The CEO of Yuga Labs, Greg Solano, has submitted a proposal to improve the APE entitled “SUNSING THE DAO and launching APECO” in a field to finish the two-year decentralized autonomous organization and transmit its assets to a new entity for “Super-Surchargez the APE ecosystem”.
Solano called the DAO “slow, noisy and often unwanted governance theater” which finances “vanity proposals and low impact initiatives”.
A leaner vehicle controlled by Yuga Labs, he argued, can “eliminate the dead end” and push capital only to “high caliber projects” on three pillars: Apechain, Ape Yacht Club and others, the Metaven of Yuga.
Under the plan, APECO would first complement the implementation contract with 11.25 million monkeys (8.3 million dollars), reserve 10 million monkeys for transition and transition costs, then swallow the rest of the foundation treasure – tokens and areas with smart contracts. All active governance powers, working groups and future AIPs would be deleted if the proposal was adopted.
At this point, the position is only a temperature control, as an official chain vote must follow before the start of dismantling.
If it has passed, APECO would start by finishing jalitude, closing the DAO infrastructure and the reaction of each latest monkey in its new war chest – marking the end of one of the most high level governance structures focused on the crypto NFT.
