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Yuga Labs Proposes Dissolving ApeCoin DAO

🐵 Yuga Labs to Dissolve ApeCoin DAO
ApeCoin DAO Dissolution: On June 6, 2025, Yuga Labs, led by CEO Greg Solano, proposed dissolving the ApeCoin DAO, launched in 2022. Solano called it "sluggish, noisy, and often unserious governance theater" in a forum post, citing its funding of low-value projects. The DAO, tied to the Bored Ape Yacht Club, has faced criticism for inefficiency. If approved, all prior ApeCoin Improvement Proposals (AIPs) will be nullified, except those with executed contracts, ending token holders' governance rights. This move follows Yuga's shift to focus on core projects after selling off IPs like CryptoPunks.
New ApeCo Entity: The proposal aims to transfer all DAO assets, including tokens, intellectual property, and smart contracts, to a new Yuga Labs-controlled entity, ApeCo, after funding the ApeCoin staking contract with 11.25 million APE ($8.3 million) and reserving 10 million APE for legal and transition costs. ApeCo will focus on ApeChain, Bored Ape Yacht Club, and Otherside. Solano said this brings "decisive clarity." ApeCoin’s price dropped 7% to $0.66, down 97% from its April 2022 high of $26.70. X user @OGDfarmer called the DAO "a joke, pillaged and slow."
Community and Voting: The proposal requires review by the ApeCoin DAO Special Council before a vote, held on the first or third Thursday monthly. A forum vote is currently gauging community sentiment, with mostly positive feedback. Solano noted "near-unanimous support" on X on June 5, 2025. If passed, ApeCo will oversee the ecosystem, ending DAO forums and working groups. Readers can track updates or vote if they hold tokens. ApeCoin’s price reflects uncertainty, trading at $0.70.Read More.
️ On today's Top Picks:
- ⚡ Polymarket becomes official prediction market partner of X and xAI.
- ✨ Stable, a new L1 backed by Bitfinex & USDT0 comes out of stealth.
- 🤝 US President Trump & Chinese President Xi discuss trade.
- ⚠️ Lazarus Group using new stealer malware called OtterCookie.
Read time: ⏰ 8 minutes
Crypto News
• ⭐️ Yuga Labs CEO Greg Solano proposes dissolving ApeCoin $APE DAO and launching ApeCo; if passed, ApeCo would be granted all assets held by the DAO or ApeCoin Foundation.
• Circle $CRCL goes public and lists on the NYSE; peaked at $123 on Friday; currently valued at over $20B.
• Gemini crypto exchange files for an IPO with the US SEC; share count and pricing to be determined.
• ⭐️ Polymarket partners with X; becomes the official prediction market partner of X and xAI; more details coming soon.
• PumpFun reportedly considers distributing protocol revenue to PUMP token holders; PumpFun reportedly plans to launch a token within weeks.
• Hyperliquid $HYPE Trader James Wynn closes all positions after being liquidated three times; Wynn lost a total of $20.48M.
• TRUMP-branded crypto wallet by Magic Eden $ME goes dark following cease and desist from World Liberty $WLFI; World Liberty to buy $TRUMP for long-term treasury.
• WazirX Restructuring Plan rejected by Singapore Court; WazirX to appeal the decision; WazirX was hacked for ~$230M in January 2025.
Alpha
• ⭐️ Stable, a new Layer 1 blockchain where USDT is the native gas and peer-to-peer USDT transfers are free comes out of stealth.
• Camp launches first week of Kaito Yapper rewards; yap to earn up to 0.25% of $CAMP at TGE and $10K in stablecoins weekly.
• OpenSea launches XP shipments related to Abstract, recent OpenSea mints, and more; recently launched new Voyages reward system.
• Sapien launches Sapien Squad Phase 3; token holders of several crypto projects are eligible to mint a Sapien Squad NFT.
• Universal launches uAssets on Solana $SOL; launches three Raydium pools with incentives.
• Zoolini launches its Discord server; to launch NFT mint on June 18th; multiple crypto communities are eligible for whitelist.
• List Of Upcoming TGEs, Listings, & Releases by ICO Analytics.
Airdrops
• Weekly Airdrop Recap (May 31) by Earndrop.
• Sonic launches anti-sybil review for upcoming $S airdrop; to take a few weeks to complete.
• Skate launches $SKATE airdrop eligibility & allocation checker; to launch claim on June 9th.
• Plume launches mainnet and reopens season 1 airdrop claims; users can claim 20% of their base allocation with the rest vested for 0-90 days, based on usage.
• ICYMI Weekly Airdrop Recap (May 23) by Earndrop.
