By Nathan Ferguson
The ApeCoin DAO is contemplating if to procrastinate or release the non-fungible token and the staking of ApeCoin (APE) to offer a bug bounty project. The bounty project would allocate up to 1M APE (approximately $4.5M) to likely bounties for a period of nearly two to four weeks, as per the proposal submitted by Maaria Bajwa (the Special Council Member at ApeCoin DAO) on the governance forum of the project.
Special Council Member of ApeCoin DAO Proposes a Bug Bounty Project for Security Improvement
The proposal noted that ApeCoin staking will shortly be live and it is a wise decision to be taken by the DAO to carry out the implementation of a bounty project in advance of going live. The delay of a few weeks counts as a little price in return for safety. ApeCoin staking has a place among the next largest launches to be seen by the Bored Ape Yacht Club (BAYC) community.
Mutant Apes and Bored Apes holders will be permitted to stake the non-fungible tokens as well as the huge sums of ApeCoiin to get staking rewards. During the coming 3 years, up to 175M ApeCoin (nearly $794.5M) are to be distributed among the stakers. The proposal’s main focus is that additional assurance would be provided by a bug bounty project to the holders of ApeCoin that the implementation of the staking will move smoothly.
This is being done especially keeping in view the recent exploits targeting smart contracts. Several were supporting this idea on the governance platform however inquired why this had not been there from the beginning. One of the form members stated that this is just another thing thrown to get the staking delayed for another time.
Another member echoed the respective statement and asserted that he is not in the favor of further delay. Previously many delays have been seen during the entire staking process. At the moment, the staking is to take place on the 31st of this month however this is not a conclusive date for the event.
ApeCoin DAO’s APE Staking Might Get Delayed Till December
In the case of this proposal’s approval, the respective date might shift further to the start of December this year. In the previous month, approximately 25M APE tokens were unlocked to be provided to the creators, accounting for almost eight percent of the circulating supply of the respective token.