Bored Ape Yacht Club community tears up 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 the implementation of ApeCoin staking and has criticized the APE Foundation for its lack of transparency regarding updates.

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

In addition, ApeCoin CAD has selected Horizen Labs to build and manage the staking system for CAD. This is the same company that Yuga Labs partnered with in October 2021 to launch ApeCoin (APE).

ApeCoin CAD to launch APE staking in fall

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

In addition, the Foundation estimates that successful implementation of the staking system would take 12-16 weeks. The staking launch is scheduled for the fall, i.e., October or November.

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

The community is disappointed with the EPA Foundation’s delay in staking and transparency. Many believe that the 12-16 week timeline begins after proposals are adopted. In addition, the community is looking for answers on development dates and milestones regarding selection, costs, and launch, as minimal information is available.

In addition, the community urges DAO to provide more frequent and transparent updates on progress regarding staking. Many concerns about whether EPA’s staking aligns perfectly with ApeCoin releases by the “Launch Partners” of the EPA.

APE price drops after delay

The price of ApeCoin (APE) recovered by more than 50% in a week thanks to increased trading volume. But the price of APE corrected significantly following the delay.

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