Sunday, November 27, 2022
HomeCryptoBored Ape Yacht Club Community Tears After New ApeCoin DAO Update

Bored Ape Yacht Club Community Tears After New ApeCoin DAO Update

The ApeCoin DAO announced yesterday in a tweet the launch of an ApeCoin (APE) staking system in the fall. The community is disappointed with the delay in implementing ApeCoin staking and has criticized the APE Foundation for its lack of transparency regarding updates.

Additionally, ApeCoin DAO chose Horizen Labs to build and manage the staking system for the DAO. This is the same company that Yuga Labs partnered with in October 2021 to launch ApeCoin (APE).

ApeCoin DAO to Launch APE Staking in Fall

In a July 23 press release, the APE Foundation announced a progress update on the ApeCoin (APE) Staking System, which was adopted as part of the AIP-21 and AIP-22 proposals in may. After a thorough evaluation of the multiple responses, the Foundation selected Horizen Labs to build and manage the APE staking system according to the guidelines set out in the proposals.

Additionally, the foundation estimates that successfully implementing the staking system would take 12 to 16 weeks. The launch of the staking is planned for the fall, that is to say in October or November.

Staking is important to our community and we need to set it up properly. We expect a robust staking system to be launched this fall.

The community is disappointed with the APE Foundation’s delay in staking and transparency. Many believe that the 12 to 16 week delay begins after the proposals are adopted. Additionally, the community is looking for answers on dates and stages of development regarding selection, costs, and launch, as the information available is minimal.

Additionally, the community urges the DAO to provide more frequent and transparent updates on staking progress. Many concerns about the possibility of APE staking aligning perfectly with ApeCoin unlocks by “launch partners” of the EPA.

APE price drops after delay

The price of ApeCoin (APE) rallied more than 50% in a week on the back of increased trading volume. But the price of APE corrected significantly following the delay.

In the past 24 hours, the price of ApeCoin (APE) has fallen over 6%, with the price currently trading at $6.35.

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