AIP-337: Re-evaluating ApeCoin DAO Special Council Salaries Structure

Yup. And I covered all of this in my synopsis (linked above) of the AIP-277 fiasco.

The issue here is that when the foundation set up the DAO, it basically had two high profile people (Alexis & Yat). And so, those salaries were set based on their caliber level. However, when the 2023 voting came around, those fixed salaries were retained irrespective of the candidates, their ability etc. It was basically the equivalent of promoting a VP to the position of CEO just because the board said so - and then not revising the compensation package accordingly. Or something like that.

AIP-1: Proposing the DAO - Process set the salary compensation back in Mar 2022 and it passed by a very wide margin during which 1438 wallets voted - most of them pretty large wallets because everyone was riding the $APE @ $14 (!) wave back in Mar 2022.

And that’s how we ended up paying each member of the SC almost $250K per year for what is, apparently, a part-time gig.

2022

2023

There’s nothing in AIP-1 nor the Ape Foundation mandate that addresses any sort of salary structuring.

In addition, the July 2023 nomination guidance was pretty clear in what credentials, expertise etc. the nominees would have.

And yes - for an entity that once had a $1b (?) market CAP, they totally didn’t care about pesky things like credentials, expertise, experience etc. And when you take into account the fact that the whole system is setup like a massive political enterprise, well, that’s how all the Special Council and other high-profile elections end up being a massive fiasco which mimics political agendas that tend to be rife with lobbying, favoritism, corrupt intent etc.

Yet - all this time, nobody (?) thought - for one minute - that there was something very wrong here. Then AIP-277 happened, word got out into the wild, and the sh*t storm ensued.

During this time, here are the AIPs related to the Special Council that have since gone up.

And like the retconned AIP-277, that accountability AIP-305 has been in admin review limbo since Aug 9th - even as later AIPs have been created, gone to draft, admin review and up for vote.

Amid all this, below is today’s performance metrics for $APE.

While the Ape Foundation wasn’t created to (wink-wink) improve the value of the token, clearly in the real world if the share price of a corp was this bad, heads would be rolling. And as the token has no utility (not even Yuga’s own games are moving the needle to any meaningful degree), with such a restrictive voting system, it shouldn’t be a surprise that the treasury is being drained while the DAO gains very little - if anything - of value.

As I said in my on-going outrage series (1, 2), “When there’s zero consequence for failure, what incentive is there to succeed - at anything?

In conclusion, the problems here aren’t restricted to the salaries because, aside from the original Special Council, the new people didn’t make the rules. So, hating on them for this isn’t a good look.

The bigger issues here are related to the voting system as well as the fact that the Special Council has seemingly placed itself outside the rules of the DAO, and thus, can do basically whatever they want as there’s zero recourse or consequence.

Below is an excerpt from the governance. Apparently the DAO community doesn’t actually have the power that it assumed that it was granted.

This governance guide is an overview of the proposal process. It’s a living document that will evolve and improve with the DAO community’s input.

So, the end result is that you can’t revise salaries, you can’t ask for accountability, you can’t ask for DAO docs or anything that remotely addresses transparency. And you certainly can’t fire anyone. For anything, you’d have to rely on the patently broken voting system whereby those with friends in high places and large wallets, get to decide. The end result is that you end up with the same churn of friends in rotation.

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