Yuga Labs, the famous company behind the Bored Ape Yacht Club, has announced a radical proposal: to dismantle the current ApeCoin DAO to replace it with a new governance entity called ApeCo.
The stated goal is to overcome the bureaucratic obstacles and inefficiencies that have slowed the growth of the ecosystem linked to the ApeCoin token, based on Ethereum.
The proposal, put forward by the CEO of Yuga Labs, Greg Solano, marks a crucial moment for the world of NFTs and the metaverse, and could redefine the way decentralized projects are managed.
ApeCoin is Born: a New Vision for Yuga Labs
Founded in 2022, ApeCoin DAO was born as a decentralized governance experiment, formally separate from Yuga Labs but closely connected to its digital universe.
The idea was to entrust the community with control over the development of the token and related projects. However, according to Solano, the experiment turned out to be unsatisfactory.
“ApeCoin DAO was a bold experiment, but born in a different era,” wrote Solano in the proposal published Thursday. “What started with a promise has turned into a slow, noisy, and often unserious governance bull.”
The criticisms do not come only from Yuga Labs. Members of the community have also expressed frustration with the management of the DAO.
The user of X @OGDfarmer described the DAO as “a joke,” accusing it of being “plundered, slow, inefficient, and hyper-politicized from the start.”
The proposal by Yuga Labs involves the creation of ApeCo, a new entity that will handle the governance and development of the ecosystem. The idea is to eliminate the ambiguity that has characterized the management of the DAO and to concentrate the resources on three fundamental pillars:
– ApeChain
– Bored Ape Yacht Club
– Otherside
ApeCo will have the task of financing the builders through a grant system based on milestones and with greater accountability. The goal is to reward the true contributors, minimizing the influence of non-aligned or opportunistic actors.
If the proposal is accepted, the ApeCoin DAO will be completely dismantled. This would mean:
– The end of all rights and governance powers of token holders
– The cancellation of previous improvement proposals (AIP)
– The dissolution of autorità delegate, gruppi di lavoro, elezioni, and forum
In essence, it would be a total reset of the governance system, with the intent of starting from scratch on more solid and efficiency-oriented foundations.
First reactions from the community
The proposal was published on the ApeCoin forum, where it received predominantly positive feedback. Even though the vote currently underway has no official value, it serves to gauge the community sentiment.
The general climate seems favorable to change, a sign that many members share the criticisms made by Yuga Labs regarding the management of the DAO.
The move by Yuga Labs is part of a broader process of strategic refocusing. Recently, the company sold several of its most well-known intellectual properties NFTs, including Moonbirds, CryptoPunks, and Meebits.
This suggests a clear intent to focus the energies on the main projects of its ecosystem, particularly those related to ApeCoin.
The economic context is not the most favorable. The value of ApeCoin has plummeted by 50% in the last year, currently standing around $0.70, according to data from The Block. This is a drastic drop compared to the all-time high of $26, recorded at the time of launch.
This decline has certainly contributed to reinforcing the perception that the current governance model is no longer sustainable.
Towards a new chapter
The proposal by Yuga Labs represents a turning point for the entire ecosystem linked to ApeCoin. With the creation of ApeCo, the company aims to revitalize the confidence of investors and community members, offering a more streamlined, transparent, and results-oriented structure.
If approved, this transition could become a model for other Web3 projects, demonstrating that even in the world of decentralization it is possible to correct the course when a system no longer works.
In a constantly evolving sector like that of digital assets, the ability to adapt and innovate is crucial. Yuga Labs seems ready to do just that, leaving behind a failed experiment to build a more solid and sustainable future.
