ApeCoin DAO Indicators Off on a $4.4M Bug Bounty

ApeCoin DAO, the Decentralized Autonomous Group that’s in control of overseeing the event of APE, the native token of the Bored Ape Yacht Membership (BAYC) ecosystem, has authorised the allocation of $4.4 million to conduct a bug bounty program on ImmuneFi.

In line with the snapshot of the votes solid which ended at present, as many as 3.9 million APE tokens have been solid in favor of the proposal, dubbed AIP-134.

The votes in favor ended at 57.92% as in comparison with 42.08% for individuals who dedicated 2.9 million APE in opposition to the proposal. 

The essence of the bug bounty is to carve out an additional safety layer for the a lot anticipated ApeCoin staking service that’s billed to go dwell in December. The ApeCoin DAO needs skilled hackers to assist get hold of the loopholes or any porous avenues within the staking good contract which will trigger complications afterward.

The bounty, now that it has been authorised could be launched on ImmuneFi with the 1 million APE tokens earmarked for the bounty set to be drafted from the protocol’s treasury.

“As we close to the launch of the ApeCoin staking system outlined in AIP-21 and AIP-22, we suggest taking extra measures to make sure the DAO is following good contract safety greatest practices. This proposal makes use of treasury property to fund a 1 million $APE bug bounty program with Immunefi, and companions with Llama to assist design, implement, and run operations of those initiatives,” a snapshot from the proposal reads.

The DeFi ecosystem has not been spared from the wranglings and inconveniences brought on by hackers this 12 months. That there’s a safety loophole in most rising good contracts is just not a query up for debate, whether or not founding groups have the precise mannequin to forestall exploitation stays a significant bone of rivalry.

As one of the prestigious NFT collections, Bored Ape customers have been a significant goal of cybercriminals, and hopefully, the bug bounty will assist tighten all free ends forward of the launch of the staking product.

Picture supply: Shutterstock

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