ApeCoin DAO made a significant decision on October 17 by voting to close four working groups, achieving a remarkable 98.02% approval rate on the Snapshot platform. This decision encompasses groups focused on management, marketing, metaverse, and Web3 development. The rationale for this move highlights the financial burden these groups imposed, nearing $3 million annually, without delivering the expected productivity. The closure aims to reduce costs and improve operational efficiency in light of the DAO’s rapidly declining funds.
Working Groups’ Capacity and Ineffectiveness Come Under Scrutiny
The announcement emphasized that these four working groups failed to meet their intended objectives, rendering their budget allocations unnecessary. The DAO’s first-quarter financial report corroborates criticisms regarding the efficiency of these groups, revealing that the ApeCoin Foundation’s dwindling budget clearly indicates that such expenditures are unsustainable.
In light of this situation, it was announced that the required functions will now be outsourced. The DAO plans to collaborate with more experienced third parties to ensure tasks progress more swiftly and effectively.
Operational Efficiency Boosted Through Outsourcing
New teams will be hired through a Request for Proposal (RFP) process to fulfill the roles of the closed working groups. Teams will be sought that comply with the transparency and accountability standards set by the DAO, while maintaining the flexibility to make changes based on their performance.
With this restructuring, the ApeCoin Foundation will focus more on defined tasks. The initiative aims to utilize funds more efficiently while retaining the option to work with third parties as needed. The DAO expects these teams to adhere to specified performance indicators (KPIs) and objectives (OKRs).