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Bored Ape Yacht Club will launch stakes for its NFTs later this month. A proposal was made on the ApeCoin governance forum that the launch should be delayed up to one month in order to add a bug bounty program.

ApeCoin DAO is evaluating whether to delay the launch of NFT (APE) and ApeCoin staking to make room for a bug bounty program.

According to Maaria Bajwa, ApeCoin DAO Special Counsel Member and proposal on the project’s governance board, the bounty program would provide 1 million APE ($4.5 million) to potential bounties. It would last for 2-4 weeks. The proposal stated that ApeCoin staking will soon go live.

Even though the contract has been through at least one audit it is prudent for DAO to implement an incentive program before going live. Bajwa shared the following: “Few week delay is a small cost for safety.”

One of the most important upcoming launches for BAYC is ApeCoin Staking. Holders of Mutant Apes or Bored Apes will have the ability to stake large amounts of ApeCoin and their NFTs in order to get staking rewards. In the next three years, 175 million ApeCoin (or $794 million) will be distributed among stakers.

The proposal’s core idea is to provide more assurance to ApeCoin holders regarding the smooth implementation of staking, especially in light of recent smart contract exploits.

Many voices agreed with the idea, but some asked why it hadn’t been implemented from the beginning. “Great idea!” But, where was this idea MONTHS back? Another thing to do to delay it… smh,” said a forum member. This statement is mine. “Why are we drafting this idea so late in the game?” “I’m not against delaying staketaking any further,” said another.

Multiple delays have already occurred in the staking process. Staking is currently scheduled to go live on October 31. The launch could be delayed if the proposal is approved.

The post BAYC’s ApeCoin and NFT Staking Program to Launch This Month first appeared on The Daily Encrypt.



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Angie Byrd