and the distribution of digital products.
State of ApeCoin Q4 2024
- The launch of ApeChain drove a 24-hour market cap surge of ~70.90%, reaching ~$1.07 billion, alongside a temporary token price increase from ~$0.87 to ~$1.49. Trading volume surged by ~250.00%, fueled by staking rewards, expanded utility, and LayerZero's cross-chain interoperability.
- APE’s market cap rose ~69.00% QoQ from ~$513.67 million to ~$868.08 million, with its price increasing ~58.03%, from ~$0.76 to ~$1.20.
- ~54,178 new APE tokenholders were added in Q4 (~316.75% QoQ increase), with ~12,106 (~22.36%) tokenholders added on ApeChain's launch day alone.
- Total DEX volume reached ~$364.95 million in Q4, with Sharks (tokenholders of $1-10 million in APE) contributing a majority of the volume (~59.65%, or ~$217.69 million).
- ~12.16 million APE staking rewards were claimed in Q4, with ~1.31 million APE distributed the day following ApeChain’s launch. BAYC holders claimed the largest share (~50.92%), followed by ApeCoin holders (~24.18%) and MAYC holders (~21.35%).
ApeCoin (APE) is an ERC-20 token used to govern the ApeCoin DAO, encompassing Ecosystem Fund distribution, governance rules, partnerships, and more.
APE is the adopted token of the APE Foundation, a legal entity that administers the decisions of the ApeCoin DAO. The foundation has a Special Council, called the DAO’s Board, to perform certain functions within the governance process. The operations of the foundation are run by transient administrative entities elected by members of the ApeCoin DAO.
The ApeCoin DAO and the APE Foundation are separate entities from Yuga Labs, the creator of Bored Ape Yacht Club (BAYC) and its associated NFTs. Below is a breakdown of the relevant entities related to APE:
- ApeCoin DAO — A decentralized autonomous organization (DAO) comprising APE tokenholders that create and vote on ApeCoin Improvement Proposals (AIPs).
- APE Foundation — A legal entity that administers the decisions of the ApeCoin DAO.
- Special Council (the DAO’s Board) — Five individuals who oversee the foundation’s administrators and can (i) approve grants outside the AIP process and (ii) perform certain functions within the ApeCoin DAO governance process. As of December 2024, the Special Council members are Josh Ong, Xeer, Sera, JBond, and Tiger Is Fine.
- WebSlinger — Administrator of the APE Foundation.
- Yuga Labs — The Web3 company responsible for creating BAYC. Yuga Labs contributes to ApeCoin’s development and plans to use APE as the primary token in future projects.
The APE Foundation, the DAO’s Board, and WebSlinger are the primary entities that ensure the implementation of relevant successful AIPs.
Website / X (Twitter) / Snapshot / ApeChain
Key Metrics
Performance AnalysisMarket Cap
In Q4 2024, APE's market cap trended upwards, rising ~69.00% QoQ from ~$513.67 million to ~$868.08 million. Similarly, the price of APE grew ~58.03% QoQ, climbing from ~$0.76 to ~$1.20 throughout the quarter.
A notable spike in market cap occurred following the launch of ApeChain, with a 24-hour surge of ~70.90%, from ~$628.70 million to ~$1.07 billion. During the same period, the token price rose by ~70.90%, from ~$0.87 to ~$1.49.
Year-over-Year, APE's market cap grew ~45.33%, increasing from ~$597.33 million at the beginning of 2024 to ~$868.08 million at the end of the year. In contrast, the price of APE declined ~25.75% YoY, dropping from ~$1.62 at the start of the year to ~$1.20 by year-end.
Total DEX Volume
During Q4 2024, ApeCoin’s DEX volume totaled ~$364.95 million. Sharks (tokenholders with $1-10 million in APE) contributed the largest share of DEX volume at ~59.65% (~$217.69 million), followed by Seals ($100,000–500,000 in APE), which accounted for ~16.30% (~$59.50 million), and then Fish ($10,000–$100,000 in APE), coming in at ~9.38% (~$34.25 million).
