Yuga Labs CEO Greg Solano proposes ending ApeCoin DAO and starting a new entity which would aim to ‘supercharge the APE ecosystem.’
In a recent post, Solano called for the end of the ApeCoin (APE) governance body after receiving what he claimed to be “near-unanimous support” from the ApeCoin community on the matter. A lot of traders in the comment section seemed to agree with his sentiment and stated that the decision was long overdue.
“People want to kill the ApeCoin DAO. This AIP proposes just that. It’s time for a leaner, faster org to take the reins,” said Solano in his post.
On June 5 around midnight, the Yuga Labs CEO launched a proposal on the ApeCoin forum titled “Sunsetting the DAO and Launching ApeCo — A New Operating Model for ApeCoin,” aimed at formally dissolving the ecosystem’s DAO. So far, the proposal has garnered 130 votes from the community.
“ApeCoin DAO was a bold experiment, but one born of a different era. What started with promise has devolved into sluggish, noisy, and often unserious governance theater. Too many resources have gone to vanity proposals and low-impact initiatives,” wrote Solano in his proposal.
Once the DAO is dissolved, Solano claimed the NFT-led project plans to establish a new entity called ApeCo.
In a separate post, he stated that the ApeCo’s purpose would be to “supercharge the APE ecosystem by supporting high-quality builders and reinforcing three core pillars: ApeChain, Bored Ape Yacht Club, and Otherside.”
According to the Yuga Labs CEO’s proposal, all remaining assets stored held by the Ape Foundation and ApeCoin DAO will get transferred to ApeCo with the exception of fully funding ApeCoin staking contracts, legal obligations, and other fees.
First established in March 2022, ApeCoin DAO serves as a decentralized autonomous organization to govern ApeCoin, the Ethereum (ETH)-based utility and governance token associated with the Bored Ape Yacht Club ecosystem.
The DAO enabled APE holders to vote on proposals affecting the ecosystem, including funding decisions and strategic directions. However, the community began criticizing the DAO for inefficiencies and funding low-impact initiatives.
As previously reported by crypto.news, Yuga Labs recently off-loaded its staple NFT brands such as CryptoPunks, Moonbirds, and others. The CryptoPunks IP is now owned by the non-profit Infinite Node Foundation, while Moonbirds currently belongs to the gaming firm Orange Cap Games.
