The company behind the Bored Ape Yacht Club non-fungible token (NFT) collection, Yuga Labs, is preparing to replace the current ApeCoin
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.
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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.
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