SNEAK PEEK
- The ApeCoin DAO may postpone the launch of NFT and ApeCoin (APE) staking to make room for a bug bounty scheme.
- ApeCoin staking is one of the most important upcoming projects for the BAYC community.
- Over the next three years, investors will receive 175 million Apecoins ($794.5 million).
The introduction of NFT and ApeCoin (APE) staking may be delayed by the ApeCoin DAO to accommodate a bug bounty program. According to the suggestion made by ApeCoin DAO Special Council Member Maaria Bajwa in the project’s governance forum, the bounty program will give 1 million APE ($4.5 million) to potential bounties and last 2-4 weeks.
The suggestion stated that even though the contract has already been through at least one audit, “ApeCoin staking is going live shortly,” and “it is prudent for the DAO to develop a bounty scheme before going live.” Bajwa continued on Twitter, “A few weeks delay is a reasonable price to pay for safety.”
APE staking is a new design that involves committing NFTs to a pool. New designs have increased smart contract risk (remember Aku?)https://t.co/UtPvp8ZxDl
— maaria.eth (@maariabajwa) October 15, 2022
2022 is also on pace to be the biggest yr for hackinghttps://t.co/Rp6p1Da6AJ
Few weeks delay is a small price for safety
One of the most significant impending initiatives for the BAYC community is ApeCoin staking. Bored Apes and Mutant Apes owners can stake their NFTs and significant quantities of ApeCoin to earn staking rewards. Stakeholders will get 175 million ApeCoins ($794.5 million) over the following three years.
5/N: 175mn $APE has been earmarked for the staking feature which will be distributed as such. In other words, 100mn $APE to be distributed to stakers in the first year. 30% (30mn) for Apecoin stakes, 47% (47mn) for BAYC and 19% (19mn) for MAYC. pic.twitter.com/0mBBOlR8hF
— Ouroboros Capital (@0xroborosCap) September 11, 2022
The proposal’s main argument is that, in light of recent smart contract exploits, a bug bounty program would give ApeCoin holders more confidence that the staking implementation will proceed smoothly.
An Ethereum-based currency focused on usefulness and governance is called the ApeCoin. There are 1 billion in total, and according to CoinMarketCap, 28% of them are now in circulation. Over the following several years, a large portion of the total quantity of tokens will eventually vest.
Since they all receive a free supply of valuable tokens that they may sell off, current Bored Ape and Mutant Ape NFT holders will initially gain the most. However, anyone can purchase APE from well-known exchanges.
Many participants in the governance conference agreed with the concept but questioned why it hadn’t been built in from the beginning. One forum user said, “Yet another thing to throw at staking to postpone it… smh.”
