The company behind the Bored Ape Yacht Club non-fungible token (NFT) collection, Yuga Labs, is preparing to replace the current ApeCoin
$0.7056
governance system with a new structure called ApeCo.
The company has proposed closing down the existing ApeCoin DAO, which was once central to the project but has since become too slow and distracted to be effective.
In an Ape Improvement Proposal dated June 5, Yuga’s CEO, Greg Solano, explained that while the DAO helped get things off the ground, it struggles to make progress.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
What is a Smart Contract? (Explained with Animations)
According to him, too much time and money have been invested in ideas that do not move the project forward in any meaningful way.
The suggested plan would fully shut down the DAO system. This means ending token-based voting, cancelling all earlier proposals, and removing working groups and elections. All DAO-owned assets, including tokens, rights, tools, and code, would be handed over to ApeCo, a new management group set up by Yuga Labs.
Solano said ApeCo would take a more selective and goal-oriented approach. Instead of giving funding to a wide mix of projects, it would focus on fewer efforts that are more likely to help the ecosystem grow.
ApeCo will also support larger Yuga-led projects, such as ApeChain, the Bored Ape Yacht Club, and Otherside.
Meanwhile, the Infinite Node Foundation (NODE) announced on May 13 that it had acquired the intellectual property rights to the CryptoPunks NFT collection. What did the nonprofit group say? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
