The digital finance movement seems to be gaining speed with the introduction of decentralized autonomous organizations (DAO) as a way to govern native currency ecosystems. Back in March 2022, Ethereum-based ApeCoin (APE) launched the Bored Ape Yacht Club, and with it a DAO to ensure smooth governance over the currency’s ecosystem. Guided by the Ape Foundation, which works with the ApeCoin DAO, the organization’s brief was to “administer DAO proposals and serve the vision of the community”, though specific details weren’t laid out.
ApeCoin DAO Fills Empty Seats: Ohanian and Siu’s Replacement
In the interest of keeping the DAO running, it opened a vote last Thursday to fill two empty seats formerly occupied by Reddit co-founder Alexis Ohanian and Animoca Brands chairman Yat Siu. The new term would begin on July 1 and last for one year. On Wednesday evening, the ApeCoin DAO announced the addition of two new recruits: Waabam and CapetainTrippy. Waabam received 31.2% of the vote, while CapetainTrippy secured 29.4% of the ballots with 7.3 million APE votes.
The new members mark a potential era for the ApeCoin DAO, sparking hope for a vibrant community. The special counsel now consists of five members, including Waabam, CapetainTrippy, Bored Ape G, Gerry, and Vera Li. In addition, two Governance Stewards, All City BAYC and Tiger is fine took their seats on the ruling body.
Capetain Trippy ran for the council with the goal of aligning and driving culture forward in the metaverse. And the DAO seems to be pushing for the metaverse, investing in games supporting the ApeCoin ecosystem.
Metaverse Potential: Expanding Games and User Base
This enthusiasm was echoed by Siu and Ohanian in a recent message of congratulations to the two new entrants. Animoca Brands chairman expressed appreciation for his time as a Special Council member, highlighting valuable experiences gained. Ohanian acknowledged the organization’s growth beyond expectations and expressed excitement about contributing in different capacities.
The ApeCoin DAO salary debate had reared its ugly head earlier this month. Many opposed the large compensations of Special Council members at $20,800 per month, asking for a 50% cut. Some also suggested rewarding leaders based on performance instead. This renewed criticism with some deriding the ApeCoin DAO as being “out of touch” and potentially “burning cash on nothing”. Yat Siu defended the salaries, noting the importance, duty of care, and risk associated with a multi-billion dollar project.
New members bring metaverse expertise while the experienced backbone ensures stability, making ApeCoin a force in digital finance. Siu, Ohanian, and new members can shape a prosperous future and revitalize the ApeCoin DAO. The platform’s expanding games and user base suggests that the metaverse may become a reality soon.
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