The meme token ApeCoin DAO made a strong statement in the fall with a tweet today. ApeCoin (APE) announced that the staking system will be launched.
Meme Token ApeCoin Community Angry Over Delayed Staking Processes
The community expressed disappointment with the delay in implementing ApeCoin staking and criticized the APE Foundation for not being transparent about the updates.
In addition, ApeCoin DAO has agreed with Horizen Labs to create and manage the staking system within. This company is also cryptocurrency company Yuga Labs signed on to create ApeCoin in October 2021.
ApeCoin DAO Drops APE Staking Transactions to Fall
The APE Foundation announced in a press release on July 23 that it has updated progress on the ApeCoin (APE) staking system, which was adopted in May under the AIP-21 and AIP-22 proposals.
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
After extensive consideration of multiple responses, the Foundation chose Horizen Labs to set up and manage the APE staking system in accordance with the guidelines set within the proposals.
Furthermore, the foundation believes that it will take 12-16 weeks for the staking system to be successfully implemented. The staking system is expected to be operational in the fall, that is, in October or November.
The company said the following on the subject:
“Staking is important to our community and something we need to do right. We anticipate that a solid staking system will be launched this fall.”
The meme token community was disappointed by the APE Foundation’s delay in staking and transparency. Many people believe that the 12-16 week time frame starts after the offers are accepted.
In addition, it seeks answers within the community for choices, costs, and dates for when the system will start exactly.
*Not investment advice.