The proposal reads: “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.”
A proposal submitted to the ApeCoin DAO’s forum seeks to allocate 1 million APE tokens (worth $4.5M) as part of a bug bounty program.
In May, the ApeCoin DAO voted to add $APE and NFT staking by collaborating with Horizon Labs. The staking product was expected to be released by the end of October.
However, ApeCoin DAO’s Special Council Member maariab suggested postponing the implementation of Ape Staking. The proposal advocated launching a bug bounty program to counter the increasing number of blockchain exploits. It stated that the program must be carried out before the release of the staking product.
The 2-4 week-long bounty program will incentivize coders to find bugs in the smart contract. It will feature a four-tiered reward system. The highest bounty of 1M APE tokens will be rewarded to “white hat hackers” who extract the TVL of all staking pools.
The majority of the ApeCoin DAO's members agreed in favor of releasing the bug bounty program.
“Definitely a must have before the DAO starts building contracts with major dependencies. In general, great call.”
However, some members noted the suggestion should have been announced a few months back. They stated that going through with the program will further delay the launch of the staking product.
