APEcoin DAO Proposal Rejected For Lavish Spending Plans

A proposal by APEcoin DAO to build in their market was rejected by fans of the project, and the coin, based on its plans to spend ridiculous amounts of money on certain things related to building said market. These include wages, which one Twitter user said were “grossly overstated”.

APEcoin and its DAO were launched in March 2022.

The APEcoin DAO proposal

A potential expansion of the market was recently offered to APEcoin DAO members, with the proposal titled AIP-29.

The proposal is to obtain financial support from the APECoin DAO for the “Ape Drops” market. The goal of the project is to become an organized NFT platform for the Ape community. At full operational capacity, the company says Ape Drops will release many NFT drops per week from top space designers and musicians. Apparently, the funds from this proposal will go towards building a larger team and funding NFT releases and events with high profile artists.

Their hope with the marketplace is to have a platform for the $APE community to drive engagement in the form of artistic expression.

A link to the full proposal can be found here.

The community against AIP-29

Unfortunately for APEcoin, part of the community is not very happy with the AIP-29 proposal. Currently, voting is underway. However, some people are not happy with the money spent to “benefit more” from the holders.

To clarify, this proposal was submitted by Snoop Dogg’s team. It has nothing to do with Yuga Labs, the founders of BAYC, whose APEcoin is part of their brand. Additionally, Snoop Dogg has previously posted NFTs on the Ape Drops platform alongside Wiz Khalifa. “Ape Drops 03: An 8th” created through the Manifold Studio platform, which was an important part of the proposal.

Also, for the proposal, they hoped to complete all the tasks within 6-8 weeks. Duties include hiring many employees and setting up a treasury.

Where the problem comes from with many people around the APEcoin DAO proposal, including the Twitter user @mattborchert, is the cost. All in all, it was proposed that there would be a $2 million prize for completing their current tasks. In this case, a combined team salary and benefits of $860,000 and a cash share of $1.14 million total up to $2,000,000 that can be spent. Staff for hire include a full-time Artist Relations Manager, Operations Manager, Community Manager and Community Project Manager. On top of that, a part-time designer and three part-time community moderators. The highest salary is $250,000 for the Artist Relations Manager. With the lowest at $20,000 for each of the part-time community mods.

About the DAO

The APEcoin DAO was created at the end of March 2022, shortly after the launch of the long-awaited $APE coin from Yuga Labs’ most successful brand, BAYC. To clarify, ApeCoin DAO is a decentralized organization. It allows all APE holders to vote on governance decisions related to the token. Additionally, $APE is adopted by Yuga Labs as the primary token for all new products and services.

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