Illuvium DAO slashes council pay by 25%
Earlier this week, Illuvium DAO approved a proposal to lower the remuneration of members of the Illuvinati council to $3750, a 25% drop from the existing $5,000.
Following the approval, each council member will receive a monthly compensation of $3750 in the form of $ILV tokens. The proposed changes will affect the group’s “Council Payment Section” and “Change Council pay Section” in IIPs 12 and 25, respectively. However, the determination of payment would still follow IIP-25 since the changes only affect the amount paid.
“It is imperative that the DAO continually evaluate the compensation of council members to ensure alignment of expectations and compensation to attract the best talent to lead the DAO while ensuring funds are used appropriately,” the proposal stated. It appears there have been some concerns over the council’s role in governance and DAO runway amid the ongoing crypto winter. That said, the council believes that there is a need to make some financial sacrifices to secure the future of the project.
This is not the first time that Illuvium is rolling out changes to its council pay. In May 2022, the DAO agreed to make council payments in stablecoins instead of its native $ILV token.
Speaking of compensation, some members of ApeCoin DAO recently began talks about reducing the monthly compensation of the Special Council. CypherGlaze, a previous candidate for the ApeCoin Special Council Election, insisted that the monthly compensation of $20,833 was too much and should be slashed five times to $4166.
