Horizen Labs Co- Founder Dean Steinbeck Answered Questions On The State Of ApeCoin Staking:
Updated: Jul 28, 2022
The Ape Foundation gave an update on the ApeCoin DAO’s staking system last week that left many in the community wanting more information on the state of the DAO's staking.
Nearly two months after the $Ape community voted on and passed a pair of staking proposals, the Ape Foundation announced that Horizen Labs would be building the DAO’s staking system and that holders can expect to start staking their $Ape this autumn.
“By passing AIPs 21&22, the community instructed the Foundation to provide an ApeCoin staking system that met very specific guidelines,” The Ape Foundation said in a press release last week. “The Foundation's first step was to find a partner capable of delivering a staking system in accordance with AIPs-21&22. After calling for bids, we received multiple responses, each of which we thoroughly vetted and evaluated. Ultimately the Foundation selected Horizen Labs as the partner to receive a grant to build and manage a staking system for the ApeCoin DAO.”
As the Bored Ape Gazette previously reported, Horizen Labs is the same company that Yuga Labs partnered with in October 2021 to launch ApeCoin. Horizen Labs’ Co-Founder and President Dean Steinbeck is also a member of the Ape Foundation AKA the DAO’s Board.
After the Ape Foundation’s announcement, the Bored Ape Gazette reached out to Steinbeck for more information about the highly anticipated ApeCoin staking system.
Check out the Gazette’s interview with Steinbeck below:
1. When did Horizen Labs become the ApeCoin staking partner?
“After competing with other firms, Horizen Labs was selected as the Foundation’s staking partner about one month ago. It took the lawyers some time to finalize the grant agreement so our relationship didn’t become official until recently.”
2. What’s the process for making a staking system?
“From the outside, a staking protocol looks straightforward; however, under the surface, thereare complexities and edge cases that need to be addressed in the development process. There will be 170 million ApeCoin being distributed via this platform so it needs to be perfect. Once a smart contract is deployed you can’t change it or fix it. It’s a one-shot deal. This
demands an intense focus not only on correctly drafting the smart contract from the start, but also testing it properly and conducting proper auditing and fixing cycles. In terms of scope, the project essentially parallels a traditional product launch as it involves design, planning, engineering, and more in a cross-departmental team effort. The staking protocol has its own unique requirements in terms of how NFTs can be staked and in some
cases paired, which the team is working through now. There are always edge cases to consider prior to launch, and our goal is to always ensure that the experience for community members is a positive one."
3. How far along is Horizen Labs with the staking system?
“Development is underway and Horizen Labs is actually farther along in the project than the community may realize. We anticipate project updates being shared directly with the community via the ApeCoin Twitter account.”
4. When can the community expect to start staking? Will staking be ready in early or late autumn?
“Anyone who’s built and shipped technology products knows that providing exact timelines can be difficult, but our target window remains Autumn as announced; however, it’s important for the community to know that we’re intensely focused on delivering the project as quickly as
possible while not compromising the quality and performance of the user experience.”
5. Do you have anything else you’d like to and/or share?
“Mostly, we want to reiterate how incredibly excited we are about the project and that we can’t wait to deliver a world-class staking experience for the Ape community.”
The Bored Ape Gazette will continue to follow the ApeCoin DAO and will let you know when more information on staking is announced.