ApeCoin (APE), Yuga Labs ecosystem’s core token, is an ERC-20 token created on the Ethereum Blockchain and serves as the governance token for ApeDAO. APE is used as a currency within the metaverse and is accepted by real-world luxury brands. ApeCoin DAO is a community-led organization of the Yuga Labs and Ape ecosystem, contributing to the ecosystem’s growth by supporting developers. In this article, you can find answers to two frequently asked questions: What is Apecoin (APE) and how to buy Apecoin (APE) with TRY.
What is Apecoin (APE)?
ApeCoin is an ERC-20 token built on the Ethereum Blockchain and emerged from the vibrant NFT universe. It was created by a decentralized autonomous organization called ApeCoin DAO and serves as the core token of the Yuga Labs ecosystem. The APE token was distributed via AirDrop in March 2022 to Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and Bored Ape Kennel Club (BAKC) NFT holders, making APE the governance token for the entire Ape ecosystem.
ApeCoin is not just another animal-themed memecoin and has various significant uses. One of its primary functions is governance. APE holders have a say in ApeDAO, the governing body of the Yuga Labs universe, where they can vote on system improvements and the community’s direction. Additionally, APE is used as a metaverse currency within the expanding Yuga Labs economy. It is the preferred currency in Otherside, the metaverse of the Ape ecosystem, facilitating transactions like purchasing virtual land and in-game activities.
Moreover, ApeCoin has real-world applications. It is accepted by luxury brands like Gucci and Tag Heuer, demonstrating its integration into mainstream retail. In the Web3 space, APE is used in various decentralized applications (dApps) and play-to-earn games like Animoca Brands’ Benji Bananas. Owning APE also grants access to exclusive events, AirDrops, and community benefits.
Founded in early 2021, Yuga Labs gained fame with the success of Ethereum-based Bored Ape Yacht Club NFTs, a collection of 10,000 unique, hand-drawn apes. These NFTs quickly became status symbols, with prices rising and celebrity endorsements boosting their popularity. Yuga Labs expanded its NFT empire with Mutant Ape Yacht Club and Bored Ape Kennel Club and eventually solidified its dominance in the NFT market by acquiring the CryptoPunks collection from Larva Labs.
Yuga Labs also ventured into virtual real estate with the introduction of Otherside, a digital playground for Ape ecosystem members. Here, APE is used as the primary currency, aiming to host future ApeCoin DAO events and experiences, offering a cohesive digital economy.
ApeCoin DAO is a community-led organization consisting of Yuga Labs and Ape ecosystem supporters. It operates as a separate entity dedicated to growing the Bored Ape NFT world. The DAO manages its treasury and ecosystem fund, supporting developers in creating useful products and services for ApeCoin. APE token holders and DAO members vote on critical decisions through a structured proposal process, shaping the token’s future.
At the heart of ApeCoin DAO is the Ape Foundation, responsible for overseeing and executing the DAO’s decisions. The foundation handles governance, bookkeeping, and project management. A selected council of leading figures in the crypto world, including Reddit Co-Founder Alexis Ohanian and Animoca Brands CEO Yat Siu, guides ApeDAO, ensuring the realization of the Ape ecosystem’s vision.
How to Buy Apecoin (APE) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy Apecoin (APE). More than 100 cryptocurrencies, including APE, can be bought and sold on Binance TR, where an account can be quickly created. To buy Apecoin (APE) with TRY on Binance TR, follow these steps.
How to Open an Account on Binance TR?
Opening an account on Binance TR is quite easy. To do this, go to trbinance.com and proceed from the “Create Account” step. In the first step of creating an account, you will be asked to enter basic information such as email address, phone number, name-surname, date of birth, nationality, and T.C. identity number.
After entering the requested information completely and correctly, email/sms verification will be done to confirm the information. After completing this process, you will proceed to the second step, identity verification (KYC).
How to Verify an Account on Binance TR?
Identity verification on Binance TR is one of the security procedures that must be completed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can perform the verification process from your phone or the official Binance TR website. Note that you will need your mobile phone to verify your identity from the website.
On the Binance TR website, hover over the “Profile” option at the top right, click on “Identity Verification and Limits” from the drop-down menu, and then click “Verify.” After this step, you will need to scan the QR code that appears with your phone’s camera and continue the process on your phone. If you cannot scan the QR code, click “Copy URL” to send the identity verification address to your phone via SMS.
When you enter the address on your phone or scan the QR code, a screen like the one below will open on your phone. From here, first tap on the “Identity” option to continue.
Then a screen like the one below will appear. To continue the verification process, first select the document type that suits you.
After selecting the document type, tap on the “Upload Front” option to continue. After taking a photo of the front side of the document according to the document type you selected, tap on the “Upload Back” option and take a photo of the back side of the document and upload it. When taking photos of the front and back sides of your ID card or driver’s license, make sure the images are clear and the information in the photo is easily readable.
Then tap on the “Selfie” option to continue. At this point, your phone’s front camera will open, and you will need to scan your face. After the camera opens, make sure your face fills the camera area as much as possible.
After completing all these steps correctly and completely, your identity verification will be completed in a short time.
How to Deposit TL on Binance TR?
You can easily deposit TL into your Binance TR account from all banks. You can deposit TL 24/7 and make uninterrupted transactions from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts. Deposits over 50,000 TL from other banks are processed during EFT hours. To deposit money into your Binance TR account, first go to trbinance.com, hover over the “Wallet” option at the top left of the homepage, and click on “Deposit” from the drop-down menu.
Then a page like the one below will open, and you can continue the deposit process by selecting your preferred bank. If your preferred bank is not yet integrated with Binance TR, you should click on the “Other Banks” option to continue.
In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on the Vakıfbank option, you will see an account name and IBAN address where you can make a transfer, EFT, or FAST to that bank. All you need to do is use the information displayed on the bank’s page to transfer the amount you want to your Binance TR account via transfer, EFT, or FAST.
After your bank completes the transfer process, the funds you sent will automatically reflect in your Binance TR account wallet.
How to Buy APE Coin with TL on Binance TR?
After the deposit process, you can proceed to the TL to APE coin purchase step by clicking on the “Buy-Sell” option in the top left menu on the Binance TR website.
After clicking on this option, the following page will open. By typing “APE” in the search section on the right side of this page, you can go to the TL to APE purchase page by clicking on the APE/TRY option from the results.
Now the following APE trading page will open. In this page, in the area marked with a red box, you need to enter the price at which you want to buy APE in the first box and the number of APE you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy APE” button.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR for cryptocurrency investors in Turkey in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.
Binance TR leverages Binance’s technology, security measures, and liquidity provided through the Binance Cloud infrastructure to offer both fiat-to-crypto and crypto-to-crypto trading services. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) directly through bank channels via Binance TR and trade various cryptocurrencies with TRY trading pairs.
Users can access market-leading spot trading liquidity, a powerful matching engine, advanced security protocols, custody solutions, and risk controls supported by Binance’s core functions through Binance TR.
