As the launch of the ApeCoin staking system outlined in AIP-21 and AIP-22 is around the corner, ApeCoin DAO has voted to allocate $4.4 million for the bug bounty program. According to a snapshot vote, ApeCoin DAO members approved a proposal titled AIP-134, a funding request of 1 million APE ($4.4 million).
Considering the vote is approved (with 58% in favor), the bounty program is expected to go live on an ethical hacking program Immunefi. This bug bounty program is aimed to guard its upcoming token staking mechanism from hacks.
The staking system is currently running on a testnet and is set to go live in early December. The staking rewards would begin accruing on 7th December.
Moreover, the program will also aid in identifying security issues in a system designed to reward those who stake ApeCoin and Ape NFTs.
This bounty program offers researchers on Immunifi’s platform to win rewards for finding software flaws. As security exploits are plaguing the crypto industry, ApeCoin DAO approval for a bug bounty program is potentially helpful in preventing the mishaps.
Compiled by Coinbold