THE CRUFT IS CUT: The ApeCoin DAO Is Shutting Down And ApeCo Will Be Taking Its Place! Here’s What You Need To Know:

The cruft was cut around the swamp earlier this week after the ApeCoin ecosystem took to the polls and overwhelmingly voted in favor of Yuga Labs CEO Garga’s Ape Improvment Proposal to shut down the DAO and reorganize it as a new business entity called ApeCo.

On Thursday, the polls at the ApeCoin DAO closed for the last time after more than 3,200 wallets cast a combined 46.6 million $Ape votes in favor of AIP-596, titled “Sunsetting the DAO and Launching ApeCo — A New Operating Model for ApeCoin.”

“The ApeCo proposal has passed, by basically unanimous support - 99.66% in favor,” Garga tweeted early Thursday morning. “Lots of work to be done, immediately, to set things up. But stoked for this next phase.”

 

 

As of tonight, there’s no official timeline for when ApeCo will open for business, but we do know the immediate impact it will have on the $Ape ecosystem and what the organization will look like once it’s up and running.

With AIP-596’s passing, the DAO’s governance system is now officially closed. That means no more AIP votes or Special Council elections. The proposal also overrides all previously passed AIPs, continues funding for ApeCoin staking contracts through March 2026, and initiates the transfer of DAO-held assets, minus 10 million $Ape earmarked for legal and contractual obligations, to ApeCo, a new organization that will be led by ApeCoin CEO Cameron Kates and other members of the Banana Bill and Ape Foundation teams.

 

“AIP-596 has passed. Congrats to the community for overwhelmingly deciding a path forward,” ApeCoin CEO and soon to be ApeCo Lead Cameron Kates tweeted after the vote. “While the DAO has sunset, the mission continues. ApeCo will come to life to push $APE to new heights.”

 

Once fully operational, ApeCo will work to strengthen the core pillars of the Yugaverse: ApeChain, BAYC, and Otherside, by funding real builders through milestone based grants with increased accountability.

 

The Bored Ape Gazette will continue to follow all things ApeCo and will let you know when it opens up and how builders can ape in and apply for funding. Stay tuned for updates!