Recently, Yuga Labs, the founder of Bored Ape Yacht Club, proposed to dissolve ApeCoin DAO, aiming to establish a new operating model for the ecosystem of the Ethereum-based token APE. The new entity will be named ApeCo.
Greg Solano, the CEO of Yuga Labs, said in the proposal on Thursday: “ApeCoin DAO is a bold attempt, but it was born in a different era.” Once full of hope, it has now evolved into a slow, noisy and often unserious governance farce. He believes that the DAO played a crucial role in the early stage of the project, but now it has become dysfunctional, hindering meaningful development. Too many resources have been wasted on empty proposals and low-impact initiatives.
To save and advance the only remaining value of the DAO – providing funds for the builders, Yuga Labs proposed replacing ApeCoin DAO with ApeCo. This transformation aims to eliminate the ambiguity in governance and focus resources on building the three core pillars of the ecosystem: ApeChain, Bored Ape Yacht Club and Otherside. At the same time, empower “true” builders by setting mileston-based grants and strengthening accountability.
ApeCoin DAO was founded in 2022. It launched ApeCoin on the Ethereum blockchain as an independent decentralized entity. Although associated with the ecosystem of Yuga Labs, it is independent of the company. However, since then, the DAO has struggled to maintain appropriate governance operations that are beneficial to the entire project.
If the proposal is accepted, ApeCoin DAO will be completely terminated, and all rights and powers of token holders related to governance and assets will be deprived. At the same time, the previous ApeCoin Improvement Proposal (AIP) will be abolished, and the authorizing institutions, working groups, elections and forums will also be cancelled.
This proposal of Yuga Labs has received most positive feedback on the ApeCoin forum and has been voted on on the forum. However, this vote was held to understand the sentiment of the community and was not an official one.
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