Yuga Labs, the creator of ApeCoin, has proposed to dissolve ApeCoin DAO and form a new organization called ApeCo, which may impact token governance and operational processes within the ApeCoin ecosystem.
Yuga Labs Governance Reform Plan for ApeCoin
On June 14, co-founder Garga.eth announced the start of voting on proposal AIP-596, aimed at dissolving ApeCoin DAO and creating ApeCo. Voting will conclude on June 26. The proposal seeks to reform governance within ApeCoin, affecting tokenholder rights and ecosystem operations.
Transfer of ApeCoin DAO Treasury to ApeCo
Yuga Labs plans to transfer assets and responsibilities from the ApeCoin DAO to ApeCo under the leadership of Cameron Kates. CEO Greg Solano explained that this proposal involves dissolving the rights and powers of tokenholders, potentially leading to significant structural changes. If approved, the DAO's multibillion-token treasury will be transferred to ApeCo, which will support key projects like the Bored Ape Yacht Club, Otherside, and ApeChain.
ApeCoin Price Movements Amid Changes
ApeCoin (APE) is currently trading at $0.69, with a market cap of $518,324,612. According to CoinMarketCap, the token saw a 3.31% increase over the past 24 hours. Price support remains active due to trading activity sustained by its presence on Ethereum networks.
The proposal to reform ApeCoin governance and establish ApeCo reflects Yuga Labs' intent to enhance the APE ecosystem. However, the potential changes in governance and their impact on the community remain a subject of discussion.
