ApeCoin DAO, the Web3 organization associated with ApeCoin, has recently come under fire for its high payouts and alleged detachment from the community. The DAO has been paying salaries and fees of up to $75,000 per month to its leadership board, leading to criticism of their remuneration practices.
The controversy was sparked when the ApeCoin DAO secretary, known as Vulkan, shared an organizational chart on Twitter, revealing the salaries of the governance board. Many people expressed outrage at the disproportionately high salaries of certain positions, particularly the moderators responsible for managing the community forum.
Web3 observers took to social media to voice their frustration with the organization’s administration. One observer, Satvik Sethi, commented on the chart, questioning how to apply for a position at ApeCoin and expressing disbelief at the $8,000 monthly salary for moderators. Another critic stated that the leadership seemed out of touch and disconnected from reality.
ApeCoin was introduced in March 2022 as a cryptocurrency token within the Bored Ape Yacht Club ecosystem, with the aim of expanding culture, gaming, and commerce. It’s important to note that ApeCoin and ApeCoin DAO are technically independent of Yuga Labs, the company behind Bored Ape Yacht Club, to avoid potential issues with regulatory authorities like the U.S. Securities and Exchange Commission.
as apecoin token price hits all time low, the monthly payments to administrators of the DAO hit ATH pic.twitter.com/ymOEm4ilPU
— KBB ????☠️???? (@KingBlackBored) June 11, 2023
The controversy surrounding ApeCoin DAO’s salaries and roles has sparked a healthy debate within the Web3 community about decentralization and the operations of DAOs. The topic remains a subject of ongoing discussion, as the industry continues to explore the best practices for implementing decentralized governance.