JAKARTA – Developer ApeCoin (APE) has announced a staking mechanism in the fall. However, this increase did not receive a positive response from the community.
The APE community is reportedly disappointed that development was late in launching the ApeCoin staking system. They also criticized the APE Foundation for not being transparent about the update.
Meanwhile, ApeCoin's Decentralized Autonomous Organization (DAO) has partnered with Horizen Labs to develop this staking system. Previously, Horizen had collaborated with Yuga Labs for the launch of ApeCoin (APE) in 2021.
In the official APE Foundation announcement on July 23, an update on progress regarding the ApeCoin staking system (APE), which was passed under the AIP-21 and AIP-22 proposals in May. After a thorough evaluation of several responses, the APE Foundation has selected Horizen Labs to build the APE staking system.
Furthermore, the APE Foundation stated that the implementation of this staking system would take up to 12 or 16 weeks. While the development team expects the launch of the APE staking system in the fall, around October or November.
“(System) Staking is important to our community and something we need to improve. We anticipate that a robust staking system will be launched this Fall,” the developer wrote, quoted from Coingape.
The APE community considered that the implementation of the staking system which took up to 16 weeks was too long. They also considered the process too slow. On the other hand, the ApeCoin community is disappointed because of the incomplete information available regarding launch times, staking fees, and so on.
The community urges ApeCoin developers to be more transparent regarding information regarding the staking system that will be released in the coming months.
As of writing, ApeCoin (APE) is trading at Rp94,942. APE prices fell 5.2% in the last 24 hours, according to data from Coingecko.
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