First ApeCoin DAO Board Chat Will Be Live On April 25! This Forum Might Explain More About Criticized ApeCoin’s DAO Structure
First ApeCoin Chat With the DAO Board Will Be Live On April 25!
In an official announcement via Twitter, ApeCoin will welcome you to join their 1st ApeCoin DAO forum on April 25 at 5:30 PM ET with their DAO board including Alexis Ohanian, Amy Wu, Maaria Bajwa, Yat Siu and Dean Steinbeck. Perhaps the purpose of this forum is to clarify the “weird” structure of the ApeCoin DAO board, which has lately been criticized by the crypto community.
ApeCoin DAO’s governance architecture has recently been criticized since the DAO’s early contributors possess excessive authority.
Cobie, a market analyst, has questioned the board’s structure, arguing that it is unsuitable for addressing some issues. Cobie expressed his dissatisfaction on Twitter and in a long post on Substack.
Cobie asked on Twitter if ApeCoin board members were just investors who contributed to the launch, adding that if that was the case, it would be “weird” to have “only board members as people with a potentially adversarial motive to the rest of the DAO.”
Cobie points out that a portion of the 140 million ApeCoins given to launch contributors will be unlocked at the staking launch, and that some of these members will have over 33% of the allocation unlocked. They have a lot of leverage in the staking program because of this.
He goes on to say that there might be conflicting incentives at work, and those board members should correctly reveal interest amounts when making proposals. The worry here is obviously that proposals may be made in support of these board members.
Cobie’s concerns are fair, and he discusses how the term “staking” has been reused and reinterpreted in his blog post. He declares: “Instead of receiving rewards for contributing to chain security with collateral at stake, modern ‘staking’ just seems to mean idk we give you more coins as a reward if you don’t sell your current coins lol.”
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