Yat Siu responds to community concerns about ApeCoin DAO salary payouts.
The leaders of the ApeCoin (APE) decentralized autonomous organization (DAO) governing the ApeCoin ecosystem have come under criticism from community members for their “insane” salaries, which were recently revealed in an organizational chart published on Twitter by the ApeCoin DAO secretary, known as “Vulkan.” The chart showed salaries ranging from $7,000 to $75,000 per month, which shocked some community members and led to a flurry of inquiries. One Twitter user described the salaries as “insane” and suggested that the DAO might be “burning cash on nothing.” Another community member questioned what the “special council” was doing to deserve $20,000 per month, as they were responsible for administering DAO proposals.
“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 there’s some things $APE can’t buy. for everything else, there’s ApeCoin DAO. pic.twitter.com/Qla0Gspe2d
— Michael (@MiKeMeUpP) June 11, 2023
Another community member, Michael, tweeted that the council jobs, if done properly, could justify the amounts for the right people, but added that “100k to mod a forum and another to supervise though is lols.” One community member described the salaries as being “insanely out of touch,” while another Twitter user accused those who made this decision of being “disconnected from reality.”
Responding to these concerns, ApeCoin DAO board member Yat Siu claimed in a Twitter thread that the compensation being paid corresponds to the “responsibility and liability of the role.” Siu argued that different industries pay more due to risk and liability, and pointed out that the crypto and Web3 industries have plenty of both. Siu also compared the roles of the special council to executives in mid-cap companies who receive similar rates, saying that the importance and duty of care that comes with serving a multi-billion dollar DAO and related risks and liability for each member is real and serious. Siu further added that DAOs are exciting because they offer opportunities to people who don’t have typical backgrounds but can perform well if given the chance.
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The controversy over the ApeCoin DAO’s salaries has attracted attention from the wider crypto community, with some questioning whether the DAO is living up to its decentralized ideals.
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