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- ApeCoin DAO has voted to sunset ineffective web3 and metaverse working groups
- The ineffective working groups cost the DAO “almost $3M per year”
- Other working groups set to be disclosed are the governance, marketing, and communication working groups
The ApeCoin DAO has voted to close four non-essential working groups, including web3 and metaverse working groups. The proposal requesting the groups’ sunsetting claimed that they “have been largely ineffective in their mandate,” adding that they cost the DAO approximately $3 million annually. Other working groups to be removed are the governance, marketing, and communications working groups, a move that will help the Ape Foundation save money.
Dissolving Groups Saves Time and Funds
According to the proposal, the DAO can spend less funds by using third parties to perform tasks handled by the four working groups. It added that dissolving the groups saves the DAO and Ape Foundation time and funds “associated with elections” among other processes.
Voting on the proposal started on October 4 and ended on October 17 with 98% of APE holders supporting it while only 1.98% voting against it. After the DAO voting to sunset the groups, the APE Foundation will start winding down the groups’ activities.
The proposal also seeks to prevent the DAO from creating any new groups that will require funding from the DAO. ApeCoin DAO’s metaverse working group was set up to “develop ApeCoin culture in the metaverse […] like the creation of the ApeCoin Creators Assembly.”
Expanding ApeCoin DAO’s Vision
The web3 working group was created to advance the vision of the ApeCoin DAO. The decision to dissolve the four groups comes six months after the DAO approved the registration of the .APE domain as a new top-level domain to allow its use in both web2 and web3 worlds.
With the dissolution of web3 and metaverse working groups, it’s to be seen how the Ape Foundation will handle hiring external contractors to replace the groups.
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