ApeCoin DAO agrees to fund APE Foundation’s administrator for two more months

ApeCoin DAO agrees to fund APE Foundation’s administrator for two more months

In what could be best described as a push towards independence, members of ApeCoin DAO have agreed to extend the contract of the APE Foundation administrator (Cartan Group, LLC) for just two months. Within this period, an interim working group will be formed “with a conceptual mandate of operationalizing the DAO.”

In December, Cartan Group, a full-service financial technology management consulting firm, created a proposal to extend its contract with the Ape Foundation by another year. Many members of the Ape community kicked against the increase in remuneration from $150k to around $330k. Consequently, only 22.6% of the voters supported the Cartan proposal.

In a spillover of the event, several community members agreed that it was necessary to move away from a central entity in pursuit of greater independence and decentralization. This led to the creation of AIP-196, “Bringing Order and Reliability via Ecosystem Decentralization.”

The new proposal, which was passed on Thursday morning following a 72% support from the community, will see the creation of an interim working group called “Working Group Zero.” Moving forward, Cartan Group will provide APE Foundation administration services from January 1 to February 28, 2023, during which it will assist the interim group “in determining and transitioning all functions that don’t explicitly require a Cayman foundation administrator to the DAO.”

The interim group will serve for a trial period of three months, implementing a transparent “Request for Proposals” process to identify future APE Foundation administrators. It will be composed of key DAO stakeholders who had achieved Trust Level Status 2 on or before December 21, 2022, $APE holders who have voted on at least 50% of the AIPs that have gone to Snapshot, or $APE holders with 50,000 APE or more in voting power and have voted on at least one AIP.

Meanwhile, three members of the seven-man team will be appointed by the APE Foundation Special Council. There will be an election for the remaining four slots between January 7 and January 14.

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