Yuga Labs CEO Proposes Ending ApeCoin DAO to Launch ApeCo
Yuga Labs CEO Greg Solano proposed an Ape Improvement Proposal titled “Sunsetting the DAO and Launching ApeCo.” The aim is to dissolve the two-year-old decentralized autonomous organization (DAO) and transfer its assets to a new entity to enhance the APE ecosystem.
- Solano criticized the DAO as ineffective, describing it as "sluggish" and focused on low-impact initiatives.
- ApeCo would streamline governance under Yuga Labs, targeting high-caliber projects in three areas: ApeChain, Bored Ape Yacht Club, and Otherside.
- The plan includes allocating 11.25 million APE ($8.3 million) for staking and reserving 10 million APE for legal and transition costs.
- The proposal entails absorbing all assets from the Foundation treasury and eliminating current governance structures if approved.
- This proposal is currently a preliminary temperature check, pending a formal on-chain vote.
- If approved, ApeCo will fund staking and dismantle the DAO infrastructure.