Yuga Labs, the company behind the popular Bored Ape Yacht Club (BAYC), has a new plan to get rid of the ApeCoin DAO, a group that lets tokenholders make decisions together. The firm has taken the initiative to replace it with a new setup called ApeCo.
In a recent proposal, the CEO, Greg Solano, said the DAO helped ApeCoin grow at first, but now things have slowed down with messy, silly, and unproductive decision-making. He thinks too much effort went into unimportant ideas. The plan is to completely shut down the DAO, taking away the power of tokenholders to vote, canceling old proposals, and stopping group activities and elections.
Everything that the DAO has, like ApeCoin, ideas, technology, and systems, will be handed over to ApeCo, a new group that will be controlled by Yuga Labs. This initiative aims to make everything quicker, easier, and more professional.
Greg Solano sees ApeCo as a smart, organized team that will be focused on top-notch projects and will help important parts of their world, like ApeChain, Bored Ape Yacht Club (BAYC), and the Otherside metaverse, grow stronger.
Solano posted on X, stating that, “We are building the best chain in crypto and expanding the most iconic brand in NFTs. ApeCoin should be the economic engine for that future.”
Community reactions are mixed but largely positive. If the plan goes ahead, ApeCo would make things run smoother and faster, helping ApeCoin become a big player in the world of digital money and NFTs. This proposal is a major change for Yuga Labs’ future goals.
