Yuga Labs looks to replace ‘unserious’ ApeCoin DAO with new ApeCo entity
Yuga Labs CEO Greg Solano said the DAO became a slow, noisy, unserious governance theater.
Yuga Labs is pushing to overhaul the ApeCoin ecosystem with a proposal to shut down the ApeCoin decentralized autonomous organization (DAO) and replace it with a new management entity called ApeCo.
In a new Ape Improvement Proposal (AIP), Yuga Labs CEO Greg Solano said the DAO played a crucial role in the project’s early momentum, but has since become dysfunctional. He said the DAO hampers meaningful development.
“What started with promise has devolved into sluggish, noisy and often unserious governance theater,” Solano said. “Too many resources have gone to vanity proposals and low-impact initiatives.”
