“GET BAYC TO WINNING”: Yuga Labs CEO Garga Explains Why The ApeCoin DAO Must Close In A Thread

Three years and a closed SEC investigation later, Garga has aped into the ApeCoin DAO to propose shutting it all down in an effort to get back to BAYC-ics!

The DAO’s days may be numbered after Yuga Labs CEO Garga proposed closing the decentralized autonomous organization, transferring its assets to a new company called ApeCo, and getting back to winning around the swamp.

“The ApeCoin DAO was born in a different era. It started with promise, but quickly spiraled into gridlock, governance theater, vanity proposals, and low-impact noise,” Garga tweeted. “Many good ideas got buried, and a lot of bad ideas got funded. It's no surprise that so many new tokens don't even bother with DAOs anymore. It's time for ApeCoin to sunset the DAO and get back to winning. The AIP creates a new entity, ApeCo, whose mission will be to supercharge the APE ecosystem by supporting high-quality builders and reinforcing three core pillars: ApeChain, Bored Ape Yacht Club, and Otherside.”

As the Bored Ape Gazette previously reported, Garga didn’t just tweet a thread today, he also submitted an official AIP titled “Sunsetting the DAO and Launching ApeCo — A New Operating Model for ApeCoin.”

If passed, Garga’s proposal would end the DAO’s governance system which means no more AIP votes or Special Council elections. It would also override all past AIPs, transfer all of the DAO’s assets to ApeCo (except for 10 million $APE reserved for “legal and contractual obligations”), and ensure the DAO’s previously passed staking protocol finishes out its final year of rewards, which are set to end in March 2026.

In his X post, Garga explained that shutting down the DAO wrks with his BAYC to BAYC-ics mission that has guided him since stepping back in as CEO in February 2024. Since then, he’s overseen the sell off of HV-MTLs, Legends of the Mara, 10KTF, CryptoPunks, and Moonbirds. He also restarted Yuga Labs' work with metaverse maker ImprobableIO, which led to monthly Project Dragon Otherside events, and even a world record for most concurrent players in a first-person shooter!

 

“Since returning as CEO, everything I've worked on has aimed at one thing: getting back to the spirit and velocity of year one, when @gordongoner and I were building Yuga from scratch,” he tweeted. “We've made huge progress. But the biggest unlock would be in getting ApeCoin rowing in the right direction. If this vote passes, it clears the cruft and puts ApeCoin into position to win again.”

 

 

Garga’s AIP is currently in the Ideas phase of the ApeCoin DAO process, and everyone in the $APE ecosystem is encouraged to read and discuss it here: https://forum.apecoin.com/t/sunsetting-the-dao-and-launching-apeco-a-new-operating-model-for-apecoin/28242

While it’s still unclear when Garga’s proposal will officially go up for a vote, we do know that he will be joining Rida, Dutchee, and me on Spaces tomorrow to talk about the AIP and the future of ApeCoin. You can RSVP for the Space below:

The Bored Ape Gazette is working to bring you more information on Garga’s AIP and will have continued coverage tonight. Stay tuned for updates!