Following a quick vote that ended on November 3, ApeCoin DAO members approved a proposal called AIP-134, requesting 1 million APE ($4.4 million) in funding for the bug bounty program with its organizer, Immunefi.
ApeCoin DAO is the decentralized autonomous organization overseeing the development of ApeCoin, the token used in Yuga Labs’ NFT collections Bored Ape Yacht Club and Mutant Ape Yacht Club.
In order to protect the upcoming staking mechanism from unfortunate attacks, ApeCoin DAO’s bounty hunting bug finding program will focus on identifying security vulnerabilities in the reward distribution system for APE and Ape NFT stakers.
Staking ApeCoin , one of the most anticipated milestones by the BAYC community, is currently running on a test network and is scheduled to go live in early December.
According to the AIP-134 proposal, after being adopted, Immunefi has 7 days to design and prepare for the implementation of the program. The program officially started on the Goerli Testnet on 10/11 and is scheduled to run for two weeks. However, it is not clear what levels ApeCoin Dao’s bug bounty reward program will have.
Awesome to work with @apecoin on boosting their security!
We’re here to serve. https://t.co/ZIMtLBKkKq — Immunefi (@immunefi) November 3, 2022
Immunefi is the most active “bug bounty” organizer in the blockchain field today. It claims to have more than 300 collaborative projects, protects more than $100 billion of users and has granted $136 million in bonuses to white hat hackers.
The bug bounty programs take place in the context of constant security attacks that put pressure on the market. Last month alone, there were 44 exploits that caused more than $650 million in damages.
>>> See also: ApeCoin DAO postpones staking rollout and adds bug bounty program