• ICYMI Sonic opens upcoming $S airdrop to US residents; the first airdrop to reach the US legally.
Finance News
• US President Trump says his next Federal Reserve Chair pick is "coming out very soon"; though Fed Chair Powell’s term does not end until May 2026.
• ⭐️ US President Trump & Chinese President Xi hold phone call to discuss trade; Trump says it "...resulted in a very positive conclusion for both countries."
• US Treasury Secretary Bessent, US Secretary of Commerce Lutnick, & US Trade Representative Greer to meet with representatives of China on June 9th to discuss trade.
• S&P 500 $SPX closes above 6,000 for the first time since February 21st; nearly all trade war losses have been recouped.
• EU Central Bank cuts interest rates by 25 basis points to 2.00%; puts interest rates in the EU at their lowest levels since early 2023.
• Strategy $MSTR to ~$1B to buy more Bitcoin $BTC; currently holds 580,955 BTC worth ~$60B.
• Trump Media & Technology Group $DJT files S-1 for Truth Social Bitcoin $BTC ETF; US SEC has until January to make a final decision on the proposal.
• Metaplanet $3350.T to raise ~$5.4B over the next two years to buy more Bitcoin $BTC; currently holds 8,888 BTC worth ~$929M,
• Ark Invest $ARKK $ARKW $ARKF buys $373.4M of Circle $CRCL shares; sells $39.4M of Coinbase $COIN shares, sells $18.5M of Robinhood $HOOD shares, and sells $10.4M of Block $XYZ shares.
Security and Exploits
• ⭐️ Lazarus APT Group using new stealer malware called OtterCookie; targeting crypto & finance professionals.
• Popular Chrome Extensions found exposing sensitive data and credentials; exposes users to privacy and security risks.
• AT&T investigates database leak containing personal information of over 86M customers; threat actors claim the dataset originates from an April 2024 breach.
• Germany BfDI fines Vodafone €45M for data protection failures; security lapses resulted in fraud and unauthorized access to customer data.
Token Unlocks
• Ethena $ENA / ~$52M / JUN 05th
• Taiko $TAIKO / ~$41M / JUN 05th
• Aptos $APT / ~$52M / JUN 12th
Sourced from Tokenomist
Funding
• IOST raises $21M in Strategic funding from several investors.
• HashPower raises $4M in Strategic funding led by HashKey Capital.
• Elsa raises $3M in funding led by M31 Capital.
• OneKey raises an undisclosed amount in Series B funding led by YZi Labs.
• Stable raises an undisclosed amount in funding from Bitfinex & USDT0.
• Shiga Digital raises an undisclosed amount in Strategic funding from Tether.
• Momentum raises an undisclosed amount in Strategic funding led by OKX Ventures.
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PROTOCOL | ASSETS | APY |
---|---|---|
![]() | IDAIIUSDCIUSDT | 90.81% |
![]() | USDC | 58.13% |
![]() | USDC | 38.11% |
![]() | CUSDO | 37.40% |
![]() | KPDUSDC | 35.00% |
![]() | USDN | 24.32% |
![]() | SBUSDTUSDC | 24.30% |
![]() | IUSD | 22.21% |
🌊 Fluid: Financial System of the Future. | ![]() |
🌊 Fluid: Developed by the Instadapp team, Fluid is a base layer for DeFi protocols, enabling new and capital-efficient solutions. Its features include a unified Liquidity Layer, lending and vault protocols, a DEX protocol, and more, supporting a wide range of DeFi applications.
✨ DEX v2: Drawing inspiration from across DeFi, Fluid’s DEX v2 aims to be the most advanced decentralized exchange in the crypto space, featuring:
• Smart Collateral Range Orders
• Smart Debt Range Orders
• On-Chain Dynamic Fees
• Hooks (Inspired by Uniswap v4)
• Flash Accounting (Inspired by Uniswap v4)
• On-Chain Limit Orders
• DEX v1 Support
DEX v2 is undergoing testing and auditing and is expected to be live in June/July.
⚡ Lombard Vaults: Lombard offers $LBTC, a leading Bitcoin liquid staking token. Its Lux & Luminary Program is ongoing with an airdrop expected soon and Fluid just recently introduced Lombard Vaults:
• LBTC-wBTC ↔ wBTC
• LBTC-cbBTC ↔ cbBTC
Users can supply liquidity, leverage positions, and earn trading fees, lending yields, and up to 33x Lombard Points—all at once. Lombard Points (Lombard Lux) are expected to convert to Lombard tokens soon!
That’s it for today’s edition! See you soon.
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