Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
The ApeCoin decentralized autonomous organization (DAO) has ignited a discussion concerning the six-figure annual salaries allocated to its Special Council members. ApeCoin serves as the native currency of the Bored Ape Yacht Club ecosystem and is overseen by the ApeCoin DAO, which is made up of ApeCoin holders.
On June 10, the ApeCoin DAO secretary, “Vulkan,” shared an organizational chart on Twitter, revealing the salaries of the DAO’s leadership. The announced monthly compensations, which range from $7,000 to $75,000, caught the community off guard and led to numerous inquiries.
With the passing of the Metaverse Working Group, there are now two WGs approved by the @ApeCoin DAO.
As the DAO continues to build out its infrastructure, it can be confusing to remember the different roles. Here's a chart to help visualize it all and connect names to roles. pic.twitter.com/T93hxJNnJD— Vulkan
(@red_vulkan) June 10, 2023
(@red_vulkan) June 10, 2023
Related Posts
Compensation Dispute Deepens
Users on Twitter began to question the compensation for leadership, particularly the significant six-figure salaries awarded to Special Council members. Critics contended that Yuga Labs, the entity behind ApeCoin, was primarily responsible for its success, attributing minimal value creation to the DAO.
Conversely, supporters defended the salaries as reasonable, pointing out their alignment with mid-range compensation for high-level tech positions. Special Council members, including notable individuals like Alexis Ohanian and Yat Siu, rationalized the compensation by comparing it to that of directors in public companies. They underscored the responsibilities and liabilities tied to their positions.
Nonetheless, dissenting opinions called for a reassessment of the salary framework, suggesting a 50% cut for the Special Council. Others insisted on a “competency check” to ensure that those actively contributing to the DAO occupied leadership roles.
Ultimately, the ongoing discussion underscores the difficulty of finding a balance between suitable compensation for leadership roles and addressing concerns regarding value creation within the ApeCoin ecosystem. As conversations progress, they will influence the future of compensation within the DAO and its dedication to decentralized governance.
