Survival of the ApeCoin DAO

General
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To DAO or Not to DAO?

Given a couple of recent posts from GordonGoner on X and Garga on X. This is a critical discussion.

If you want the ApeCoin DAO to survive and not have a Constitutional Vote to give all the Treasury to either the Ape Foundation or Yuga I would suggest a few important things.

  1. If you took funds from the DAO, give a proper update.
  2. If you took funds and did nothing, be honorable and return funds. Now it is friendly, but check the contract you signed you might be legally liable.
  3. Buy $APE so you can have more say.
  4. Actively participate in here.

I see some BAYC holders who bought BAYC early but I don’t see them active, voting and many from my conversations have already sold most of their APE.

If you want the ApeCoin DAO to continue, be active and see ways to adapt it to create a win-win and of course have the price of $APE go up.

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Questions

What are the assets in the ApeCoin DAO worth? Tangibles and intangibles?

What are the assets in the Banana Bill worth? Tangibles and intangibles?

What are the assets in the ApeCoin Foundation worth? Tangibles and intangibles?

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I’m still of the belief that the DAO should continue existing, but in a more decentralized form with significantly lower overhead costs.

We should move to true onchain governance, remove the legal apparatus, and eliminate most of the paid positions. This would massively reduce costs and expand the security and versatility of the DAO, with the end goal being of course to generate wealth for the DAO and all ApeCoin holders.

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We further decentralized AIP-466 getting rid of most of the paid positions and with AIP-582, the REVAMP AIP, eliminating admin review and putting voting on-chain, adding the Security Council while significantly reducing costs. If and when fully implemented this should accomplish all of your stated goals of onchain governance, eliminating most paid positions, reducing costs and expanding security.

It is not fair to the individuals that have been hired to run the Foundation, the Banana Bill, the Security Council, et al., to fire them because of the failures before they were hired to do the job that they are doing. Cam and team are doing a great job of cutting costs, realizing value back to the Foundation/ DAO, and building on ApeChain. We should fully implement on-chain voting and give them a chance to do what they were hired to do. If, after 12 months of on-chain voting, we are not in a better position, we should vote to disband the DAO and the Foundation and turn everything over to ApeCo, who, by the way, may not do a better job there as the team that is expected to be running ApeCo is the same team that is currently running the Foundation.

If we feel that it is time for this change now, we should vote to disband the DAO, and leave the Foundation in place to do the jobs that they were hired to do.

To be clear, the only difference between handing governance and the assets to the Foundation or turning it all over to ApeCo, is that if turned over to the Foundation none of the funds can be spent on anything other than the Foundation’s purpose; building ApeChain and ApeCoin. If turned over to ApeCo, the funds could be used for any purpose and would not be required to be invested back into ApeChain and ApeCoin.

To be clear, I trust @Garga. But if @Garga were hit by a bus tomorrow, what guarantees do we have that the assets currently held by the Ape Foundation and the DAO would be used to continue the mission of building ApeChain and ApeCoin? I, for one, would rather leave the assets with the Foundation and, if the DAO deems it necessary, remove DAO governance from the equation.

That said, if we remove DAO governance, we should turn over such governance to the Foundation under the direction of Cam as Executive Director of the Ape Foundation.

If we vote to turn the assets over to ApeCo without any legal responsibility in ApeCo to do the things that we think they “should” do, we have no guarantees that ApeCo will do any of the things that we think they “should” do. If you vote “yes” on this AIP, everything that we have done will be disbanded.

According to the text of the AIP at this point…

There will be no Banana Bill.
There will be no onchain governance.
There will be no Security Council who oversee the security of ApeChain.
There will be no accountability.
There will be no transparency reports.
There will be no legal obligation for ApeCo to do anything. (full stop)

If, by some series of events, control of ApeCo were to fall into the wrong hands, ApeCo would not be required to do anything that we think they “should” be required to do.

That said, I would vote “YES” to this proposal if the new ApeCo will be set up in such a way to guarantee that this new entity will be legally bound to carry out the ongoing mission of the DAO, without 1 ApeCoin being spent on anything other that ApeChain and the ApeCoin ecosystem.

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IMO and TBH, the release of transparency report by Banana Bill doesn’t mean that it is transparent. Negative on Banana Bill after read through the transparency report.