Last Friday, CypherGlaze, an NFT collector and one of the candidates for the ApeCoin Special Council Election, initiated a discussion about the monthly compensation of ApeCoin DAO’s Special Council. He proposed reducing the monthly compensation that members of the council received.
The Special Council currently receives monthly compensation of $20,833 in $Ape, an amount that CypherGlaze argues is too much. Comparatively, he states that the salary of the President of France is 25% less than this amount, and there is no country in the world with such a high average monthly income.
While there is an argument that a high salary typically attracts high profiles, CypherGlaze opined that it goes both ways in the DAO since the ApeCoin Council was not exactly a job. He wrote:
The Apecoin Council is not a job. Candidates are not going through an interview and there [are] no requirements in terms of background and competencies. And most of all there is no requirement in terms of activity, candidates are not requested to make the Special Council their main and only occupation.
That said, CypherGlaze believes that the high remuneration could be counterproductive as it may attract people who are only motivated by money. Moving forward, he suggested that the current pay of $20,833 is slashed by 5 to $4,166.6 monthly. This means that the current budget of one member of the Special Council will now be enough to cover all five. Put differently, the DAO could save up to $83,332, which could be channeled to other areas like marketing or to fund AIPs.
Over at the forum, there appears to be a consensus that the compensation is currently too high. One member of the community said that the annual salary of over $250,000 was “unsustainable and does not look to the future of the DAO long term,” adding that:
We can’t be paying out $1,250,000 a year for special council. Year one ok, so much had to be done, but we have to taper this off, it’s [definitely] an underlining factor why so many AIPs are overpriced imho.
There were, however, some concerns about when to enact the proposed change since new council members will soon be elected.