ApeCoin DAO Community Unhappy About New Update

The crypto currency sector is welcoming another new member to its fold –the launch of a robust ApeCoin (APE) staking system. This news was announced by ApeCoin DAO in a tweet today . However the move did not go well with the community which was angry due to the delay in implementation of the ApeCoin staking. The community is also annoyed by the lack of transparency regarding updates by the APE Foundation.

ApeCoin fam – we hear you on staking. It’s important and something we want to get right. We’re currently finalizing details that will serve as the basis for a wider update on our progress in line with AIPs-21&22. Expect more frequent updates and collaboration soon. pic.twitter.com/jKi8fZuaqd

— ApeCoin (@apecoin) July 22, 2022

ApeCoin DAO selection of Horizen Labs to build and manage the staking system for the DAO has also not augured well with the APE community. It is the same company which was partnered by Yuga Labs October 2021 to launch ApeCoin (APE).

ApeCoin DAO to Launch APE Staking in Autumn

In a press release dated July 23, the ApeCoin DAO foundation detailed the details of the ApeCoin (APE) staking system, which was passed under the purview of AIP-21 and AIP-22 proposals in May. As per the company statement an exhaustive evaluation of multiple responses was done before Horizen Labs was selected to build and manage the APE staking system under the guidelines set under the proposals.

The full integration of the staking system could take anywhere between 12 to 16 weeks. The company plans to launch its stalking program in autumn which 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.”

Meanwhile the community is pretty disappointed with the holdup in staking and transparency from the APE Foundation. Many rue the fact that the 12-16 weeks timeframe starts after the proposals were passed. The community also finds many of its queries unanswered like the timeframe and the stages of development, selection as well as launch and other information pertaining to the launch.

The community has also asked DAO to furnish updates pertaining to the progress of staking frequently and in a more transparent manner.  The fear of the inability of APE staking lining up imperfectly with ApeCoin “launch partners” APE unlocks.