The Bulletin Bored: Bug Bounty + Special Council Election Process

Contributions to this week's newsletter made by @maariabajwa

Happy Halloween 🎃 and welcome back for another issue of The Bulletin Bored, where I provide news, analytics, and other information on the Apecoin DAO and broader BAYC ecosystem.

Proposal voting metrics, Discourse forum activity, and the amount of proposal ideas have all increased this past month for the Apecoin DAO. Those interested in diving into the numbers a bit more can check out my Dune Analytics Dashboard here.

• This weekend, ETHGlobal's biggest IRL hackathon is taking place Nov 4-6 in San Francisco. The Apecoin DAO is one of the sponsors, giving away $10k worth of prizes. You can follow their Twitter account for updates on the event.

• The Bored Ape Yacht Club hinted at some events being held in Miami in early December 👀

• The Bored Ape Yacht Club announced the next Round21 physical item drop is coming in 2023

With today being the last day in October, it’s a great time to look back on the past month and see how various voting metrics compare to previous months. Check out my tweet thread below to view the latest trends in DAO voting.

This proposal suggests to delay AIP-21 by three weeks to implement a Bug Bounty on the Horizen Labs “Vested Airdrop” smart contract to increase its security. The program would be designed and implemented by Immunefi and Llama. Here is the updated timeline if this proposal passes:

Below are the current voting results.

This proposal sets up guidelines and rules for a semiannual nomination process for seats on the Special Council. It includes:

• 21 day application process

• 14 days of community discussion

• 6 days of community voting

Below are the current voting results.

Coinciding with AIP-137, this proposal sets up guidelines and rules for a semiannual election process for seats on the Special Council.

• Cycle One (seats 1, 2 and 3): Nomination and election to occur in November & December; elected Special Council member(s) to start in January

• Cycle Two (seats 4 and 5): Nomination and election to occur in May & June; elected Special Council member(s) to start in July

Below are the current voting results.

While participation levels were low across the DAO for the past several months, they have picked up the past few weeks. The Thank Ape proposal aims to build upon this recent trend and continue increasing participation and engagement levels by implementing a reward system.

Proposed by the team at ThriveCoin, it includes auto-validation of contributions across the platforms listed below.

Below is the proposed timeline, which highlights four of the six steps have already been built.

This proposal is asking for “an initial allocation of 260,000 Apecoin for a 6-month pilot of the Thank Ape initiative.”

• “200,000 Apecoin to be used as rewards for contributors on Twitter, Discourse, Discord, and other platforms desired by ApeCoin DAO members. These rewards would thank contributions as the community sees fit. The Apecoin would be held in a treasury with a Multisig wallet with proposal board members as fail-safe signers.”

• “60,000 Apecoin allocated to ThriveCoin to cover costs of technology service provisions, including: dedicated development and support team, setup, servers, support, maintenance, development, community support, and data analytics.”

Below is the team behind this proposal.

Maaria and Brian Wagner were kind enough to share a couple mockups of the Delegation Experience outline they are working on while they continue with the back-end as well. Don’t hesitate to reach out if there are other metrics or information you would like to see included.

The team behind approved AIP-91 posted a poll last week asking the community which feature they would like to see worked on first. For those wanting to provide input on their project, make sure to follow their account here.

Crypto Weekly by Maaria

Apecoin DAO Board Member Maaria continues to keep the community informed on what is happening across the Web3 community. Below are some of the updates from her most recent issue. You can subscribe to the full version here.

• MakerDAO passed "Endgame", a new governance architecture that breaks up MakerDAO into smaller clusters called "MetaDAOs". MetaDAOs will function independently from one another and will operate their own governance structure.

• Decentralized exchange Sushi voted to split its DAO governance and protocol administration across three new entities. A Cayman foundation will oversee the DAO treasury, a new Panamanian foundation will oversee the smart contract, and a Panamanian corporation will maintain the protocol's front-end.

• Apple introduced new Apple Store rules that limit the use of NFTs. Apps are banned from using QR codes or cryptocurrencies to give special access to users. It is also requiring users to buy and sell NFTs using its in-app payment system.

• LooksRare became the latest NFT marketplaces to make creator royalties optional, joining the likes of SudoSwap, X2Y2 and Magic Eden. 

• Twitter's new Tweet Tiles feature will allow users to display NFTs directly within their tweets. Users will be able to buy and sell the NFTs by linking to marketplaces like Rarible, Magic Eden, Dapper Labs, and Jump Trade.

• A CFTC commissioner warned investors of "contagion risk" in crypto markets, and drew parallel themes to the 2008 financial crisis.

• The SEC inspector general reported that the SEC's significant increase in rulemaking activity has limited the ability for staff to conduct research and analysis, increasing the likelihood of court challenges to the rules.  Attrition rates at the agency hit 6.4% in 2022, the highest in 10 years.

• SEC Commissioner Hester Pierce said the SEC has provided little clarity on NFTs, and suggested the agency should provide guidance for NFT projects to follow.

• Senator Warren, Representative Ocasio-Cortez, and other legislators sent a letter to various federal financial regulators asking how they intend to prevent their staff from leaving to join crypto firms. Over 200 government officials left their positions to join the digital asset space in 2021, and this has led to a significant increase in crypto lobbying efforts on the hill.

• Ethereum founder Vitalik Buterin cautioned that regulation too soon could alter the industry's ethos, specifically as it relates to censorship resistance and decentralization. Vitalik's tweets were likely in response to the back and forth exchange from Erik Vorhees and FTX CEO Sam Bankman-Fried on upcoming crypto legislation in the US. Maaria note: SBF and Erik joined Bankless podcast to discuss upcoming crypto regulations. I highly recommend you watch the conversation in its entirety.

Thanks for reading this week’s edition! As mentioned above, a lot of ideas are being proposed on the Discourse forum nearly every day. If you have one of your own and are unsure where to begin, please reach out to me so I can help you get started.

Disclaimer: As part of Apecoin DAO AIP-66, my grant agreement includes the Ape Foundation sending me 400 Apecoin per month for delivery of this newsletter. Nothing said by me in this newsletter or on Twitter should be construed as financial or legal advice. All opinions in this newsletter are my own and not representative of the Ape Foundation or Apecoin DAO in any way. The purpose of this newsletter is to inform the community about news, proposals and what is happening inside the Apecoin DAO and BAYC ecosystem, not a promotion of Apecoin or anything else in any way. By subscribing to this publication you give consent to use your email to send you issues of its newsletters and podcasts. You can view my Privacy Policy here.