ApeCoin DAO Closes Four Working Groups Amid Budget Concerns

ApeCoin DAO has made a significant decision on October 17, voting to shut down four of its working groups. This proposal, approved by an overwhelming 98.02% on the Snapshot platform, includes the closure of groups focused on governance, marketing, metaverse development, and Web3 growth. The reason behind this move is the increasing financial burden these groups imposed on the DAO, with an annual cost nearing $3 million, while failing to deliver the expected results. The decision was made in response to rapidly depleting funds, aiming to cut costs and improve operational efficiency.

Ineffectiveness and Budget Strain Lead to Changes

The announcement highlighted the ineffectiveness of these four working groups in achieving their goals, deeming the budget spent on them unnecessary. The first-quarter financial report of ApeCoin DAO confirmed growing concerns, revealing that the ApeCoin Foundation’s rapidly shrinking budget made continued spending unsustainable.

As a result, the duties previously managed by these groups will now be outsourced. The DAO plans to work with more experienced third-party teams to ensure faster and more effective progress.

Shift to Outsourcing for Operational Efficiency

By closing these groups, ApeCoin DAO will eliminate the need for elections and budget discussions related to these roles. Instead, new teams will be hired through a Request for Proposal (RFP) process. The DAO will seek teams that adhere to transparency and accountability standards, with the flexibility to make changes based on performance.

The ApeCoin Foundation will now focus on more defined tasks and work with external parties when needed. These teams will be expected to meet established Key Performance Indicators (KPIs) and Objectives and Key Results (OKRs) to ensure progress and accountability.

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ApeCoin, DAO, working groups, budget concerns, outsourcing