APEcoin(APE) ApeCoin Staking

As we near the launch of the ApeCoin staking system outlined in AIP-21 and AIP-22 48, we propose taking additional measures to ensure the DAO is following smart contract security best practices. This proposal uses treasury assets to fund a 1 million $APE bug bounty program with Immunefi 29, and partners with Llama 31 to help design, implement, and run operations of these initiatives.

This proposal would go into effect ahead of staking rewards beginning to accrue with AIP-21. The smart contract for AIP-21 is currently live on testnet so the bug bounty program can go into effect shortly after the AIP passes.

This proposal will delay staking rewards by roughly 3 weeks. 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.