will likely affect the underlying value of $Ape in the long term.
The community first ApeCoin DAO marketplace:
AIP (Ape Improvement Proposal) - 98 passed in favor of developing a “community marketplace” that will “drive adoption of $APE through $APE listings, drive traffic to the ApeCoin DAO (apecoin.com), and decrease fees to community members by building an APE-native marketplace with rich ape-specific user experiences.'“
Rumored NFT Wallet Development
On September 15th, Yuga Labs Co-founder Garga released the following meme teasing the potential development of an NFT wallet. Kind of funny that on the same day, AIP - 98 went live to vote on the development of the ApeCoin Marketplace. But I assume that was part of the joke.
The Otherside Full Release:
Firstly, I don’t expect the full game to be released until 2024 at the earliest. Seeing that we are still in phase one of three, with phase one consisting of an 11-part storyline known as the “Voyagers Journey,” which we are only 1/11 ways through, I think it’s safe to say it’ll be a while. Nonetheless, I’m looking at that as an opportunity to accumulate as much $Ape as possible till then.
As weird as this may sound, I wouldn't be surprised if the value of $Ape retests its lows of around $3 within the following year. With how the macro looks around the world, it’s not out of the realm of possibility we see one big financial nuke that destroys everything. Of course, that’s if worst comes to worst. However, with that said, as long as monkey jpegs are selling for +100 ETH numerous times a week, I think that alone is a decent indicator that faith and trust in Yuga labs is stronger than ever. If this whole metaverse thing plays out, it’s hard to imagine Yuga Labs not being on top of it, with $Ape being the driving force behind its ecosystem.
Whether you liked, hated, or were interested at all in whatever I had to say, feel free to subscribe below and message me on socials with your thoughts and opinions :) LFG.
Appreciate your insight bro. LFG!
Excellent read !