FintechMode ApeCoin

Controversy Engulfs ApeCoin Community Over Leadership Remuneration

ApeCoin (APE), the reputed cryptocurrency of the Bored Ape Yacht Club, witnesses heated discussions among its stakeholders regarding the substantial yearly remuneration given to the DAO leadership and community council.

ApeCoin Needs Fresh Ideas and Input

Created in March 2022, ApeCoin emerged as a significant player in the Ethereum-based Bored Ape Yacht Club ecosystem. It operates under the governance of the ApeCoin DAO, an organization primarily comprised of ApeCoin holders. Despite its apparent decentralized nature, ApeCoin DAO enforces specific roles within its organizational setup to ensure seamless governance.

As per ApeCoin’s official website, the Ape Foundation plays a pivotal role in streamlining the ApeCoin DAO’s governance. The foundation undertakes critical responsibilities, including administrative operations, project management, and bookkeeping, among other duties.

Navigating the Hierarchy: The Ape Foundation and the Special Council

Under the oversight of the Special Council, the Ape Foundation works relentlessly to actualize the DAO proposals and serve the community’s vision. However, the specifics of these responsibilities still need to be clarified. The Special Council members, elected annually by DAO members, presently include Reddit’s co-founder Alexis Ohanian, Animoca Brands’ chairman Yat Siu, and three other prominent figures from the Bored Ape community.

In an upcoming event later this month, roles like Special Council members and governance stewards are scheduled for a vote, intending to select deserving candidates for the positions.

The Stirring Debate on Twitter: DAO Leadership Compensation

Twitter became a battleground last week as users started questioning the compensation structure for the DAO’s leadership. Vulkan, the ApeCoin secretary, sparked the debate. They shared an organizational chart depicting the ApeCoin DAO’s hierarchy and their respective monthly salaries. 

The roles and their salaries listed were as follows: $7,000 for the secretary, $8,000 for governance facilitators, $9,000 for working group stewards, $20,833 for Special Council members, and $75,000 for WebSlinger, the Ape Foundation’s legal and compliance administrator based in the Cayman Islands.

Users’ primary concern centered on the six-figure annual remuneration provided to Special Council members. NFT tech co-founder and Twitter personality Mando sparked controversy by tweeting, “Nothing of any noticeable value is being created. The responsibility for $APE success is purely down to Yuga Labs.” His sentiment echoed throughout the Twitter community, garnering significant agreement.

A Potentially Detrimental Move To The Project’s Long-term Success

In contrast, some users staunchly defended the salaries, labeling them fair compensation. One user remarked that the remuneration was “relatively mid-range for high-end roles in tech.” Another user provided a detailed explanation, arguing that the roles were far from being “charity work.”

In the wake of this ongoing debate, the ApeCoin community grapples with questions about transparency, value, and fair compensation in the decentralized world. Seeing how the ApeCoin DAO navigates this challenging discourse will be intriguing as the story unfolds.