- Special Council oversees the APE Foundation, which facilitates ApeCoin DAO governance
- Council members get $20,833 a month
- The Foundation’s administrator in the Caymans gets $75,000 a month
The five-figure monthly salaries members of ApeCoin DAO’s leadership council have been receiving caused quite a frenzy on Crypto Twitter, CoinDesk reported. ApeCoin, which is based on Ethereum, is the native token of the Bored Ape Yacht Club ecosystem, and ApeCoin DAO, comprised of ApeCoin holders, governs the coin.
Council’s activity not specified
The Ape Foundation facilitates ApeCoin DAO governance. It’s responsible for project management, accounting, day-to-day administration, etc. A so-called Special Council oversees the foundation. Its objective is not specific. At the moment, its members include Reddit co-founder Alexis Ohanian and Animoca Brands chair Yat Siu.
Members get $21K a month
Crypto Twitter started questioning the remuneration after ApeCoin’s secretary published an organizational chart of the DAO leadership system, listing the payment for each role. Monthly salaries are as follows:
· $8,000 for governance facilitators
· $9,000 for working group stewards
· $20,833 for Special Council members
· $75,000 for the Ape Foundation’s administrator, based on the Cayman Islands
Crypto Twitter users raised particular concerns about the Special Council members’ salaries. One user commented that "nothing of any noticeable value was being created" and that only Yuga Labs were responsible for any success ApeCoin ever had.
On June 12, an ApeCoin holder proposed to reassess Special Council remuneration structure, advocating a 50% cut. Another holder suggested a competency examination, insisting only people who made a contribution to the DAO should hold leadership positions.
Not “charity work”
Not everyone is against the exorbitant salaries. Some have defended the remuneration, calling it "relatively mid-range for high-end roles in tech." One user said it wasn’t "charity work."
In reaction to the burgeoning scandal, Yat Siu drew attention to how he and his coworkers at the Special Council were helping the ApeCoin ecosystem and community. He insisted the salaries were commensurate to the liability and responsibility of the positions, likening them to those of public company directors.
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