"THAT ERA IS OVER": Michael Figge Announces That ApeCo Is Shutting Down In A Move To Realign And Support ApeCoin, The BAYC, And Otherside!

The ApeCo era is coming to an end!

On Thursday, Yuga Labs CEO Michael Figge announced that ApeCoin, as it's currently constructed, would be winding down its operations and joining Yuga Labs in a move to better support the token and simplify things around the swamp!

“That era is over, and we need to reset from first principles. Simpler, with less coordination tax,” Figge tweeted. “ApeCoin should not feel like a separate bet from all the other progress Yuga is making with its brands. Everywhere else we are building holders with real conviction and ApeCoin will be no different.”

 

 

With this news, ApeCo CEO Cameron Kates will be stepping down from his role as CEO of ApeCoin as the teams from $Ape and Yuga Labs come together and realign to better support the three core pillars of the Yugaverse: ApeCoin, the Bored Ape Yacht Club, and Otherside.

“I fully believe in the Club, Otherside, ApeChain, and ApeCoin,” Kates tweeted after the news. “I fully believe in Figge. I’m proud of what we built at ApeCo. I’m more proud of the people that made ApeCo hum. They deserve all the flowers.”

 

As the Gazette previously reported, ApeCo was constructed 11 months ago after the ApeCoin DAO voted in favor of Yuga Labs Co-Founder Garga’s Ape Improvement Proposal to shut down the DAO and reorganize it as a new business entity in an effort to cut the cruft.

In the 11 months since, ApeCo has debuted activations like Wheel of Fate, Exodus Rising, and Helly Hustle in an effort to support communities, swept NFT floors, made ApeCoin a crosschain token with Project RAID, supported IRL events, and more!

Looking ahead, Figge plans to head east this June to discuss all things Yuga with our frens out there because Ape together strong!

"I’m currently planning a roadshow in June with key and prospective partners, exchanges, investors, institutions and community members in Hong Kong, Shanghai, Taipei and Seoul,” he said. “We’re going to show up in person and build the relationships that move BAYC, Otherside, and ApeCoin forward together. This is a first step, but not the only step.”

 

The Gazette will continue to follow this transition and will let you know what it means going forward for Apes and $Apes. Stay tuned for updates!