ApeCoin Staking Officially Delayed

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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.

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TD Marquis

A veteran journalist and editor with more than a decade's worth of experience, TD helped a small community newspaper in Vermont win a New England Newspaper Association Right to Know Award in 2014. TD helped compile five years' worth of invoices to uncover a long-established practice of small-town government officials paying themselves six figures to do small jobs around town. TD discovered NFTs with Top Shot in 2021 and his first NFTs on ETH were saving two Mooncats. He is now the proud owner of Rowhome #61 and 1,300 other NFTs of questionable value. He also sent 4 ETH to a fake Mekaverse site and wants Lucky Trader readers to avoid the same fate.

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