BlockBeats News, June 6th, according to Decrypt, Yuga Labs CEO Greg Solano proposed a plan to dissolve the ApeCoin DAO, transferring its assets and responsibilities to a new entity created by Yuga Labs called ApeCo. Solano criticized that the ApeCoin DAO "has evolved from a commitment to a slow, noisy, and unserious governance performance," with resources wasted on "vanity proposals and low-impact plans."
The new entity will focus on supporting high-quality projects and strengthening the three core pillars of ApeChain, Bored Ape Yacht Club, and Otherside. If the proposal is approved, ApeCoin holders will lose all governance rights. This move is part of Yuga Labs' strategic restructuring, as the company has recently sold NFT project IPs such as Moonbirds and CryptoPunks to refocus on its core business.
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