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ApeCoin DAO Faces Criticism For Salary Dispute: The Latest Updates

anushsamal 2023-06-14 05:15

ApeCoin DAO, the Web3 organization associated with ApeCoin, has recently faced backlash due to concerns over its high payouts and perceived lack of community engagement.

Critics have raised objections to the substantial salaries and fees, reportedly reaching up to $75,000 per month, that the DAO has been providing to its leadership board.

These remuneration practices have drawn scrutiny and triggered discussions about the organization’s alignment with the interests of its community members.

The controversy arose after an organizational chart was shared on Twitter by the ApeCoin DAO secretary, known as “Vulkan”. The chart revealed the salaries of the DAO’s leadership.

A Twitter user expressed astonishment at the salaries, describing them as “insane” and raising concerns that the DAO might be spending money without “sufficient justification.”

The community member specifically questioned the purpose of the “special counsel” and stated that they were unaware of the contributions or actions that would warrant a monthly salary of $20,000.

Another observer took to the chart to inquire about the application process for a position at ApeCoin, while expressing disbelief at the reported $8,000 monthly salary for moderators.

Board Member Yat Siu Addresses ApeCoin DAO Payout Concerns

These comments highlight doubt about the compensation offered for specific organizational roles. Another critic noted that the leadership appeared to be out of touch and disconnected from the realities and expectations of the community.

The controversy surrounding ApeCoin DAO’s salaries and roles has ignited a meaningful debate within the Web3 community, focusing on decentralization and the functioning of DAOs. This discussion has prompted reflection and analysis on how decentralized governance should ideally operate.

Michael, another community member, shared their perspective on the council jobs, suggesting that the salaries could be justified for the right individuals if executed appropriately.

However, they expressed skepticism regarding the reported $100,000 a year salary for moderating a forum and an additional salary for supervising, finding it amusing or questionable.

Furthermore, one community member characterized the salaries as “insanely out of touch,” implying a significant disparity between the compensation, the community’s expectations, and the responsibilities for the position.

Another Twitter user accused those responsible for making these decisions of being “disconnected from reality,” indicating a perceived lack of understanding or alignment with the community’s viewpoint.

These comments illustrate the range of reactions and criticisms from community members regarding the perceived fairness and practicality of salary allocations.

In addressing the concerns raised by the community, ApeCoin DAO board member Yat Siu responded via a Twitter thread by defending the compensation structure, stating that the salaries correspond to the “responsibility and liability” associated with the roles.

Siu noted that different industries offer higher pay to account for the risks and liabilities involved, emphasizing that the crypto and Web3 industries carry substantial amounts of both.

Regarding the roles of the special counsel, Siu acknowledged that while not identical, they share some similarities with executives in mid-cap companies who receive comparable compensation rates.

This comparison aimed to provide context and highlight the level of responsibility and corresponding remuneration.

By providing this perspective, the board member sought to justify the salary levels by referencing industry norms and the inherent risks and responsibilities involved in the crypto and Web3 sectors.

In the Twitter thread, a community member questioned whether the individuals receiving $20,000 per month had equivalent qualifications to directors in public companies.

In response, Siu acknowledged that not all possess the traditional credentials of public board director candidates. However, he expressed that this diversity and non-conventional approach to talent selection is part of what makes DAOs “exciting.”