Yuga Labs proposes dismantling ApeCoin DAO over failed governance

Bored Apes creator Yuga Labs has proposed scrapping the ApeCoin DAO and replacing it with "ApeCo" to cut through the governance gridlock and refocus on core projects.

"ApeCoin DAO was a bold experiment, but one born of a different era," Yuga Labs CEO Greg Solano wrote in the proposal. "What started with promise has devolved into sluggish, noisy, and often unserious governance theater."

The new entity aims to streamline decision-making and prioritize milestone-based funding for builders tied to ApeChain, BAYC, and Otherside.

If approved, the plan would fully dissolve all existing DAO structures, nullify past proposals, and strip token holders of governance power, with ApeCoin currently trading 97% below its all-time high.