TO DAO OR NOT TO DAO: BAYC Members, Yuga Labs CEO Garga, And Others Weigh In On The Future Of The ApeCoin DAO

To DAO or not to DAO. That is the question around the swamp this Sunday.

 

Dissolving the DAO has been the talk of the timeline lately culminating in Bored Ape Yacht Club member DFarmer sharing a Grim Reaper meme highlighting Yuga Labs’ recent back to BAYCics moves and the company’s laser focus on Apes, Otherside, and “something special.”

After the Moonbirds flew the Yuga Labs nest earlier this week, many Apes started to wonder if the DAO might be next, with thought leaders around the swamp, including DFarmer, asking whether it's time to shut it down altogether.

“Seriously though, I’m so out of the Dao things that this might be stupid or unfeasable, but why not dissolve the Dao,” he tweeted. “It’s been nothing but a joke, and a drag on the entire ecosystem, pillaged and slow and inefficient and overpoliticized since inception, with unaligned bad actors and extractors everywhere. It’s clear that  @CryptoGarga ’s Yuga would be better stewards, we’re close to end of staking anyways, just dissolve, disburse the rest to Yuga and maybe a nice lil proportional stimmy to all eco holders, god knows we could use one. I don’t see how a prop like this doesn’t pass at this point. Remove the last part of massive bloat after they have rightfully sold all of the rest, from 10ktf to punks to moonbirds, and laser focus both attention and resources. As the boss said apes > otherside > ape, nothing else. Maybe we can start anew just in time for the next NFT cycle just as things are starting to bubble up again.”

 

 

After DFarmer’s tweet, many BAYC members echoed his feelings about the DAO. Even Yuga Labs CEO Garga chimed in, saying he plans to share more on the matter soon.

 

“Have heard a lot of voices on this and similar ideas,” Garga tweeted. “At the end of the day, I just want apes and our core to fucking win. It requires being thoughtful but also kinda fucking ruthless. Eliminating cruft, and as much as possible, doing it in a way that's win-win for everyone involved. Will share some more thoughts in the next couple days.

 

 

After Garga’s post, Yuga Labs Co-Founder Gordon Goner took to the timeline to both endorse a Yuga Labs ran ApeCpin and scold his fren for making everyone learn a new word.

“No words for how annoyed I am with Greg for making me google the word ‘cruft’ on a Sunday,” he tweeted. “But despite this fact, I support the fuck out of this idea. I think the DAO experiment for apecoin may have run its course and with the regulatory nature changing rapidly in the states, I’d love to see a version of this play out where Yuga could take the reins and we start fucking bears in the ass.”

 

While plenty around the swamp aren't fans of the DAO or how it's operated since launching in 2022, it’s worth noting that a lot has changed lately, including the hiring of former Yuga Labs attorney Cameron Kates as the Ape Foundation’s first Chief Executive Officer.

The Gazette spoke with Kates during Geez On Ape founder Rida’s ApeChain Monthly Twitter Space earlier this week and asked for his thoughts on all the talk of dissolving the DAO.

“One there’s a lot of complications in dissolving this type of system, handing money over to another entity,” he said at around the 37 minute mark of the Space. “To me we’ve already sort of demonstrated the power of choosing where are authority goes. There is still a lot of value in having a strong community. Our biggest strength, all the way dating back to the progeny of BAYC has always been the community and the network that comes with the community. That’s really the value proposition. So, continuing to hear those voices and continue to have buy in from those people is supper important. Whether or not the community votes on every dollar spent is more of a question of like what will make us most successful. But like handing it all over to Yuga or another entity. As a former M&A lawyer there is a lot that goes into there. And I think we should continue to think about how we can be successful without deconstructing everything and potentially taking on risk and liability that frankly none of us want.”

 

The Bored Ape Gazette will continue to follow all things $Ape and will let you know when Garga shares his full thoughts on the DAO and where he’d like to see it go next. Stay tuned for updates!