Whales ($10+ million in APE) recorded smaller shares of total DEX volume, contributing ~5.85% (~$21.33 million), with Dolphins ($500,000–$1 million in APE) and Krill (<$10,000 in APE) contributing ~4.46% (~$16.28 million) and ~4.36% (~$15.90 million), respectively.
Claimed Staking RewardsApeCoin DAO began issuing staking rewards in Q4 2022 after passing AIP-21 and AIP-22, which finalized staking parameters. APE tokenholders and Yuga Labs’ ecosystem asset holders, including Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and Bored Ape Kennel Club (BAKC), receive staking allocations.
During Q4 2024, a total of ~12.16 million APE were claimed in staking rewards, with a peak of ~1.31 million APE being claimed on Oct. 20, 2024, following the launch of ApeChain. The rewards were distributed as follows: BAYC holders claimed ~6.19 million APE (~50.92%), ApeCoin tokenholders claimed ~2.94 million APE (~24.18%), MAYC holders claimed ~2.60 million APE (~21.35%), and BAKC holders claimed ~431,318 APE (~3.55%). The October peak in claimed staking rewards accounted for most staking activity, with rewards declining in the following weeks. By December, staking activity had tapered, reflecting lower levels of participation compared to the launch period.
New APE Tokenholders
New APE tokenholders are defined as addresses that received APE for the first time. This metric excludes new tokenholders using centralized exchanges to custody their assets.
In Q4 2024, ~54,178 new APE tokenholders were recorded, representing a ~316.75% QoQ increase compared to the ~13,000 added in Q3 2024. A significant portion of these additions occurred on Oct. 20, 2024, coinciding with the launch of ApeChain, when ~12,106 new APE tokenholders were recorded. This single day accounted for ~22.36% of all new tokenholders added during Q4. After the October peak, the number of new tokenholders remained relatively stable for the remainder of the quarter.
Launch of ApeChainApeChain launched on Oct. 20, 2024, marking an evolution for ApeCoin as it transitioned from a token to a fully operational Layer-3 blockchain built on Arbitrum’s Orbit framework. Designed to address Ethereum's limitations, particularly with scalability transaction fees, ApeChain utilizes APE as its native gas token for transactions and ecosystem governance, ensuring seamless and cost-efficient user interactions.
One of ApeChain’s features is its integration with LayerZero’s Omnichain Fungible Token (OFT) standard, enabling seamless cross-chain asset transfers between Ethereum, ApeChain, and Arbitrum. This interoperability supports various assets, including APE, WETH, USDC, USDT, and DAI - fostering enhanced liquidity and ecosystem synergy across multiple networks. In addition to its cross-chain functionality, ApeChain introduces a native yield mechanism, allowing users to earn rewards by forwarding bridged assets to Ethereum-based protocols, providing an incentive for participants. ApeChain leverages tools like Pyth for oracles and Wire Network’s decentralized AI to further enhance scalability, speed, and developer efficiency.
Since its launch, ApeChain has catalyzed a surge in activity across gaming, DeFi, and NFT sectors, with several notable applications deploying on the network. Projects like Top Trader, Camelot, Houdini Swap, and Mintify have utilized ApeChain to deliver innovative solutions, driving engagement and expanding the blockchain's utility. The impact of ApeChain's launch was evident across the board, with trading volume increasing by ~250.00%, while APE's price experienced a growth of ~130.00%.
Rooted in the BAYC and MAYC communities, ApeChain governance is managed by the ApeCoin DAO, which is pivotal for funding projects and initiatives through mechanisms like the BANANA Bill. By providing a decentralized and scalable foundation for Web3 applications, ApeChain positions itself as a key player in advancing blockchain technology and expanding the ApeCoin ecosystem.
Governance Analysis
Below are five highlighted proposals from the past quarter. For a complete overview of ApeCoin DAO governance, including preliminary discussions, see Messari’s Governance page on ApeCoin.
DAO Infrastructure and IntegrationsAIP-498: DashBO UGC Platform - Democratizing Content CreationPassed on Oct. 2, 2024.
