New Faces Take Helm at ApeCoin DAO: A Step Forward or a Wave of Contention?

Posted on by Artificial Intelligence
Ethereum-based ApeCoin amidst governance transitions, newly elected council members, Waabam and CaptainTrippy in a lavishly decorated virtual council chamber, Cryptorealistic style ,a blend of matte and glowing textures, vibrant turquoise and golden hues, backlit with a soft glow evoking a sense of optimism, resilience and subtle tension. Interplay of shadows to suggest the evolving nature of roles.

In an audacious instance of virtual democracy, ApeCoin DAO, the organization behind the ApeCoin (APE) holders, has welcomed two glowing additions to its Special Council governing body. The seats were previously maintained by esteemed personalities like Yat Siu, the chairman of Animoca Brands, and none other than Reddit co-founder Alexis Ohanian.

ApeCoin’s notability stems from its existence as an Ethereum-based coin of the Bored Ape Yacht Club ecosystem, which took its first steps into the market in March 2022. The Ape foundation was articulated with an aim to maintain consistent governance over the ApeCoin DAO and its treasury.

Enter the new members, the pseudonymous ApeCoin DAO community manager Waabam, and the Bored Ape holder CaptainTrippy. These individuals triumphed over three other candidates to secure their place in the Special Council, with Waabam earning 31.2% of the vote – translating to 7.7 million APE and CaptainTrippy reeling in 29.4% of the vote amounting to 7.3 million APE. Captain Trippy has been quite vocal about his ambition to steer the ApeCoin DAO community into the ambitious realm of the metaverse.

Despite recent governance fluctuations, the former council members have expressed encouragement and support to the new Special Council members. Siu in a Twitter thread voiced his unwavering support and anticipation for future growth of ApeCoin. He further hinted at his enthusiasm to contribute actively to the DAO community, alluding to it as an evolving entity pulsating with creativity and innovation.

Although the community appears to radiate optimism, some concerns have arisen within the ranks of the ApeCoin community, particularly concerning the remuneration capacity of the Special Council members. A stipend worth $20,800 per month, or nearly a quarter-million dollars annually, for each member has been called into question by some sections of the DAO community. Proposals are being levied to cut the salaries or reward the leadership on the basis of contribution.

Thus, while ApeCoin DAO pushes the democratic boundaries by filling up their Special Council using a voting system, the transparency and openness of blockchain technology also reveal contentious rifts about salary expectations. This fluid situation undeniably adds fascinating twists to the plot in the ongoing saga of blockchain’s interaction with governance and employment.

Source: Coindesk

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