Yuga Labs proposed to dissolve the ApeCoin DAO, intending for a new entity, ApeCo, to take over the ecosystem

ChainCatcher news, according to Decrypt, Bored Ape Yacht Club creator Yuga Labs CEO Greg Solano has proposed to abolish the Ape Coin DAO, planning to transfer its assets and responsibilities to a newly established entity, Ape Co, terminating all governance rights of APE holders.

Solano criticized the inefficiency of the DAO and the waste of resources, stating, "It needs to stop." If the proposal passes, the DAO will be completely dissolved, all unexecuted proposals will be nullified, and Ape Co will lead the development of the Ape Chain, BAYC, and Otherside projects.