AIP-498 was passed to fund DashBO, a user-generated content (UGC) platform built on ApeChain, designed to democratize onchain content creation and enable users to monetize their Non-Fungible Token (NFT) profile pictures. Leveraging 3D animation tools and Augmented Reality (AR), DashBO allows users to create and integrate custom animations into real-world environments. The platform provides tools for designing animations, static poses, and memes with customizable features. Additionally, it offers avatar personalization using ~90 merchandise items and ~40 “Made-By-Ape” (MBA) brands (i.e., House OG and Boring Merch).
The proposal details DashBO’s technical capabilities, including (i) interoperability, which automates file compatibility across metaverse platforms, games, and 3D tools, and (ii) token gating, which ensures exclusive access to features for NFT holders (protecting intellectual property).
The proposal also aims to enhance engagement within the ApeCoin ecosystem by leveraging partnerships and integrations. Yuga Labs has provided access to official NFT models and pre-release beta testing for BAYC/MAYC holders, and plans to onboard other NFT projects like Mocaverse and Azuki. DashBO credits, required for accessing premium features, are exclusively purchasable with ApeCoin.
AIP-498 integrates a 10% revenue share model, which allocates a portion of the gross revenue of monetized NFT profile pictures to the ApeCoin DAO treasury to support broader operations and initiatives.
The $418,000 requested from the ApeCoin Ecosystem Fund will be utilized as follows:
- Development and Integration: $150,000 to cover front-end and back-end blockchain development.
- Infrastructure and Maintenance Costs: $80,000 for hosting, data storage, and ongoing maintenance.
- Operational Expenses: $188,000 for marketing, content creation, licenses, and subscriptions.
Passed on Oct. 2, 2024.
AIP-452 was passed to integrate Yuga Labs ecosystem NFTs into Summon Of Glory (SOG), a blockchain-based multiplayer online battle arena (MOBA) game developed by Playcraft Studio. The proposal seeks to leverage Yuga Labs ecosystem NFT assets as in-game characters within SOG, promoting ApeCoin through in-game branding, payment options, and a revenue-sharing model. SOG will feature a dedicated ApeCoin section on its website, which hopes to educate users about the ecosystem and enhance brand awareness. Additionally, SOG will use APE as the primary payment option for trading in-game assets, enhancing the utility of the token.
To increase engagement, SOG will hold exclusive in-game activities for members of the Apecoin community, including an Ape Voting event to give every Yuga asset holder a chance to appear in the game. A portion of the ApeCoin funding will be allocated as rewards for community members participating in the NFT selection voting process.
The proposal creates a revenue-sharing model for both the ApeCoin DAO and participating NFT holders, detailed below:
- The SOG team will create game content for heroes based on eight Yuga Labs ecosystem NFTs selected by ApeCoin DAO members via community voting.
- 30% of the revenue generated from these heroes will be allocated to the ApeCoin DAO treasury.
- 15% of the revenue generated will be shared with the holders of the selected NFTs.
- Airdrops of SOG’s token will prioritize ApeCoin DAO members.
The $246,000 requested from the ApeCoin Ecosystem Fund will be utilized as follows:
- Character Development:
- Concept Art: $10,000 for individual and multi-character designs.
- 3D Assets: $100,000 for modeling, costumes, weapons, and accessories.
- Skins and Animations: $80,000 for skins, animations, and skill effects.
- Sound Effects: $5,000 for music and sound design.
- Promotion and Marketing:
- Promotional Videos: $30,000 for video content production for four characters.
- Community Engagement:
- Community Rewards: $6,000 for voting participants ($2,000) and selected NFT holders ($4,000).
- Community Events: $11,000 for game testing rewards and merchandise.
- Community Gatherings: $4,000 for two offline sessions.
Passed on Oct. 16, 2024.
AIP-524 grants funds for the creation of ApeLance, a decentralized freelance marketplace built on ApeChain. ApeLance offers APE as a primary payment method, leveraging features like a bidding system, NFT-based verification, and global accessibility to address high fees and delayed payments faced by freelancers when offering their services. Employers can post projects, allowing freelancers to bid with pricing and timelines while enabling clients to set budgets and choose from various options. The platform uses smart contracts to hold funds in escrow, ensuring secure transactions that are released upon the completion of predefined milestones. Payments in APE incur a 0.50% fee, while 20.00% of commission revenue is allocated to reward active users through a point system based on project completion, high ratings, and community contributions. A further 10.00% is allocated to support ApeCoin DAO initiatives, such as educational programs, meetups, and grants.
