PANews reported on June 6 that according to Decrypt, Greg Solano, CEO of Yuga Labs, the creator of Bored Ape Yacht Club, proposed to abolish ApeCoin DAO, and planned to transfer its assets and responsibilities to Yuga's new entity ApeCo, and terminate the governance rights of all APE holders. Solano criticized DAO for its inefficiency and waste of resources, saying "it's time to stop." If the proposal is passed, DAO will be completely dissolved, all unimplemented proposals will be invalidated, and ApeCo will lead the development of ApeChain, BAYC and Otherside projects.