In a move aimed at streamlining the APE ecosystem, Yuga Labs CEO Greg Solano has proposed dissolving the existing ApeCoin DAO. His proposal seeks to replace it with a new entity called ApeCo, which aims to ‘supercharge’ the APE token’s functionality. Solano garnered near-unanimous community support for this change, according to his post on the ApeCoin forum, where the proposal received 130 votes.
Solano argues that ApeCoin DAO, established in March 2022, has become inefficient and unresponsive to community needs. He cites its sluggish governance process and a rise in low-impact initiatives as reasons for this shift.
The new entity, ApeCo, will be tasked with supporting high-quality builders within the ecosystem, focusing on three key areas: ApeChain, Bored Ape Yacht Club, and Otherside.
Solano’s proposal outlines transferring all remaining assets from the Ape Foundation and ApeCoin DAO to ApeCo. Key exceptions include funding existing ApeCoin staking contracts, fulfilling legal obligations, and covering other fees.
This decision comes after a period of strategic shifts for Yuga Labs, where they recently offloaded their iconic NFT brands like CryptoPunks and Moonbirds.
In this restructuring, the community can expect more targeted investments and streamlined governance within the APE ecosystem.