NECK AND NECK: The ApeCoin Community Is Currently Split On AIP-134
Its neck and neck at the ApeCoin DAO as the community is split on whether to move forward with a staking bug bounty program.
The Apecoin DAO is voting on an important Ape Improvement Proposal this week that, if passed, will lead to the creation of a staking bug bounty program and delay $Ape staking rewards until December 7th .
AIP-134 titled “Bug Bounty Program for AIP-21” is a process proposal written by Special Council Member Maaria Bajwa.
At the time of this article’s publication, over 3.2 million votes have been cast and the community is currently split 50.9% against and 49.1% in favor of the proposal.
In AIP-134, Bajwa wrote that the DAO should vote in favor of a bug bounty program because the staking rewards laid out in AIP-21 make up a significant portion of $Ape’s total coin supply.
“As we near the launch of the ApeCoin staking system outlined in AIP-21 and AIP-22 we propose taking additional measures to ensure the DAO is following smart contract security best practices,” Bajwa wrote. “This proposal uses treasury assets to fund a 1 million $APE bug bounty program with Immunefi, and partners with Llama to help design, implement, and run operations of these initiatives.”
As the Gazette previously reported, the ApeCoin DAO approved 175 million $Ape tokens or 17.5% of the coin’s total supply being distributed via staking over the next three years, according to AIP-22.
This added security is not without its drawbacks. In her proposal, Bajwa explained that If the ApeCoin DAO passes AIP-134, then $Ape staking rewards will be delayed by three weeks.
“This proposal will delay staking rewards by roughly 3 weeks,” Bajwa wrote. “If this proposal passes, staking rewards would begin accruing on 12/7, rather than 11/14. Though the 3-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.”