Later this month, Bored Ape Yacht Club (1) plans to introduce staking for its NFTs and ApeCoin (2). The launch should be postponed for up to a month to incorporate a bug bounty program, according to a suggestion on the ApeCoin governance forum.
What's happening?
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 (3), the bounty program will give 1 million APE ($4.5 million) to prospective rewards and span 2-4 weeks. The suggestion said that even though the contract has previously been through at least one audit,
"ApeCoin staking is coming live shortly," and "it is prudent for the DAO to develop a reward scheme before going live." Bajwa continued on Twitter, "A few weeks' delays 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
2022 is also on pace to be the biggest yr for hackinghttps://t.co/Rp6p1Da6AJ
Few weeks delay is a small price for safety
— maaria.eth (@maariabajwa) October 15, 2022
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 incentives. 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
What does the proposal contain?
The proposal's main argument is that, in light of recent smart contract vulnerabilities, a bug bounty program will give ApeCoin investors more confidence that the staking implementation will proceed smoothly. Many commenters on the governance forum supported the proposal but questioned why it hadn't been implemented from the beginning. There have already been several delays in the entire staking procedure. Staking will reportedly start taking place on October 31. The launch date may be delayed until early December if the application is approved.
