ApeCoin DAO-N Low #6
To The Bored,
Good evening and thanks for reading the sixth edition of the Bored Ape Gazette’s ApeCoin DAO-N Low. We have lots to share this week including a bug bounty program, an update on Snag solutions’ marketplace, and a recently passed Ape Improvement Proposal that may increase the DAO’s voter turnout.
Without further ado, let’s jump right in and get to the “DAO-N Low.”
We are currently in the middle of spooky season which means that Horzien Labs’ “go-live date” for $Ape staking is right around the corner.
As the Bored Ape Gazette previously reported, Horizen Labs, the company that was tasked with building the DAO’s staking system, announced that the ApeCoin DAO’s staking program would go live around Halloween.
“We wanted to share the go-live date for Ape Staking, which is currently scheduled for October 31st,” Horizen Labs tweeted on September 22nd. “That date may move left or right by a week. We'll keep you posted.”
As the DAO’s staking “go live date” approaches, ApeCoin Special Council member Maaria Bajwa proposed the creation of a “bug bounty program” to safeguard the smart contract.
“Setting up a bounty program ensures the DAO always has resources available to allocate to white hat hackers who are protecting APE holders and the allocation of APE approved in AIP-22,” Bajwa explained in her proposal.
As the Gazette previously reported, the ApeCoin DAO approved of 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. Check out the Incentive Distribution Curve that was laid out in the proposal below:
“The upcoming staking program is a significant allocation of treasury resources and will require smart contract interaction from APE holders,” Bajwa wrote in her bug bounty proposal. “The bounty program adds an additional layer of security and decreases the risk to APE holders and the DAO.”
Bajwa goes on to write that the creation of this bug bounty program would delay the ApeCoin DAO’s staking start date by 2-4 weeks.
“Though bounty programs can often be months long, we propose a 2–4-week program prior to staking going live,” Bajwa wrote. “This offers sufficient time to surface vulnerabilities while still allowing staking to go live in a timely manner. If no vulnerabilities are found after the period, we propose that staking should go live, and the bounty program remain in place.”
Based on Horizen Labs go live date, the creation of a bug bounty program could delay staking until December 2022.
After Bajwa’s post, Horizen Labs Co-Founder and ApeCoin DAO Special Council Member, Dean Steinbeck, tweeted his thoughts on whether the DAO should pursue a bug bounty program.
“Yes there has been an audit,” Steinbeck wrote when asked if the staking smart contract has been checked. “I’ll defer to others with respect to the need for a bug bounty. Other than a minor delay I see no downside. But that’s for the community to decide.”
In the days since Bajwa’s bug bounty program proposal, several prominent Bored Ape Yacht Club members have voiced their opinions on whether the DAO should pursue this proposal. Some members were not happy with another delay to the ApeCoin DAO’s staking system.
Bajwa took to Twitter today in a 24-part thread where she answered some of the community’s questions regarding the timing of her proposal and why the DAO should create a bug bounty program.
The Bored Ape Gazette will continue to follow Bajwa’s bug bounty program proposal and will let you know when and if this proposal goes up for a vote.
You can read Bajwa’s full bug bounty proposal and join the conversation here: https://forum.apecoin.com/t/aip-draft-bug-bounty-program-for-aip-21/8792/12
On a related note, Steinbeck and the Horizen Labs’ team just released the testnet smart contract for the ApeCoin DAO’s staking system on Twitter.
This is a breaking news story. The Bored Ape Gazette is will have an article soon.
As the ApeCoin DAO discusses whether to pursue a bug bounty program, Snag Solutions recently told the community that Solidity.io will be auditing the marketplace’s code and that the company plans to launch its $Ape marketplace in November.
Check out the marketplace’s current timeline below:
Finally, the Apecoin DAO recently approved of an AIP that hopes to increase voter turnout.
Last week, the community overwhelmingly approved of AIP 106 titled “POAP Voting Rewards.”
“It’s really exciting to present a proposal that is widely accepted by the community,” AIP-106 author 0xSword told the Bored Ape Gazette. “That is the main benefit of building proposals as a team effort with other people from within our DAO community.”
As the Bored Ape Gazette previously reported, AIP-106 directs the Ape Foundation to add POAP (proof of attendance protocol) rewards for voters. This AIP also creates a 30-day contest to select four designs and reward the design creators with 100 $Ape each.
The Bored Ape Gazette will continue to follow this proposal and will let you know when POAPs for voting begins!
Thank you for reading this week’s edition of the ApeCoin DAO-N Low and be sure to like the Bored Ape Gazette on Twitter to stay up to date with all things $Ape!
Sincerely,
Kyle
Editor-In-Chief
Bored Ape Gazette