PUT ON PAUSE: ApeCoin CEO Cameron Kates Announces This Summer's Elections Have Been Postponed Until After The Community Votes On The Future Of The DAO Later This Month!

The ApeCoin DAO’s election season has officially been put on pause after Ape Foundation CEO Cameron Kates announced that $Ape holders should first decide whether they want the DAO to continue at all before voting on its next council members.

To DAO or not to DAO, that is the question around the $Ape ecosystem this week, after Yuga Labs CEO Garga penned an Ape Improvement Proposal calling for the shutdown of the ApeCoin DAO and the reorganization of its assets under a new Yuga-backed business called ApeCo.

Since then, many questions have been raised about what’s next and tonight, Kates gave $Apes and Apes some answers in a lengthy tweet explaining that this summer’s elections are officially pushed back while $Ape holders vote for or against Garga’s proposal.

“The community has a key choice to make about its future - DAO or no DAO,” he wrote. “Until the community decides, all other questions/efforts will be a drain of time, energy and resources.”

 

 

With that in mind, Kates announced that Garga’s proposal will be open for public comment and debate on the DAO’s Discourse page until June 11th.

Everyone is encouraged to read the full AIP and make their voices heard here: https://forum.apecoin.com/t/sunsetting-the-dao-and-launching-apeco-a-new-operating-model-for-apecoin/28242

 

From there, Garga's AIP will go up for a vote on Thursday, June 12th, and the community will have until Wednesday, June 25th to cast their coins and decide the future of $Ape.

“To pass, it must receive 69% of all votes, with no less than 3.5% of all votable tokens either in favor or abstaining,” Kates announced.

 

If passed, Garga’s sunsetting proposal would end the DAO’s governance system, meaning 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 that the DAO’s previously passed staking protocol finishes out its final year of rewards, which are set to end in March 2026.

If the community votes against Garga’s proposal, then things will continue as outlined in AIP-582, with on chain voting rolling out soon and Special Council elections back on.

The Bored Ape Gazette will continue following the ApeCoin DAO and the vote on this historic proposal. Stay tuned for updates!