According to a report by Decrypt on June 6, Yuga Labs CEO Greg Solano proposed a plan to dissolve the ApeCoin DAO and transfer its assets and responsibilities to a new entity called ApeCo created by Yuga Labs. Solano criticized that the ApeCoin DAO "has evolved from a commitment into a slow, noisy, and unserious governance spectacle," with resources wasted on "vanity proposals and low-impact plans." The new entity will focus on supporting high-quality projects and reinforcing the three core pillars of ApeChain, Bored Ape Yacht Club, and Otherside. If the proposal passes, ApeCoin holders will lose all governance rights. This move is part of Yuga Labs' strategic restructuring, as the company has recently sold NFT project IPs like Moonbirds and CryptoPunks to refocus on its core business.
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Yuga Labs CEO: Plans to dissolve ApeCoin DAO
According to a report by Decrypt on June 6, Yuga Labs CEO Greg Solano proposed a plan to dissolve the ApeCoin DAO and transfer its assets and responsibilities to a new entity called ApeCo created by Yuga Labs. Solano criticized that the ApeCoin DAO "has evolved from a commitment into a slow, noisy, and unserious governance spectacle," with resources wasted on "vanity proposals and low-impact plans." The new entity will focus on supporting high-quality projects and reinforcing the three core pillars of ApeChain, Bored Ape Yacht Club, and Otherside. If the proposal passes, ApeCoin holders will lose all governance rights. This move is part of Yuga Labs' strategic restructuring, as the company has recently sold NFT project IPs like Moonbirds and CryptoPunks to refocus on its core business.