Yuga Labs CEO Greg Solano filed an Ape Enchancment Proposal titled “Sunsetting the DAO and Launching ApeCo” in a pitch to wind down the two-year-old decentralized autonomous group and cross its property to a brand new entity to “supercharge the APE ecosystem.”
Solano referred to as the DAO “sluggish, noisy, and sometimes unserious governance theater” that funds “vainness proposals and low-impact initiatives.”
A leaner car managed by Yuga Labs, he argued, can “eradicate gridlock” and push capital solely to “high-caliber initiatives” throughout three pillars: ApeChain, Bored Ape Yacht Membership and Otherside, Yuga’s metaverse wager.
Beneath the plan, ApeCo would first prime up the staking contract with 11.25 million APE ($8.3 million), reserve 10 million APE for authorized and transition prices, then swallow every thing else within the Basis treasury — from tokens and domains to good contracts. All lively governance powers, working teams and future AIPs can be eliminated if the proposal is handed.
At this stage, the publish is barely a temperature examine, as a proper on-chain vote should comply with earlier than the dismantling begins.
If handed, ApeCo would start by funding staking, shuttering DAO infrastructure and rerouting each final APE into its new warfare chest — marking an finish to considered one of crypto’s most high-profile NFT-focused governance buildings.
