CEO of Yuga Labs intends to nullify the ApeCoin Decentralized Autonomous Organization (DAO) and establish a fresh entity.

CEO of Yuga Labs intends to nullify the ApeCoin Decentralized Autonomous Organization (DAO) and establish a fresh entity.

Chillin' with ApeCoin: Yuga Labs Got a Plan

Hey there! Blockchain world's been buzzin' lately, and here's the lowdown on the hottest topic—Yuga Labs CEO Greg Solano's proposal to amp up the ApeCoin game.

In a recent social media post, Solano chatted about blowing up the ApeCoin Decentralized Autonomous Organization (DAO) and startin' fresh with a new player called ApeCo. Seems like the ApeCoin community is diggin' it, More folks in the comment section said the change was long overdue.

Speakin' of, Solano popped up a proposal late at night on June 5 to officially retire the ecosystem's DAO. So far, the community's all about it, clockin' in 130 votes.

Solano claims the ApeCoin DAO, established early in March 2022, ain't been workin' like it should. He calls the current setup "sluggish, noisy, and gimmicky," sayin' it pulls resources from high-impact projects.

The mastermind behind NFT-led projects like Bored Ape Yacht Club and Otherside (Yuga Labs' metaverse project) promises ApeCo will shake things up by supportin' top-shelf builders and leanin' in to three core pillars: ApeChain, Bored Ape Yacht Club, and Otherside.

ApeCoin DAO's current digital wealth—including tokens, intellectual property, smart contracts, domains, and infrastructure—will be sold to ApeCo, except for ApeCoin stakin' contracts, legal obligations, and other fees. ApeCo will also pour in 11.25 million APE tokens (around $8.3 million) to top up ApeCoin stakin', and put aside 10 million APE tokens for administrative, legal, and transition costs.

S'all about streamlinin' the hype, folks. This proposals aimin' to simplify operations and dodge bureaucratic traps, so strategic projects can take off faster. Critics say, though, that this might come at the cost of token holder influence and risk centralization.

Keep your eyes peeled, as the proposal's still just a temperature check for now. It ain't official until the ApeCoin community votes on it. If it passes, Sayonara, ApeCoin DAO, and hello, ApeCo! Check back with us for more updates on this sizzlin' NFT development.

Sidenote: Yuga Labs recently handed off some of its prestigious NFT brands, like CryptoPunks and Moonbirds, to other entities. The CryptoPunks IP is now owned by Infinite Node Foundation, while Moonbirds is currently controlled by gaming firm Orange Cap Games.

Fun Fact: The term "decentralized autonomous organization," often referred to as a DAO, was first coined in 2013 by Bitcoin Talk user Amidst. In the same year, an Ethereum-based DAO, called "The DAO" was launched, raising $150 million in just 28 days. However, due to a security flaw, $50 million of the raised funds were drained, which ultimately led to the project's collapse in June 2016.

Related Industries: Cryptocurrency, NFTs, DAOs, Ethereum, Yuga Labs, Bored Ape Yacht Club, Otherside, ApeCoin, CryptoPunks, Moonbirds, Bored Ape Yacht Club metaverse project.

Enrichment Data:

Greg Solano's proposal aims to end the decentralized governance model of ApeCoin DAO and replace it with a centralized, Yuga Labs-controlled entity named ApeCo, which will streamline operations, make strategic decisions more efficiently, and eliminate bureaucracy within the Ape ecosystem. The centralized structure of ApeCo aims to both overcome the inefficiencies encountered during ApeCoin DAO's governance and better align governance with the goals of NFT and metaverse projects associated with ApeCoin. The proposal requires a formal on-chain vote to approve the transition before the dissolution of ApeCoin DAO can proceed. If passed, this move marks the end of one of the crypto space's prominent NFT governance experiments and the beginning of a new phase for the Ape ecosystem under ApeCo’s management.

1. Yuga Labs, known for NFT-led projects like Bored Ape Yacht Club and Otherside, is proposing a shift from the current ApeCoin Decentralized Autonomous Organization (DAO) to a new entity named ApeCo.
2. The ApeCoin community seems to be supportive of this proposed change, with Greg Solano's proposal for the transition receiving 130 votes so far.
3. If approved, ApeCo will take over the digital wealth of the ApeCoin DAO, including tokens, intellectual property, smart contracts, domains, and infrastructure, while maintaining ApeCoin staking contracts, legal obligations, and other fees.
4. ApeCo will also invest 11.25 million APE tokens (approximately $8.3 million) to boost ApeCoin staking and set aside 10 million APE tokens for administrative, legal, and transition costs.
5. The goal of ApeCo is to simplify operations, remove bureaucratic hurdles, and speed up strategic projects for the Ape ecosystem, though critics have raised concerns about potential loss of token holder influence and centralization risks.

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