ApeCoin DAO announced in a tweet today that they will be launching the ApeCoin (APE) staking system in the fall. The community is disappointed with the delay in staking implementation of the Metaverse coin project. They’ve also been criticizing the APE foundation for being less transparent about updates. In addition, ApeCoin DAO has partnered with Horizen Labs to set up and manage the staking system. This is the company Yuga Labs partnered with to launch ApeCoin (APE) in October 2021.
ApeCoin DAO will launch APE Staking system in the fall
APE foundation made a press release today. Accordingly, Metaverse has announced an update on progress regarding its coin staking system. The staking system was approved in May under the AIP-21 and AIP-22 proposals. The Foundation made a comprehensive assessment of multiple responses. Then, under the guidelines set under the proposals, APE chose Horizen Labs to set up and manage the staking system. Furthermore, the foundation estimates that it will take 12-16 weeks for the staking system to be successfully implemented. Staking’s anticipated launch will apparently be in the fall. The new system is expected to hit the market specifically in October or November.
The community was disappointed by the delay in staking and the lack of transparency by the APE foundation. Many suggest that the 12-16 week period begins after the proposals are accepted. Also, the community is looking for answers about costs and development dates and stages to launch. This is because the ApeCoin foundation is thought to provide very little information to the community. Also, the community urges the DAO to provide more frequent and transparent updates on staking progress. Also, there are many concerns regarding the possibility that the staked APEs will match perfectly with the “launch partners” of ApeCoin.
Metaverse coin price drops after the news
ApeCoin (APE) prices rose more than 50% in a week following increased trading volume. However, as a result of the delay announcement, the APE price dropped significantly. In the last 24 hours, the value of the Metaverse coin asset has dropped by over 7.7%. Accordingly, the current APE price is trading at $6.26. It seems that the APE foundation’s statements triggered a sale in the community. ApeCoin has yet to respond to the community’s concerns and transparency criticisms. The cryptocurrency project often receives criticism over these issues. cryptocoin.com As we have reported, APE is linked to BAYC, one of the world’s most popular NFT collections. Yuga Labs, which released BAYC, is preparing to release a Metaverse called Otherdeed. It looks like Metaverse and ApeCoin will get many new use cases.
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