ApeCoin DAO-N Low #8
To the Bored,
Hello and good evening! Thanks for checking out the eighth edition of the Bored Ape Gazette’s ApeCoin DAO-N Low.
The holiday season is just around the corner and it’s beginning to look a lot like a busy time of year around the swamp. From staking updates to elections, the ApeCoin DAO has been anything but boring.
With so much going on, let’s ape right into the topic that’s been on everyone’s mind since the DAO began: staking!
Over the last two weeks, the ApeCoin DAO has passed, created, and started a staking system bug bounty program with Immunefi and Llama. This bug bounty program kicked off on November 10th when Immunefi announced that the program was live on social media.
The ApeCoin DAO’s bug bounty program will have two phases. The first phase will be focused on a “Goerli testnet deployment of the staking contract,” according to Immunefi. This first phase will last two weeks.
Following the first phase of the bug bounty program, the ApeCoin DAO’s staking contract will be deployed on the mainnet and the second phase of the program will begin.
This second phase will last the duration of the ApeCoin DAO’s three year staking system, according to Immunefi.
Whitehat hackers are invited to investigate the ApeCoin DAO’s staking contract and look for bugs! These hackers can be paid up to $1,008,888 USD for finding “critical level” vulnerabilities.
Llama Co-Founder, Austin Green, told the Bored Ape Gazette that the bug bounty program has received 15 submissions so far.
“Most submissions have been dismissed but there are a few that we’re still investigating and asking the white hats follow up questions,” Green told the Bored Ape Gazette. “None of these are critical issues though.”
To find out more about the bug bounty program or to submit a bug, check out Immunefi’s website here: https://immunefi.com/bounty/apecoinstakingtestnet/
As the DAO began its bug bounty program, Horizen Labs Co-Founder and ApeCoin Special Council Member, Dean Steinbeck, held a recent Twitter space where he laid out the DAO’s staking timeline.
During the Twitter Space, Steinbeck said that Horizen Labs is set to deploy the $Ape staking system on November 28th if the bug bounty program does not find any major issues.
After the staking system is deployed on November 28th, Steinbeck said that $Ape holders will have two weeks to commit their $Ape to the staking contract before rewards begin.
Steinbeck’s timeline lined up with the staking start date of December 7th that Special Council member Maaria Bajwa originally pitched in her bug bounty program Ape Improvement Proposal.
While the ApeCoin DAO awaits the findings from phase one of the bug bounty program, the ApeCoin DAO’s first ever election season kicked off earlier this month.
After the ApeCoin DAO nearly unanimously passed a pair of Special Council election proposals on November 2nd, the DAO’s election season began and $Ape holders can now throw their hats in the ring and run for office!
To run for a seat on the Special Council, $Ape holders will need to nominate themselves and fill out the DAO’s nomination Google Doc forum. $Ape holders have until November 20th to nominate themselves for the race!
As the Bored Ape Gazette previously reported, after the application process, the ApeCoin community will have the chance to meet all the nominees via their Discourse profiles. From there, the community will hold two different votes in December. The first vote will determine the candidates and the second vote will determine who will be on the Special Council in January 2023.
Check out the full election timeline below:
As the Apecoin DAO’s elections get underway, the DAO’s official marketplace gave the community an update on when it could launch.
Snag solutions took to Twitter on November 11th and shared an eight part thread about the company’s progress and an idea on when it will open its virtual doors.
In the thread, Snag Solutions announced that the marketplace received a favorable audit from Solidity.Io. Further the marketplace announced that it has changed two of its multi-sig signers based on community feedback and laid out its plans to route marketplace fee funds to ThriveCoin HQ’s “Thank APE” AIP program if and when the community approves of that proposal.
While Sang Solutions updated the community on what it’s doing, the marketplace finished its thread by saying that the marketplace will be ready to launch soon.
Finally, an update on timing! “We’re finalizing a final fix to include all Opensea offers with our technology partner @reservoir0x and will be ready for launch next week,” Snag Solutions tweeted. “That said, we’re still finalizing the grant agreement with @cartangroup and the
@apecoin DAO foundation. We’ll share and update next week as we finalize the agreement and lock in a launch date.”
Since a lot is happening inside the ApeCoin DAO, it is impossible to ignore what has recently happened to the crypto market at large. As the crypto space deals with the fallout from Sam Bankman-Fried and FTX, the ApeCoin DAO took to Twitter and said that the DAO did not have any funds on the now bankrupt exchange.
In a five-part Twitter thread, the ApeCoin DAO informed the community that none of the DAO’s treasury was on FTX and that the DAO keeps its treasury in “segregated custody accounts via Coinbase Custody.”
“In segregated custody, the entity securing the assets has no management authority of the assets,” the DAO tweeted. “In a liquidation event, the assets are fully returned to the client.”
The ApeCoin DAO went on to say that segregated custody accounts are standard practice on the institutional level because they provide clients with extra security.
“This is standard practice when operating at an institutional level, but more importantly serves to reduce significant key man risk, particularly when a large treasury is involved,” the DAO tweeted. “Publicly known individual key holders to a self-custodied wallet holding a large treasury face the very real possibility of being subject to personal security risks and even themselves can be manipulated through complex socially engineered attacks.”
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