ApeCoin Staking Officially Delayed

ApeCoin Staking Officially Delayed

Horizen Labs is holding the deployment of the ApeCoin staking contract for a decision on the much-discussed $4.6 million bug bounty program, according to Dean Steinbeck, CEO of Horizen Labs and APE Foundation board member.

"We are ready to deploy," said Steinbeck in a direct message on Twitter. "Just waiting for a decision on how the bug bounty impacts the launch date."

"AIP-134 proposes a bug bounty program for the staking system outlined in AIPs 21&22," ApeCoin wrote on Twitter. "The Ape Foundation has asked Horizen Labs to delay the launch date until the end of the voting period (Nov. 2, 2022)."

The bug bounty program, which would set aside portions of a 1 million $APE reserve to pay to users who could find issues in ApeCoin's soon-to-be-released staking contract, made its way through the AIP moderation phase yesterday and is now a live AIP (134). Every Thursday new live AIPs are released at 9 p.m. ET for ApeCoin holders to vote on. Supporters of the bug bounty program now have to wait until Nov. 2 at 9 p.m. ET to see the results — three days after the staking contract was originally set to launch.

The bug bounty program, if approved, would delay staking rewards by about three weeks, starting on Dec. 7 instead of Nov. 14, as was originally scheduled.

"Though the three-week delay is unfortunate it is vastly preferable to a security breach as a result of not following security best practices. We believe it is very beneficial for the DAO to approve this program," the proposal document said.

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 626 ETH volume of transactions. Over the last 30 days, 25 sharp wallets have sold 28 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

#532sold at 11/30 9:11am for
66.0
#8392sold at 11/30 8:11am for
67.0
#279sold at 11/30 8:11am for
68.5
#7391sold at 11/30 3:11am for
69.4
#4906sold at 11/30 3:11am for
69.7

Recent Bored Ape Yacht Club Listings

#4483listed at 11/30 1:11pm for
70.0
#527listed at 11/30 1:11pm for
70.4
#1971listed at 11/30 1:11pm for
71.8
#4483listed at 11/30 1:11pm for
70.4
#527listed at 11/30 12:11pm for
70.4
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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