ApeCoin DAO, the decentralized autonomous organization behind the ApeCoin cryptocurrency, has replaced Animoca Brands chairman Yat Siu and Reddit co-founder Alexis Ohanian, in its special council that oversees the Ape Foundation.
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Fast facts
- The decentralized organization voted in two new members for its special council seats — pseudonymous ApeCoin DAO community manager Waabam and Bored Ape NFT holder CaptainTrippy — who will serve for a year starting July 1.
- ApeCoin DAO launched the community vote for its new members last Thursday, which concluded on Wednesday. Siu and Ohanian both showed support for the new candidates.
- ApeCoin is the cryptocurrency distributed to Bored Ape Yacht Club non-fungible tokens owners. It is the governance token for the ApeCoin DAO.
- “ApeCoin DAO is one of the most important DAOs in the world. As a model often touted by the crypto community as the future of governance, ApeCoin DAO is in a unique position to demonstrate if, or how the model can succeed,” wrote Yehudah Petscher, NFT strategist at Forkast Labs.
- “It’s important to keep in mind that it’s ApeCoin holders who actually hold the power to steer the direction of ApeCoin through their voting power based on their holding ApeCoin. One of their current proposals to vote on is to cut the salary of the Special Council members who are earning as high as US$20,000 each month,” added Petscher.
- ApeCoin rose 2.76% to US$2.30 in the 24 hours leading up to 9:10 p.m. in Hong Kong, according to CoinMarketCap.
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