ApeCoin Special Council Member Waabam Proposes Major Governance Overhauls That Would Bring The DAO To ApeChain. Find Out More:

ApeCoin DAO Governance may be on the verge of a major shift after Special Council member Waabam introduced an Ape Improvement Proposal last night that would overhaul the current governance structure.

On Thursday, Waabam took to the timeline and shared his proposal titled “ApeChain, On-chain – ApeCoin DAO Governance Revamp,” that seeks to sunset the Special Council, establish a new Security Council, and revamp the Ape Improvement Proposal process.

“It’s time for the ApeCoin DAO to focus fully on ApeChain," he tweeted. "Sunset Special Council. Move ApeCoin DAO voting on-chain. Decentralize governance of ApeChain. And unite the DAO around a new mission: growing ApeChain.”

In this proposal, Waabam outlines a vision for ApeCoin  where 65% of the DAO’s treasury would reside on ApeChain. The current Special Council would be replaced by a nine-person Security Council to act as a last line of defense for $APE in cases of hacks or other threats. The proposal also changes the AIP process, making it an eight-phase, 27-37 day on chain process that includes the need for community support, community temperature checks, KYC requirements, and contract negotiations before reaching a DAO-wide vote.

“The proposed governance revamp mirrors Arbitrum DAO’s governance style, which relies heavily on delegations to initiate proposals,” Waabam told the Gazette “You need a delegation with 500k $APE to propose a temperature check, and then a delegation with 1 million $APE to actually send it to the final on-chain vote. This process puts a greater emphasis on participating in delegations and on getting support for your idea before it gets submitted to a vote to the entire DAO. So any community member can still suggest ideas for proposals on discourse - they just need to get a delegation to support it in order to ultimately send it to a temperature check.”

If approved, this revamp could save the DAO $400,000 annually, accoridng to Waabam.

Rather than paying five Special Council members a combined $625,000 per year, the DAO would compensate nine Security Council members $25,000 each annually for their service.

At this time, this AIP is just an idea at the ApeCoin DAO and everyone around the $Ape ecosystem is encouraged to check out the full proposal and discuss it on the DAO’s Discourse forum here: https://forum.apecoin.com/t/apechain-on-chain-apecoin-dao-governance-revamp/26936

 

The Bored Ape Gazette will continue to follow Waabam’s governance revamp proposal and bring you insights from community members on these potential changes. Stay tuned for updates!