Yuga Labs is proposing a significant restructuring of the ApeCoin ecosystem by dissolving the existing ApeCoin decentralized autonomous organization (DAO) and introducing a new entity named ApeCo. This initiative, presented by CEO Greg Solano, aims to address concerns over the DAO’s current inefficiencies and redirect focus towards more impactful projects.
Solano criticized the DAO’s operations, describing them as “sluggish, noisy, and often unserious,” with resources being allocated to low-impact initiatives. He emphasized the need for a more streamlined and professional approach to governance, stating, “It’s time for a leaner, faster org to take the reins.”
Under the proposal, all governance rights held by tokenholders would be eliminated, previous Ape Improvement Proposals (AIPs) nullified, and existing working groups and elections dissolved. The DAO’s assets, including ApeCoin tokens, intellectual property, smart contracts, and infrastructure, would be transferred to ApeCo. This new entity, directly established by Yuga Labs, would adopt a more disciplined approach to funding, focusing on supporting high-caliber builders and bolstering ecosystem projects like ApeChain, Bored Ape Yacht Club (BAYC), and Otherside.
The community’s response to the proposal has been mixed. While some members welcome the shift towards a more focused structure, others express concerns about the optics of Yuga Labs absorbing the DAO and the implications for decentralized governance. The proposal is currently under consideration, with discussions ongoing within the community.
