Table of Contents:

· The once star-studded team is now discussing salary issues in the community

· ApeCoin DAO's new proposal: deploying ApeChain on Optimism

Today, several KOLs in the cryptocurrency industry participated in the election of the ApeCoin DAO special committee members. Among them are core members of the BAYC Taiwan team, 0xAndy.eth (@0xAndy_eth), and Balou.eth, co-founder of ApeTownio (@BalouBAYC), and more than 20 others were nominated.

According to the official announcement from ApeCoin DAO, this election will select three nominees to join the ApeCoin DAO Special Council, and a new round of community governance will begin on January 1, 2024. The announcement can be found at the following link: https://forum.apecoin.com/t/nomination-announcement-ape-foundation-special-council-term-beginning-january-2024/19790.

Source: ApeCoin DAO

More noteworthy than the election is the frequent activity of the special committee and the ApeCoin DAO behind it.

Members once gathered in large numbers, and now the community is discussing their salary issues.

Regarding the special committee for ApeCoin DAO, there are many members in the current community who have some criticisms, but the former special committee was once a gathering of "stars".

In March 2022, ApeCoin DAO and ApeCoin were launched simultaneously. ApeCoin is the native token of the Bored Ape Yacht Club (BAYC) NFT ecosystem, issued by Yuga Labs. ApeCoin DAO is a decentralized autonomous organization specifically designed to manage token-related affairs. All ApeCoin holders are members of ApeCoin DAO and make decisions together on fund allocation, governance rules, and partnerships.

At first, in order to promote decentralization and community-led governance, the Ape Foundation was established as the steward of ApeCoin. Its task is to manage the decision-making of ApeCoin DAO and be responsible for daily administration, record-keeping, project management, and other affairs to ensure the smooth implementation of the DAO community's ideas.

And the Ape Foundation has also established a special committee, namely the ApeCoin DAO Special Committee, which is responsible for supervising the management of the foundation and managing DAO proposals and serving the community.

The special committee was initially composed of 5 members with a term of 6 months, after which DAO members will vote for board members annually. At its inception, this special committee can be described as a gathering of "stars".

The initial members of the committee include Alexis Ohanian, co-founder of Reddit, Amy Wu, venture and gaming director of FTX, Maaria Bajwa, head of Sound Ventures, Yat Siu, co-founder of Animoca Brands, and Dean Steinbeck, CEO and legal advisor of Horizen Labs.

However, on November 20, 2022, ApeCoin (@apecoin) announced on their official social media that Maaria, Dean, and Amy have resigned from their positions on the ApeCoin DAO special committee and will not be running for re-election in the upcoming election.

The ApeCoin DAO special committee, which has lost three star generals, is still operating as usual. However, there has been a discussion in the community recently regarding the salary issue of the committee members.

According to BlockBeats observation, on October 20th, ApeCoin DAO community initiated a vote on the "50% reduction in special committee member salaries" proposal (from 20,833 ApeCoin per month to 10,417 ApeCoin per month) as shown on the Snapshot page. The proposal pointed out that from a financial perspective, this move could potentially save ApeCoin DAO up to 104,165 ApeCoin in costs per month. Click here for more information.

It is worth noting that the vote ended on October 26th. Although the result was not passed, the gap between support and opposition was not significant (58.22% opposed, 41.78% in favor), which means that many community members do believe that the salary of the members of this special committee should not be too high.

The voices supporting this proposal believe that the work of the special committee is not to expand or increase the value of tokens, but mainly administrative work: "So I believe that whether the tokens perform well or not is not important to them. Therefore, in my opinion, the situation of attracting talent with high salaries is a bit of a gray area."

Opponents of the proposal argue that "salary reviews should be conducted after determining the expectations, time/hours/functions, and types of people you want to attract...the current salary may be considered very low and unable to attract talent...cutting salaries is easy, but without context and the goals we are striving to achieve, it only scratches the surface."

ApeCoin DAO New Proposal: Deploy ApeChain on Optimism

And beyond the discussion about its special committee, BlockBeats noticed that the recent proposal of ApeCoin DAO also has many noteworthy aspects.

On November 22nd, Optimism co-founder and chief scientist Ben Jones proposed that ApeCoin DAO could develop and maintain its L2 network ApeChain on the Optimism Superchain.

Ben Jones said that this can help ApeCoin DAO deploy and maintain easily, while ApeCoin DAO can express opinions on the Optimism platform, such as actively participating in governance, helping to guide the future direction of Superchain, and also creating revenue streams and innovative opportunities.

On the same day, a new proposal appeared on the ApeCoin DAO website, which aimed to appoint a dedicated team to deploy, manage, and operate ApeChain. The proposal can be found at this link.

The proposal pointed out that the team chose to support Layer-2 rollups and is committed to deploying ApeChain on Optimism as part of the Optimism superchain ecosystem, and plans to become a core contributor to the Optimism Foundation. The proposal emphasizes that Optimism has committed to supporting ApeChain by awarding up to 20 million OP tokens based on milestones.

The recommended team mentioned in the proposal is as star-studded as the founding members of the ApeCoin DAO Special Committee.

This proposal hopes to form a team consisting of former Ethereum Foundation developers Nicholas Lin, Jimmy X, co-founder of Velodrome Finance, Indigo, former Chief Engineer of Olympus DAO, Fully, former Protocol Architect of OlympusDAO, Exodia and Rooter, co-founders of Solend, Nope, Chief Technology Officer of Solend, Dasichuan, founding backend engineer of Solend, Ripleys, former Two Sigma engineer, Jackie Lee, web3 game/metaverse builder of AnotherWorld.gg, Bradley, co-founder of X Marketplace, Lumberg, founding member of MetaCartel Ventures, and DeFi OG MachiBigBrother.

At the same time, the proposal also mentioned that the costs associated with the deployment, management, and operation of ApeChain can be handled by launching ApeChain (AC) tokens or requesting ApeCoin donations in other ways. If the DAO chooses to launch ApeChain tokens, the ApeChain team will be responsible for raising funds to support all operations, and the AC tokens will be distributed as governance tokens to ApeCoin stakers.

As of the time of writing, the proposal has not yet been voted on and is in the "preliminary discussion" stage. However, according to observations by BlockBeats, the overall comments from community members lean towards supporting the proposal, with some even suggesting that it should follow the recent popular gameplay of Blast. Will ApeCoin DAO pass the proposal in the future? Will ApeChain be able to proceed smoothly? BlockBeats will continue to monitor the situation.

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