ApeCoin Treasury to unlock 25 million APE tokens for launch contributors

ApeCoin Treasury is expected to release 25 million ApeCoin tokens for launch contributors on Saturday. 

The ​​ApeCoin website describes launch contributors as ‘companies and people that helped make this project a reality.’

The 25 million tokens, which represent 8% of ApeCoin’s circulation, will be allocated to BAYC/MAYC members via the claim page. 

At the current price of $4.61 per token, that means just over $115 million worth of tokens are entering the market. A total of 1 billion tokens were used to construct ApeCoin, of which little over 318 million are now in use.

The remaining tokens will be unlocked four years from the launch of the project in March.

It’s unknown who qualifies as a ‘launch contributor’. However, crypto industry research firm Delphi Digital explained that the list could include investors of Bored Ape Yacht Club creator Yuga Labs, which raised $450 million at a $4 billion valuation in March.

​​The research company also identified FTX Ventures, Animoca Brands, and investment firm Andreessen Horowitz as possible recipients.

More significantly, Yuga Labs is not listed as ApeCoin’s founder while the ApeCoin Foundation serves as the ‘steward’ of the token, and it is run by the ApeCoin DAO, or decentralized autonomous organization (ApeCoin DAO). 

Photo: ApeCoin DAO