ApeCoin (APE) holders have been engaged in heated discussions on Twitter regarding the six-figure annual salaries awarded to the leadership and community council of the coin’s decentralized autonomous organization (DAO). Launched in March 2022, the Ethereum-based native currency of the Bored Ape Yacht Club ecosystem is officially governed by the ApeCoin DAO, which is composed of ApeCoin holders.
Although the DAO aims to be decentralized, it does have specific roles in its organizational structure that are designed to streamline the governance process. The Ape Foundation is responsible for carrying out the day-to-day administration and project management, while the Special Council oversees the Foundation and administers DAO proposals based on the community’s vision. Reddit co-founder Alexis Ohanian, Animoca Brands chairman Yat Siu, and three other Bored Ape personalities are currently part of the Special Council, whose members are subject to an annual vote by DAO members.
Recently, Twitter users questioned the leadership compensation of the ApeCoin DAO when its secretary, Vulkan, shared a breakdown of the monthly salaries for roles within the organization, including governance facilitators and Special Council members. The salaries garnered criticism, with some users claiming that the Special Council members were overpaid, especially considering that they believe little to no value has been created by the group.
However, others defended the compensation as fair, comparing it to the compensation for similar roles in the tech industry. Yat Siu addressed the criticism via Twitter, stating that the salaries aimed to match the responsibility and liability of the roles, using public company directors as a benchmark.
Despite the defense, some ApeCoin holders have put forth suggestions for re-evaluating the salary structure. One proposal calls for a 50% cut in the Special Council’s salaries, while another suggests that only those actively contributing to the DAO be considered for leadership positions.
Since its launch, the ApeCoin DAO has approved significant proposals to expand its ecosystem, such as a white-label NFT marketplace, staking of its APE currency, and the creation of a 24-hour BAYC news site, The Bored Ape Gazette. Despite these accomplishments, the coin’s market cap has recently dipped to $746.88 million, a significant decline from its April 2022 high of $6.74 billion.
Source: Coindesk
