Yuga Labs is proposing to dissolve the ApeCoin DAO to replace it with a new entity controlled by #YugaLabs named ApeCo. Yuga Labs CEO, Greg Solano (Garga), believes that the ApeCoin DAO, which was once a "bold experiment" since 2022, has become "slow, noisy, and often lacking seriousness" in governance.
According to the proposal, all assets and responsibilities of the DAO will be transferred to ApeCo. ApeCo will focus on "driving the APE ecosystem by supporting high-quality builders and reinforcing three core pillars: ApeChain, Bored Ape Yacht Club, and Otherside." This aims to bring "clarity and strategic direction" to the ApeCoin ecosystem, something Solano has emphasized since he returned to the CEO position of Yuga Labs.
If approved, the proposal will completely dissolve #ApeCoin DAO, nullify previous AIP (ApeCoin Improvement Proposals), and terminate working groups as well as the election process. This move is part of Yuga Labs' broader strategy to refocus on its core collections after relinquishing the intellectual property of Moonbirds, CryptoPunks, and Meebits.
The ApeCoin token ($APE ) has dropped more than 7% in the past 24 hours to 0.66 USD, down over 97% from its all-time high in April 2022. However, the initial community reaction to this idea is quite positive, with many supporting the change for greater efficiency. This proposal needs to be considered by the special council of the ApeCoin DAO before being put to a vote.
