Yuga Labs is pushing to overhaul the ApeCoin ecosystem with a proposal to shut down the ApeCoin decentralized autonomous organization (DAO) and replace it with a new management entity called ApeCo.
In a new Ape Improvement Proposal (AIP), Yuga Labs CEO Greg Solano said the DAO played a crucial role in the project’s early momentum, but has since become dysfunctional. He said the DAO hampers meaningful development.
“What started with promise has devolved into sluggish, noisy and often unserious governance theater,” Solano said. “Too many resources have gone to vanity proposals and low-impact initiatives.”
Solano said the next chapter for ApeCoin requires sharper focus, faster execution and a more professional operating model. “People want to kill the ApeCoin DAO. This AIP proposes just that. It’s time for a leaner, faster org to take the reins,” he wrote on X.
Source: Greg Solano
Yuga proposes a complete wind-down of the DAO system
The proposal outlines a termination of the DAO governance system, including eliminating all governance rights held by tokenholders, nullifying previous AIPs and dissolving working groups and elections.
The DAO’s assets, which include ApeCoin (APE) tokens, intellectual property, smart contracts and infrastructure, would be transferred to the new management entity, ApeCo.
The executive said ApeCo would set a higher bar for which initiatives would receive support, taking a more disciplined approach to funding.
The organization will be established directly by Yuga Labs and will be responsible for supporting high-caliber builders. In addition, it will be tasked with bolstering ecosystem projects like ApeChain, Bored Ape Yacht Club (BAYC) and Otherside.
“We’re building the best chain in crypto and expanding the most iconic brand in NFTs,” Solano wrote. “ApeCoin should be the economic engine for that future.”
Related: Yuga Labs sells Moonbirds IP to Orange Cap Games
Yuga Labs proposal gains community support
Responses to the proposal have been mostly supportive, with…
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