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  • Writer's pictureKyle

The ApeCoin Board Released An update On The Staking Earlier This Evening. Here's What They Said:

Nearly two months after the $Ape community voted on and passed a pair of staking proposals, the Ape Foundation announced who will be building the staking system and gave holders an update on when they can begin staking their coins.

On May 4th, 2022, the $Ape community voted in Favor of AIP-21 “Staking Process with Caps (1x drop)” and AIP-22 “Staking Pool Allocation Reloaded - Ecosystem Fund Allocation.” Each of these proposals passed with over 90% community support.

Since the proposals were passed, the Ape Foundation has selected Horizon Labs to build and manage the staking system, according to the ApeCoin DAO press release that was released this evening.

“By passing AIPs 21&22, the community instructed the Foundation to provide an ApeCoin staking system that met very specific guidelines,” the press release stated. “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.

Following the ApeCoin DAO’s announcement, Horzien Labs took to Twitter and said that the company is looking forward to working with the DAO.

“Thrilled to be joining forces with our friends at @ApeCoin DAO to build out the most Ape-worthy staking protocol on the planet,” the company tweeted. “We promise plenty of updates, so stay tuned!”

The ApeCoin DAO press release went on to say that the community can expect the staking system to launch this Autumn.

“Staking is important for our community and something we need to get right,” the Press released stated. “We anticipate that a robust staking system will be launched this, Autumn.”

Based on this update, the $Ape community should expect staking to launch between Friday September 23rd and Wednesday December 21st, 2022, according to the Meteorological office of the United kingdom’s definition of Autumn.

Following the ApeCoin DAO’s press release, many in the community were disappointed to hear about the delay and were calling on the Ape Foundation to be more transparent going forward.

“Thanks for update,” BAYC member Just1n.Eth tweeted. “I think more frequent and transparent updates would go a long way with the @Apecoin community. Now, you mention it will launch this Autumn which begins in September 22nd, can we get a clearer target date? I thought this would launch 12-16 weeks after it passed. I understand the foundation and special council want to get this right and so does the community/DAO. Because we have had very few and very minimal information, we don’t even know when your timeline started. Autumn ends December 21st so I really hope we launch in early Autumn.”

The Bored Ape Gazette is currently working on getting more information on staking and the process. This is a developing story, stay tuned for updates.

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