ApeCoin (APE) is a cryptocurrency inspired by the Bored Ape Yacht Club NFT collection, aimed at supporting the development of a decentralized web3 and incentivizing the BAYC community to hold NFTs from the Yuga Labs ecosystem. APE is a governance and utility token that enables participation in governance, offers a shared currency, grants access to exclusive games and services, and provides incentives to developers. Token holders can stake their APE and receive rewards through four staking pools on ApeStake.io. Currently, ApeCoin's features, projects, and staking method do not appear to contradict Shariah principles.
| Category | Details | Status |
|---|---|---|
| Legitimacy | Not regulated by any countries or regulatory bodies. The project has a clear roadmap and genuine product on blockchain, while the token/coin has a fundamental underlying value that allows it to be categorized as "Mal". | Passed |
| Project | Apecoin is a cryptocurrency inspired by one of the most famous and valuable NFT collections, the Bored Ape Yacht Club, intended to support the development of a decentralized web3. It rewards the BAYC community for buying and holding Bored Ape Yacht Club NFTs, as well as other NFTs from the Yuga Labs ecosystem. | Passed |
| Financials | The token is not backed by any equity, thus there is no financial screening on this token. | Passed |
| Token | ApeCoin (APE) is a governance and utility token that plays a vital role in the APE Ecosystem, empowering and incentivizing a decentralized community at the forefront of web3. This $ape token enables people to participate in the DAO governance structure and buy Metaverse land in the BAYC Metaverse. ApeCoin serves multiple purposes, including governance (it's the ecosystem's governance token, allowing ApeCoin holders to participate in ApeCoin DAO), unification of spend (it's the ecosystem's utility token, providing all participants with a shared and open currency that can be used without centralized intermediaries), access (it provides access to exclusive games, merchandise, events, and services), and incentivization (it's a tool for third-party developers to participate in the ecosystem by incorporating APE into their services, games, and other projects). | Passed |
| Staking Method | ApeCoin staking occurs primarily on ApeStake.io, where token holders can stake their APE and receive rewards. There are four staking pools available: the $APE Staking Pool, BAYC Staking Pool, MAYC Staking Pool, and BAKC Staking Pool. Currently, the staking methods do not appear to contradict Shariah principles. | Passed |
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