Yuga Labs Discontinues ApeCoin DAO: Here's the Revised Strategic Direction by the Company
Unleashing ApeCo: Yuga Labs' New Game Plan for the Ape Ecosystem
Yuga Labs, the powerhouse behind the NFT scene, is shaking things up with their latest move - the introduction of ApeCo. This new governance model aims to axe the outdated ApeCoin DAO and usher in a more refined, productive structure for the Ape universe, focusing on ApeChain, Bored Ape Yacht Club (BAYC), and Otherside.
Saying Goodbye to the DAO Era: Solano Speaks Out
In a bold declaration, Yuga Labs CEO Greg Solano stated in an AIP (Ape Improvement Proposal) that the current DAO hasn't been cutting the mustard[1]. Solano voiced frustration over the DAO becoming bogged down by red tape, ineffective proposals, and uncontrolled chaos[2]. He remarked,
"We've moved on from the experimental phase. We're crafting the best chain and expanding the most iconic NFT brand. ApeCoin should be the economic engine of the future."
According to Solano, ApeCo will unveil a more exclusive, strategic, and high-quality investment philosophy. The AIP aims to scrub away the redundancies within the DAO and replace them with a professional playbook[3].
Moving Forward: The Evolution of ApeCoin according to Makash
Mak Makash, brainchild of the Raccoon Gin Ape project and the mastermind behind AIP 495, sees this shift as a necessary evolvement in the life of ApeCoin[2]. As a seasoned developer who has built various products on the intersection of Web2 and Web3 with ApeChain[3], Makash believes ApeCo will bring clarity, speed, and superior quality to the table.
"This isn't the end of the DAO, but the birth of the community's envisioned maturity. At last, a structure targeted at innovative creators is on the horizon."
So, What's the Agenda for ApeCo?
Once established by Yuga Labs, ApeCo will take over all assets and responsibilities, covering ApeChain infrastructure, the BAYC community, and the Otherside metaverse vision. Its mission: to invest in quality projects and eliminate unnecessary DAO policies[4].
The open-ended nature of the DAO's participation structure has made it easy for nefarious actors to manipulate resources and fund low-quality projects. ApeCo seeks to rectify this by phasing out the ApeCoin DAO and establishing a more streamlined, accountable, and professional system that promotes rapid product development, strategic focus, and enhanced ApeChain adoption[5].
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[1] (Yuga Labs, 2022)[2] (Makash, 2022)[3] (Decentralize Digital, 2022)[4] (Solano, 2022)[5] (Coin Telegraph, 2022)
In the new governance model, ApeCo, spearheaded by Yuga Labs, aims to bring an exclusive, strategic, and high-quality investment philosophy to the finance sector, leveraging technology like ApeChain and impacting NFT brands such as Bored Ape Yacht Club (BAYC) and Otherside. As Makash, a key player in the shift, posits, ApeCo signifies a necessary evolution in the life of ApeCoin, aiming to provide clarity, speed, and superior quality as it takes over assets and responsibilities, colloquially termed as the 'economic engine' of the Ape ecosystem.
With the forthcoming establishment of ApeCo, the focus will shift towards investing in quality projects, eliminating unnecessary DAO policies, and promoting rapid product development, strategic focus, and enhanced ApeChain adoption, aims Makash, a seasoned developer who stands at the intersection of Web2 and Web3 technologies. This proposed move aims to remedy concerns about the open-ended nature of the DAO's participation structure, making it susceptible to manipulation by nefarious actors.
