A debate has erupted on Twitter among ApeCoin (APE) holders over the six-figure annual salaries awarded to members of the decentralized autonomous organization’s (DAO’s) leadership and community council. The Ethereum-based native currency of the Bored Ape Yacht Club ecosystem launched in March 2022 and is officially governed by the ApeCoin DAO, which is made up of ApeCoin holders.
Vulkan, who serves as the ApeCoin secretary, posted an organizational chart of the ApeCoin DAO leadership system which listed monthly salaries for each of the roles, including $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, a Cayman Islands administrator for the Ape Foundation. Twitter users began to question the DAO’s leadership compensation, with NFT tech co-founder and Twitter personality Mando tweeting, Nothing of any noticeable value is being created. The responsibility for $APE success is purely down to Yuga Labs.
Yat Siu, Animoca Brands chairman and Special Council member, tweeted in response to the pushback, highlighting the ways that he and other Special Council members work for the ApeCoin community. He said the compensation aimed to be commensurate to the responsibility and liability of the role and the closest example we found at the time was that of public company directors.
On Monday, one ApeCoin holder brought forward a discussion proposing a re-evaluation of the Special Council salaries structure, suggesting a 50% cut. Another proposed a competency check and called on only those who spent time contributing within the DAO to be considered for leadership positions.