ApeCoin DAO Board Member Proposes $4.5M Bug Bounty Program

ApeCoin DAO Board Member Proposes $4.5M Bug Bounty Program

An ApeCoin DAO board member submitted a bug bounty program proposal that includes the delay of the ApeCoin staking launch by about 2-4 weeks.

Maaria Bajwa, a board member and a principal in the investment fund Sound Ventures, submitted the AIP idea to "provide an additional layer of security to identify bugs and keep users safe" in the face of notable exploits such as the recent incident where more than $560 million was stolen from Binance. Bajwa added that it is "prudent" to implement the program, which would set aside 1 million $APE (about $4.5 million) "prior to going live." The AIP idea deals only with AIP-21, the first of two approved staking proposals for ApeCoin.

"Though bounty programs can often be months long, we propose a 2-4 week program prior to staking going live. This offers sufficient time to surface vulnerabilities while still allowing staking to go live in a timely manner," the proposal said.

Bajwa's AIP idea was submitted on Oct. 13, and now needs to wait for the seven-day feedback window to complete before moving it forward in the lengthy AIP process. Assuming it passed quickly through the AIP analysis report, moderation, post-moderation, and administrative review stages, the earliest day the bug bounty program could be voted on would be Oct. 27 (live AIPs are released in batches on Thursdays).

The voting would close Nov. 2 — two days after the staking contract is scheduled to go live Oct. 31, according to a recent tweet from Horizen Labs, which is building the staking mechanisms.

Horizen Labs co-founder Dean Steinbeck, who is on the ApeCoin DAO board, said in direct messages on social media that he wasn't the "best person to speak about the bug bounty" but that a bug bounty program "wasn't part of AIPs 21 and 22 and therefore never considered it."

"I think, in general, the idea of a bug bounty is good," said Steinbeck. "In this case we'll defer to the community."

The AIP idea was already being heavily discussed by board and community members with more than 1,200 users (the most on the ideas page) viewing the proposal. AIPs 21 and 22 were approved by the community in May.

"This timing can’t be serious...This proposal should have been done months ago, not two weeks before the staking date," said user Piair. "The contract has been professionally audited. It’s totally fine to have a bug bounty program but it should not delay the all thing again. Let’s open a bug bounty program while ApeCoin staking is live, it will be perfectly fine like this."

More about Bored Ape Yacht Club

Arguably the most successful NFT project, the Bored Ape Yacht Club (BAYC), is a collection of 10,000 uniquely generated bored apes that are stored on the Ethereum blockchain. Launched on April 23, Bored Ape Yacht Club had a mint price of 0.08 ETH and the collection sold out on April 30, 2021. Since its launch, the project has dropped multiple companion collections including Bored Ape Kennel Club, Mutant Ape Yacht Club, and Otherdeed for Otherside, and has helped onboard a number of high profile and celebrity collectors to the NFT ecosystem.

At the time of publish, the Bored Ape Yacht Club floor price sits at 65.99 ETH, and has stayed relatively flat over the past 24 hours on 706 ETH volume of transactions. Over the last 30 days, 27 sharp wallets have sold 30 NFTs and 29 sharp wallets have bought 29 NFTs in the Bored Ape Yacht Club collection. Catch up on other recent Bored Ape Yacht Club news here.

Recent Bored Ape Yacht Club Sales

#2533sold at 12/08 7:12pm for
64.0
#8010sold at 12/08 7:12pm for
64.9
#3851sold at 12/08 6:12pm for
68.5
#2257sold at 12/08 5:12pm for
67.0
#6466sold at 12/08 5:12pm for
75.0

Recent Bored Ape Yacht Club Listings

#8477listed at 12/08 8:12pm for
117
#4022listed at 12/08 8:12pm for
69.7
#8477listed at 12/08 7:12pm for
117
#2533listed at 12/08 7:12pm for
70.5
#2533listed at 12/08 7:12pm for
70.5
Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice.
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