What you need to know about the ApeCoin DAO and Foundation
ApeCoin DAO is a distributed autonomous organization (DAO) whose goal is to build and run a community of people all over the world. Participating members may post and vote on suggestions, comments, and thoughts.
The ApeCoin DAO relies on the BAYC Foundation (the "steward of ApeCoin") to implement the governance choices made by the community. It is also responsible for the accounting, management, and following of rules that happen every day.
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The BAYC Foundation of ApeCoin DAO has recently asked to stay in office for an extra three months. The foundation claims that if the deadline for the extension is pushed beyond September 30th, the DAO would be in jeopardy.
The DAO would enter "a vulnerable time when it lacks effective operating processes," but many BAYC members would be skeptical about this idea after learning that the foundation members were paid $125,000 for only six months of work.
Any Ideas on the BAYC Foundation's Proposal?
To make sure the transfer goes smoothly, the BAYC Foundation and the official ApeCoin Twitter account want to wait three months. These considerations include identifying potential successors, designing appropriate voting procedures, and so forth.
Since the proposal says that "the lack of a community AIP on elections to date shows that the election process as described in the governance documents is vague and doesn't have enough information," the foundation says that a sudden end would put the ApeCoin DAO at risk of instability and danger.
Furthermore, it is said that the DAO would be in full compliance with all laws and regulations with this extension. It would also give the foundation a chance to make a thorough framework for elections and give the community a chance to agree on a simple way to vote.
The price is the same as what was discussed in the initial plan. As a result, the high compensation for serving on the board will remain as is.
Where does the BAYC community stand on this issue?
People in the community are worried that the DAO could fail because it doesn't have a leader. Many, though, wonder whether it is prudent to give the board more time to serve.
The current members of the BAYC Foundation are Alexis Ohanian (Co-Founder of Reddit), Amy Wu (Head of Ventures and Gaming at FTX), Maaria Bajwa (Principal at Sound Ventures), Yat Siu (Co-Founder and Chairman of Animoca Brands), and Dean Steinbeck (Founder of the BAYC Foundation). Members of the community have asked for more voices to be heard who aren't affiliated with any businesses that could have hidden agendas.
Some argue that the $125,000 already paid to these people after just six months of employment is irrelevant. They should have taken care of this problem while they were in office instead of asking for a pricey extension. Some BAYC shareholders have also said they aren't as engaged in the community as they should be given their position on the board.
However, some bayc holders have pointed out that the community would be in disarray for months if the "no" vote wins. Additionally, there are many who think the DAO's foundation members already have the connections and networks to make the project a success.
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