Yuga Labs CEO plans to dissolve ApeCoin DAO, saying it is a waste of resources

Odaily News Recently, Yuga Labs CEO Greg Solano proposed a plan to dissolve ApeCoin DAO and transfer its assets and responsibilities to ApeCo, a new entity created by Yuga Labs. Solano criticized that ApeCoin DAO "has evolved from a promise to a slow, noisy and unserious governance performance" and that resources were wasted on "vanity proposals and low-impact plans."
The new entity will focus on supporting high-quality projects and strengthening the three core pillars of ApeChain, Bored Ape Yacht Club and Otherside. If the proposal is passed, ApeCoin holders will lose all governance rights. This move is part of Yuga Labs' strategic reorganization. The company has recently sold NFT project IPs such as Moonbirds and CryptoPunks to refocus on its core business. (Decrypt)