Yuga Labs Proposes ApeCoin DAO Dissolution to Form ApeCo – Coincu

Garga.eth, Yuga Labs co-founder, announced voting for AIP-596 to dissolve ApeCoin DAO, initiating ApeCo, on June 14 via social media. Voting concludes on June 26.

The proposal aims to reform ApeCoin governance, impacting tokenholder rights and ecosystem operations.

Yuga Labs to Transfer ApeCoin DAO Treasury to ApeCo

Yuga Labs announced plans to dissolve the ApeCoin DAO and form ApeCo. This proposal, AIP-596, seeks to transfer assets and responsibilities from the DAO to ApeCo under the leadership of Cameron Kates, as explained by Yuga Labs CEO Greg Solano. The proposal outlines dissolving rights and powers of tokenholders, potentially finalizing significant structural changes.

If approved, the DAO’s multibillion-token treasury will transfer to ApeCo. Yuga Labs intends for ApeCo to support key projects like the Bored Ape Yacht Club, Otherside and ApeChain. Implications include existing AIP contracts remaining intact but future DAO initiatives ceasing. Community members express mixed reactions, voicing concern over reduced governance yet appreciating the potential for streamlined operations.

CEO Greg Solano emphasized that ApeCo aims to supercharge the APE ecosystem, focusing on improvements and efficiency. He stated, “The AIP creates a new entity, ApeCo, whose mission will be to supercharge the APE ecosystem by supporting high-quality builders and reinforcing three core pillars: ApeChain, Bored Ape Yacht Club, and Otherside.” As of now, no regulatory bodies, including the SEC or CFTC, have commented on this major shift within the crypto industry. The broader community and market participants continue to watch these developments closely.

ApeCoin Sees Price Movement Amid DAO Restructuring

Did you know? The proposal, while focused solely on ApeCoin DAO, parallels previous governance restructures like Aragon, highlighting the significance and influence of such decisions in the broader crypto ecosystem.

As reported by CoinMarketCap, ApeCoin (APE) currently trades at $0.69 with a market cap of 518,324,612. The governance token saw a 3.31% increase over 24 hours, with previously trailing values. It maintains a presence on Ethereum networks, supporting its price through active trading, marked by a $64,798,447 daily volume.

Experts from Coincu Research suggest potential regulatory interest could be piqued if the proposal passes, affecting similar projects. While blockchain technology promises rapid advances, observers note ApeCo’s capacity to bolster ApeCoin’s standing remains closely connected to Yuga Labs’ strategic vision and execution.