ApeCoin DAO Considers Delaying APE Staking And Introducing Bug Bounty Scheme

The ApeCoin DAO is considering whether to push back the launch of NFT and ApeCoin (APE) staking in order to allow for a bug bounty program. 

The bounty program would allocate 1 million APE ($4.5 million) to potential bounties and last 2-4 weeks, according to the proposal by ApeCoin DAO Special Council Member Maaria Bajwa on the project’s governance forum. “ApeCoin staking is going live soon, and though the contract has already been through at least one audit, it is prudent for the DAO to implement a bounty program prior to going live,” said the proposal. “Few weeks delay is a small price for safety,” Bajwa added on Twitter.

ApeCoin to earn staking rewards

One of the most significant impending initiatives for the BAYC community is APEs staking. Bored Apes and Mutant Apes owners will be able to stake their NFTs as well as significant quantities of ApeCoin to earn staking rewards. Stakeholders will get 175 million ApeCoins ($794.5 million) over the following three years.

The proposal’s main argument is that, in light of recent smart contract exploits, a bug bounty program would give ApeCoin holders more confidence that the staking implementation will proceed smoothly.

Many commenters on the governance forum supported the proposal but questioned why it hadn’t been implemented from the beginning. “Great idea! But where the hell was this concept MINS ago? One forum user said: “Yet another thing to throw at staking to postpone it… smh.” I agree with this assertion. Why are we waiting until this late in the game to draft this concept? Another said, “I definitely oppose postponing staking much longer.

There have already been several delays in the entire staking process. Staking will reportedly start taking place on October 31. If the application is approved, the launch date might be delayed until the first part of December.

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