Over 5 Million Votes Have Been Cast So Far On The Bug Bounty Proposal. See The Current Results:
With over five million votes cast, a majority of the ApeCoin DAO community is currently in favor of 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 million $Ape 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, 5.1 million votes have been cast and 61% of the community is in favor of the creation of the bug bounty program.
This is a massive swing from Saturday when the community was split 50/50 on this proposal.
As more and more $Ape holders vote on AIP-134, Bajwa told the Gazette that she’s happy to see a lot of engagement from the community.
“Honestly, I'm most excited by how much people are engaged,” Bajwa told the Gazette. “I think a lot of folks know more about bug bounty programs now then they previously did, and that's awesome. Regardless of how people vote, I consider this a win for the DAO. I've read so many twitter threads and discord comments over the past few weeks, I hope these folks who are engaging will keep up with it after this vote is done.”
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.”