- Yuga Labs CEO Greg Solano has proposed dissolving the ApeCoin DAO
- The plan includes transferring assets to a new Yuga-controlled entity, ApeCo
- Solano aims to streamline governance and refocus on core projects like ApeChain and Otherside
Yuga Labs, the creator of the Bored Ape Yacht Club, has announced plans to dissolve the ApeCoin DAO, citing inefficiencies and a need for clearer direction. CEO Greg Solano proposed transferring all DAO assets to a new entity, ApeCo, which would be under Yuga Labs’ control, in a move intended to provide decisive leadership and focus on key projects such as ApeChain and the Otherside metaverse. The relationship between the ApeCoin DAO and the creators of the brand has always been rocky, and this would dissolve it permanently.
“Bold Experiment” Has Failed, Says Solano
In a recent forum post, Solano described the ApeCoin DAO as a “bold experiment” that has become bogged down by “sluggish, noisy, and often unserious governance theater.” He criticized the DAO for allocating resources to “vanity proposals and low-impact initiatives,” asserting that such practices must end. The proposed solution is to sunset the DAO and establish ApeCo, a new entity dedicated to supporting high-quality builders and reinforcing the pillars of the Ape ecosystem: ApeChain, Bored Ape Yacht Club, and Otherside.
The proposal has sparked discussions within the community, with some members supporting the move, seeing it as a way to revitalize the project, while others have expressed concern over the shift away from decentralized governance. Replies to the forum post typically opined that the divorce would be good for the project, with one adding that the project was suffering from “DAI fatigue.”
The plan will need to be reviewed by the ApeCoin DAO Special Council before it can proceed to a vote. Voting periods are scheduled to open on the first and third Thursday of each month.
ApeCoin Dives Following Proposal
Perhaps unsurprisingly, ApeCoin’s price experienced a decline following the announcement, reflecting investor uncertainty about the project’s future direction; the token is currently trading at approximately $0.66, significantly down from its all-time high of $26.70 in April 2022. The proposed changes aim to stabilize and potentially enhance the value of ApeCoin by aligning it more closely with Yuga Labs’ strategic initiatives, although this will not likely see instant financial benefits.
As the ApeCoin community deliberates on this significant shift, the outcome will likely have lasting effects on the structure and governance of one of the most prominent projects in the NFT space.
[1]: https://decrypt.co/323902/bored-ape-creator-yuga-labs-wants-kill-apecoin-dao?utm_source=chatgpt.com “‘A Different Era’: Bored Ape Creator Yuga Labs Wants to Kill the …”
