Coming Soon: Convert ApeCoin and More on BitMEX

Last week, it was just the start when we welcomed ApeCoin (APE) into the BitMEX ecosystem via our new USDT-margined APE contract. 

This week, we’ll be launching additional support for APE, which means BitMEX users will soon be able to:

  • Convert Tether (ERC-20) into ApeCoin, and vice versa, with no hidden fees or the need to worry about slippage.
  • Deposit and maintain ApeCoin via their BitMEX Wallet.
    • Note: There will be no minimum balance requirements for APE deposits.
    • We didn’t want you to miss out on the hype, so we are going live without the withdrawal function first, but this will be available very soon.

Coming soon: BitMEX Spot will launch in early Q2 2022. ApeCoin, Bitcoin, Ether, Tether, and a growing range of cryptocurrencies will be available to trade via our spot exchange from day one.

If you haven’t yet signed up for a BitMEX account, click here.

What is ApeCoin?

ApeCoin is an ERC-20 governance and utility token for culture, commerce, and gaming.  

The APE NFT token is owned and operated by ApeCoin DAO, a decentralised organisation where each token holder gets to vote on governance and the use of the ecosystem fund. Yuga Labs, the creators of the Bored Ape Yacht Club, will adopt APE as its primary token across all new projects.

The APE NFT token was launched to “empower a decentralised community at the forefront of web 3.0.” Unlike NFTs, APE is fungible – as with other cryptocurrencies, any one ApeCoin is worth exactly as much as any other ApeCoin.

APE Token Allocation

ApeCoin’s total supply is permanently fixed at one billion APE. The APE token will be distributed among four main groups, as detailed below:

  • 62% will be allocated to the ecosystem fund, which includes BAYC and Mutant Ape Yacht Club (MAYC) NFT holders and treasury/resources.
  • 16% will be allocated to Yuga Labs and the Jane Goodall Legacy Foundation.
  • 14% will be allocated to the people and companies that helped make this project a reality.
  • 8% will be allocated to the four founders of Yuga Labs and BAYC.

Further Reading

About Our APEUSDT Perpetual Contract

Our APEUSDT listing started trading here on 22 March 2022 at 04:00 UTC. Users can go long or short on APEUSDT with up to 33x leverage – one of the highest offered on ApeCoin in the derivatives space. The contract specs are as follows:

  • Contract size: 0.001 APE (Currently *** USDT) (USDT Multiplier is 1,000)
  • Contract type: This is a perpetual contract, meaning it does not settle. Note: This contract is subject to early settlement.
  • Launch date and time: 22 March at 04:00 UTC
  • Lot size: 1,000
  • Initial margin: 3.00% + Entry Taker Fee + Exit Taker Fee
  • Maximum leverage: 33x
  • Maximum order quantity: 1,000,000,000
  • Maintenance margin: 1.50% + Exit Taker Fee
  • Minimum trade amount: 1 APE
  • Settlement: Settled and quoted in USDT (ERC-20)

Are You Ready to APE in with Us?

Start trading APEUSDT and enjoy up to 33x leverage, or sign up for BitMEX today.

More cryptocurrencies are coming to BitMEX over the coming weeks. To be the first to know about our latest updates and launches, connect with us on Discord, Telegram, and Twitter.

If you have any questions in the meantime, please contact Support.

The post Coming Soon: Convert ApeCoin and More on BitMEX appeared first on BitMEX Blog.

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