ApeCoin DAO, the Decentralized Autonomous Organization that is in charge of overseeing the development of APE, the native token of the Bored Ape Yacht Club (BAYC) ecosystem, approved the allocation of $4.4 million to run a bug bounty program on ImmuneFi .

According to the snapshot of votes cast that ended today, up to 3.9 million APE tokens were issued in favor of the proposal, dubbed AIP-134.

The votes in favor ended at 57.92% compared to 42.08% of those who committed 2.9 million APE against the proposal.

The essence of the bug bounty is to create an additional layer of security for the highly anticipated ApeCoin staking service that is billed to launch in December. ApeCoin DAO wants experienced hackers to help look for the loopholes or any porous pathways in the staking smart contract that may cause headaches later on.

The bounty, now that it has been approved, can be launched on ImmuneFi with the 1 million APE tokens earmarked for the bounty to be drawn from the protocol treasury.

“As we get closer to the launch of the ApeCoin staking system outlined in AIP-21 and AIP-22, we propose to take additional steps to ensure DAO follows smart contract security best practices. This proposal uses treasury assets to fund a $1 million APE bug bounty program with Immunefi, and partners with Llama to help design, implement, and run the operations of these initiatives,” read a snapshot of the proposal.

The DeFi ecosystem has not been spared from the disputes and inconveniences caused by hackers this year. The fact that there is a security breach in most emerging smart contracts is not up for debate, whether the founding teams have the right model to prevent exploitation remains a major bone of contention.

As one of the most prestigious NFT collections, Bored Ape users have been a major target for cybercriminals, and hopefully the bug bounty will help iron out all the loose ends before the staking product launches.

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