The Ape Foundation recently submitted a proposal to extend the lifetime of the ApeCoin DAO by three months. Failure to extend beyond September 30 would put the DAO at risk, according to the foundation’s proposal. Additionally, The DAO falls into a “vulnerable period without operational procedures.” However, many BAYC members are skeptical of this idea, especially since foundation members are paid $125K each for six months of service.
What is the idea of the Monkey Foundation?
As the official Twitter of Ape Foundation and ApeCoin announced, a three-month extension was proposed because the community did not submit alternative proposals to ensure a peaceful transition. This includes who can take over, what the elections look like, and so on.
“The absence of a Community AIP at the time of the election confirms that the election process written in the governing materials is ambiguous and insufficiently detailed,” the proposal states. Therefore, the sudden end of the Foundation’s rationale exposes the ApeCoin DAO to chaos and risk.
Furthermore, this extension ensures that the DAO complies with all laws and regulations. It will 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 cost, the same costs agreed upon in the original proposal will apply. This means that each board member will continue to receive a substantial sum to carry out their duties.
What is the opinion of the monkey community?
Community members don’t want to see the DAO fail because of a lack of structure. However, many question whether extending the board’s tenure is the best course of action.
The current members of the Monkey Foundation are Alexis Ohanian (Co-Founder of Reddit), Amy Wu (Head of Ventures and Gaming at FTX), Maria Bajawa (Principal at Sound Ventures), Yat Siu (Co-Founder and Chairman of Animoka Brands) and Dean Steinbeck (President and General Counsel at Horizon Labs). Community members who are not affiliated with third-party interested companies are seeking additional representation.
Some suggest that these individuals were paid $125,000 for six months of service. Therefore, instead of asking for an expensive extension, they should have discussed the solution during their tenure. Moreover, some monkeys criticize them for not getting along quickly and not being as active in the community as is expected of a board member.
On the other hand, other monkeys noted that if a “No” vote succeeds, the community will be stuck for months trying to find a new process. Additionally, some are insisting that foundation members have the necessary networks and connections to push the DAO forward.
About ApeCoin DAO and Foundation
Like other DAOs, the ApeCoin DAO is a decentralized government that aims to build and manage a global community. Members can submit ideas, comments, suggestions and vote on them.
The APE Foundation is described as the “steward of ApeCoin”. Facilitates community-driven governance and is responsible for managing DAO decisions. In addition, he is responsible for day-to-day management, accounting and compliance with legal requirements.
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