BAYC Community Supports ApeCoin Staking Mistake Bounty Idea

This would have to delay the launch of the APE token lock until December, but the reward should give ApeCoin holders more confidence that the staking rollout will go smoothly.

ApeCoin DAO Special Council Member Maaria Bajwa, ahead of the launch of NFT Bored Ape staking, suggested delaying the launch of the ApeCoin (APE) token lock by one month to add a bug bounty program. According to Bajwa’s proposal, the program will allocate 1 million APE ($4.5 million) for this purpose and will run for two to four weeks:

“ApeCoin staking will go live soon, and while the contract has already passed one audit, it makes sense for the DAO to implement a bounty program prior to launch. A delay of several weeks is a small price to pay for security.”

The main value of the proposal is that the bug bounty program will give ApeCoin holders more confidence that the staking implementation will go smoothly, especially in light of recent smart contract exploits. On the ApeCoin community governance forum, many have already voted for this idea.

Some community members wanted to know why the bounty program wasn’t implemented in the first place. The launch of staking has already been delayed several times. The staking launch is now tentatively scheduled for October 31st. If the reward offer is accepted, it could push back the staking launch to early December.

ApeCoin staking is one of the biggest new projects of the BAYC community. Bored Apes and Mutant Apes holders will be able to lock up their NFTs and ApeCoin for staking rewards. Over the next three years, 175 million ApeCoin worth about $794.5 million will be distributed to stakers.

In July, law firm Scott+Scott filed a class action lawsuit against Yuga Labs, accusing it of “luring investors.”