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Yuga Labs Proposes Dissolution of ApeCoin DAO to Form New Entity

Yuga Labs seeks to replace the existing governance structure with ApeCo, aiming for a more efficient management of the ApeCoin ecosystem's assets and initiatives.

APE

Summary

Yuga Labs has proposed dissolving the ApeCoin DAO and transferring its assets to a new entity called ApeCo, addressing inefficiencies within the DAO. This proposal, set for a vote on June 13, would end governance rights for APE holders and prioritize high-quality projects, including ApeChain and Bored Ape Yacht Club. ApeCo plans to allocate 11.25 million APE for staking and reserve 10 million APE for legal costs.

Terms & Concepts
  • ApeCoin DAO: A decentralized autonomous organization that governs the ApeCoin token, allowing community members to vote on proposals and manage the token's ecosystem.
  • ApeCo: The new entity proposed by Yuga Labs to take over the responsibilities and assets of the ApeCoin DAO.
  • Bored Ape Yacht Club (BAYC): A popular NFT project created by Yuga Labs, consisting of unique digital ape artworks with community membership benefits.