The leaders of the decentralized autonomous organization (DAO) that governs the ApeCoin ecosystem (PSA) have been criticized by community members for what they described as “insane” salaries after the amounts were posted on an organizational chart.
On June 10, ApeCoin’s DAO secretary, known as “Vulkan”, public on Twitter an organization chart detailing the salaries of the DAO leaders. It showed salaries ranging from $7,000 to $75,000 a month, shocking some community members and sparking a wave of inquiries from others.
creating an org chart: $7k / month
managing a forum: $24k / month
supervising stuff: $27k / month
being “special”: 104k / month
watching our bags go down 90%+: priceless
—Michael (@MiKeMeUpP) June 11, 2023
A Twitter user described salaries as “insane” and said the DAO might be “spending money on nothing.” According to the community member, they had no idea what the “special tip” was doing to deserve $20,000 a month.
In the organization chart, the so-called “special council” is in charge of managing the proposals of the DAO. Because of this, the Twitter user also asked the community if anyone could remember if any proposals were approved in 2023.
For his part, another member of the community, known as Michael, tweeted that the council’s jobs, if done correctly, could justify the amounts for the right people. However, the community member added: “$100,000 for moderating a forum and another for supervising it’s a joke though.”
Another community member called the salaries “insanely out of line,” while another Twitter user accused those who made this decision of being “out of touch with reality.”
In response to concerns raised by the community, Yat Siu, ApeCoin DAO Board Member, he claimed in a Twitter thread that the compensation being paid corresponds to the “responsibility and obligations of the function.” According to Siu, different industries pay more due to risk and liability, noting that the cryptocurrency and Web3 industries have a lot of both.
The council member said that, while not the same, the functions of the special council have some similarities to executives of mid-cap companies who receive similar fees. “The importance and duty of care that comes with servicing a multi-billion dollar DAO and the related risks and liability for each member are real and serious,” tweeted Yesu.
In the thread, a community member asked if the people who are paid USD 20,000 a month have the preparation equivalent to that of a director of a public company. Siu responded that not all of them are your typical public company director candidates, but said that’s what makes DAOs exciting. According to Siu, this shows that people who don’t come from a typical background can do well if given the chance.
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