Apecoin DAO Votes for Two New Special Council Seats to Replace Alex Ohanian and Yat Su

ApeCoin DAO (the Decentralized Autonomous Organization or DAO), composed of ApeCoin Holders (APE), has elected two new members to the Board of its Special Council. They fill the spots previously held by Yat Siu, chairman of Animoca Brands, and Alexis Ohanian, co-founder of Reddit.

ApeCoin, an Ethereum-based native currency for the Bored Ape Yacht Club, launched on March 20, 2022. The ApeCoin website states that the Ape Foundation is in place to maintain smooth governance of the ApeCoin Treasury and DAO. The Ape Foundation is overseen by the Special Council, whose role is to “manage DAO proposals and serve the vision of the community.” However, what this means in concrete terms is not explained.

The DAO began voting on Thursday to replace Siu and Ohanian, who have served since the DAO’s inception. The new term of office begins on July 1 and lasts one year.

Voting ended Wednesday night and Bored Ape’s CaptainTrippy and pseudonymous ApeCoin community manager Waabam were welcomed to the special council. Wabaam received 31.2% with 7.7 million APE and CaptainTrippy 29.4% with 7.3 million APE of the five candidates.

Bored Ape, Gerry and Vera Li will join the existing members of the Special Council. ApeCoin DAO filled two Governance Steward positions, with All City bringing in BAYC Tiger is fine.

CaptainTrippy stated in his previous nomination statement that he hopes to “align and push the culture of the ApeCoin DAO community into the Metaverse.”

Both Ohanian and both expressed support for the new Special Council members.

Siu wrote a thread on Twitter expressing his support for the organization’s growth.

Siu said: “I value my experience as a SC member of ApeCoin. It was full of innovation, experimentation, and creative problem-solving at the cutting edge of a breathing organism!” “Animoca Brands as an organization will continue to grow the ApeCoin ecosystem, including games that support APE, and I look forward to being part of the DAO with all of you to be.

Some ApeCoin members raised concerns about the high salaries of the special council members. They each make $20,800 a month or $250,000 a year. Some ApeCoin DAO members suggested cutting salaries in half or rewarding executives based on their contributions to the organization.