Board member Yat Siu answers community concerns on ApeCoin DAO salary payouts
The leaders of the decentralized autonomous organization (DAO) governing the ApeCoin ecosystem have been criticized by community members for what they described as “insane” salaries after the sums were published in an organizational chart.
On June 10, the ApeCoin DAO secretary who goes by “Vulkan” published an organizational chart on Twitter, detailing the salaries of the DAO’s leadership. This showed salaries ranging from $7,000 per month to $75,000 per month, sums that shocked some community members and prompted a slew of inquiries from several.
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
A Twitter user described the salaries as “insane” and said that the DAO may be “burning cash on nothing.” According to the community member, they had no idea what the “special council” is doing to deserve $20,000 per month.
In the org chart, it said that the so-called “special council” is in charge of administering DAO proposals. Because of this, the Twitter user also asked the community if anyone can remember whether any proposals were passed in 2023.
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Meanwhile, a community member who goes by Michael tweeted that the council jobs, if done properly, could justify the amounts for the right people. However, the community member 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 the concerns raised by the community, 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.” According to Siu, different industries pay more due to factors such as risk and liability, and pointed out that the crypto and Web3 industries have plenty of these.
The board member said that while it’s not exactly the same, the roles of the special council have some similarities to executives in mid-cap companies who receive similar rates. “The importance and the duty of care that comes with serving a multi-billion dollar DAO and related risks and liability for each member is real & serious,” Siu tweeted.
Within the thread, a community member asked whether the people being paid $20,000 per month have equivalent resumes to a public company director. Siu replied that not all of them are typical public board director candidates but said that this is what makes DAOs exciting. According to Siu, this proves that people who don’t have typical backgrounds can perform well if given the opportunity.
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