ApeCoin DAO’s New Update Disappoints The Community, Here’s Why

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The ApeCoin DAO in a tweet today announced the launch of a robust ApeCoin (APE) staking system in Autumn. The community is disappointed with the delay in the implementation of ApeCoin staking and criticized the APE Foundation for being less transparent regarding updates.

Moreover, the ApeCoin DAO has selected Horizen Labs to build and manage the staking system for the DAO. It’s the same company Yuga Labs partnered with in October 2021 to launch ApeCoin (APE).

ApeCoin DAO to Launch APE Staking in Autumn

APE Foundation in a press release on July 23 announced an update on progress regarding the ApeCoin (APE) staking system, which was passed under the AIP-21 and AIP-22 proposals in May. After a thorough evaluation of multiple responses, the Foundation has selected Horizen Labs to build and manage the APE staking system under the guidelines set under the proposals.

Moreover, the foundation believes the successful implementation of the staking system would take 12-16 weeks. The expected launch of staking will be in the Autumn, which specifically means in October or November.

“Staking is important for our community and something we need to get right. We anticipate that a robust staking system will be launched this Autumn.”

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The community is disappointed with the delay in staking and transparency from the APE Foundation. Many believes the 12-16 weeks timeframe starts after the proposals were passed. Moreover, the community seeks answers on the dates and stages of development regarding selection, costs, and launch as minimal information are available.

Furthermore, the community urges the DAO to provide more frequent and transparent updates on the progress regarding the staking. Many concerns over the possibility of APE staking lining up perfectly with ApeCoin “launch partners” APE unlocks.

APE Prices Falls After the Delay

ApeCoin (APE) prices recovered over 50% in a week on the back of rising trading volume. But the APE price has corrected significantly as a result of the delay.

In the last 24 hours, the ApeCoin (APE) price has fallen more than 6%, with the price currently trading at $6.35.

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.
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