The $147,000 requested from the ApeCoin Ecosystem Fund will be utilized as follows:
- Phase 1: $67,000 for initial platform development and launch expenses.
- Phase 2: $80,000 for marketing, monitoring, maintenance, and miscellaneous costs.
Passed on Oct. 2, 2024.
AIP-496 aims to establish a presence at NFT Paris 2025, which will occur Feb. 13-14, 2025. This proposal focuses on increasing visibility for APE and ApeChain, fostering community engagement and promoting ecosystem projects in person. The event initiative features nine different booths, two keynote and panel discussion opportunities, giveaways, discounts, and a VIP networking event for creators, ApeCoin DAO community members, and attendees.
The $169,420 requested from the ApeCoin Ecosystem Fund will be utilized as follows:
- NFT Paris Package: $142,000
- Merchandising: $10,000
- Treasure Hunt and Miscellaneous Activities: $6,000
- Other Costs (e.g., booth hosting and customization): $11,420
AIP-513: Decentralized Drinks Paris - Powered by ApeCoinPassed on Dec. 4, 2024.
AIP-513 introduces a robust weekly ApeCoin DAO networking event called “Decentralized Drinks” at “Le G Five Bar” in Paris, France. Once presented as a monthly meet-up, “Decentralized Drinks” seeks to provide a regular framework for members of the ApeCoin DAO to further engage with their community. Holders of ApeCoin, BAYC, or MAYC can enjoy a free crypto-themed cocktail during event days, with ownership being verified through TokenProof. Event attendees can expect drinks, community discussions, future onchain POAPS, and a showcase of “Made by Apes” projects.
The $31,377 requested from the ApeCoin Ecosystem Fund will be utilized as follows:
- Drinks for BAYC/MAYC Holders: $17,558
- NFT Paris Side Event Drinks: $5,922
- Merchandising: $5,403
- Made by Apes Booth Creation: $2,078
- Customized Neon Sign: $416
Passed on Dec. 4, 2024.
AIP-530 aims to fund the launch of Bored British Tea, a luxury tea and coffee brand powered by ApeCoin. The initiative seeks to use tea and coffee as accessible entry points to engage with new Web3 enthusiasts while promoting APE as a payment method and increasing its ecosystem visibility. The proposal calls for producing 30,000 tea bags in five varieties, 3,000 packs of traditional ground coffee, as well as workshops, events, and complimentary tea and coffee giveaways at UK universities, libraries, and Web3 summits. Products will be sold online through ApeCoin-enabled platforms like Shopify, with discounts and exclusive promotions for APE holders.
The $25,025 requested from the ApeCoin Ecosystem Fund will cover the tea and coffee production cost, including packaging, promotional materials, logistics, and miscellaneous expenses. Tea bags are produced at $0.33 each, and coffee packs at $4.00 each, with luxury packaging costs adding $1,125.
Closing SummaryQ4 2024 marked a transformative period for ApeCoin and its ecosystem, driven by the successful launch of ApeChain. The Layer-3 blockchain significantly enhanced scalability, utility, and cross-chain functionality, resulting in 250% trading volume growth and a 130% price increase for APE post-launch. Governance activity was robust, with 54,178 new tokenholders added (316.75% QoQ increase).
Key initiatives like ApeCoin’s staking rewards program, which distributed ~12.16 million APE, and governance proposals such as AIP-524 (ApeLance) and AIP-498 (DashBO) highlighted the DAO's commitment to fostering innovation and community-driven growth. Mid-tier holders (Sharks) dominated DEX activity, contributing ~59.65% (~$217.69 million) of the total trading volume. At the same time, new applications across gaming, DeFi, and NFTs were introduced, cementing ApeChain’s role as a leading platform for Web3 development.
With a surge in ecosystem activity, increased adoption, and strategic funding for innovative projects, ApeCoin is well-positioned for sustained growth in 2025, solidifying its influence in the broader blockchain and Web3 space.