ApeCoin DAO: Foundation Claims DAO Risks Vulnerability Without Its Help

Daily News | Online News

ApeCoin DAO’s Ape Foundation recently submitted a proposal to extend its tenure by three months. According to the Foundation’s proposal, not extending beyond September 30 will put the DAO in danger. Moreover, the DAO would fall into “a vulnerable period during which it lacks actionable operational procedures.” However, many BAYC members are questioning this proposal, especially as the Foundation members were each paid $125K for six months of service.

Daily News | Online News graphic representing ApeCoin DAO and Ape Foundation
The ApeCoin DAO’s Foundation’s recent proposal is dividing Apes.

Daily News | Online News What is the Ape Foundation’s Proposing?

According to the Ape Foundation and ApeCoin’s official Twitter, the three-month extension is being proposed as the community has not submitted alternative proposals to ensure a smooth transition. This includes deciding who could take over, what elections would look like, and so on.

The proposal states: “The lack to-date of a community AIP on elections confirms that the election process as written in the governance materials is ambiguous and lacks sufficient detail.” Therefore, the Foundation’s rationale is that an abrupt ending will expose the ApeCoin DAO to chaos and risks.

It goes on to say that this extension would ensure that the DAO is compliant with all laws and regulations. It would also enable the Foundation to work on a comprehensive electoral framework and allow the community to agree on a smooth electoral process.

In terms of costs, the same costs agreed in the original proposal apply. This means that each board member will continue to receive a hefty sum to fulfil their duties.

Daily News | Online News What is the Ape community’s opinion?

Community members do not want to see the DAO collapse because of a lack of structure. However, many question whether extending the Board’s tenure is the best way to proceed.

Currently, the Ape Foundation members are Alexis Ohanian (Reddit co-founder), Amy Wu (Head of Ventures & Gaming at FTX), Maaria Bajwa (Principal at Sound Ventures), Yat Siu (Co-founder & Chairman of Animoca Brands) and Dean Steinbeck (President & General Counsel at Horizen Labs). Community members are calling for more representation from community members without links to companies that may have third-party interests.

Some point out that these individuals were already paid $125K for six months of service. As a result, they should have discussed a solution during their tenure, rather than asking for a costly extension. Moreover, some Apes are criticizing them for not communicating sooner and not being as active in the community as one might expect from a board member.

On the other hand, other Apes have mentioned that if a “no” vote succeeds, the community will be stumbling around for months to find a new process. In addition, some are insisting that the Foundation members have the necessary networks and connections to push the DAO forward.

Daily News | Online News About the ApeCoin DAO and Foundation

Like other DAOs, the ApeCoin DAO is a decentralized government aimed at building and managing a global community. Members can submit ideas, comments, proposals, and vote on them.

The APE Foundation is described as the “steward of ApeCoin.” It facilitates community-led governance and is responsible for administering the DAO’s decisions. In addition, it is also responsible for day-to-day administration, accounting and compliance with legal requirements.

All investment/financial opinions expressed by NFTevening.com are not recommendations.

This article is educational material.

As always, make your own research prior to making any kind of investment.

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