Yuga Labs seeks to replace ApeCoin DAO with new entity, ApeCo
Yuga Labs proposes to dismantle the ApeCoin decentralized autonomous organization (DAO) and replace it with a new entity called ApeCo. CEO Greg Solano stated that the DAO has become dysfunctional, hindering meaningful development and leading to ineffective governance. The proposal includes terminating the DAO governance system, revoking tokenholder rights, nullifying previous proposals, and dissolving working groups. Assets from the DAO will be transferred to ApeCo, which aims to adopt a more disciplined funding approach and support high-quality projects within the ecosystem. Community responses are largely supportive, with some expressing relief over the shift towards a more efficient structure. However, there are dissenting voices concerned about the implications of this transition for Yuga Labs and the DAO's legacy.
