ApeCoin staking on track for Autumn launch, Horizen Labs confirm
- Dean Steinbeck of Horizen Labs confirmed the timely development of ApeCoin’s staking.
- 170 million ApeCoin will be distributed through the staking platform developed by the tech firm that powered APE.
- APE price is eyeing the $7.28 target according to analysts bullish on the NFT token.
The ApeCoin Foundation has given users an update on the DAO’s staking system, selecting Horizon Labs for the development of the staking platform, which will enable users to earn interest from their crypto. Nearly two months after the ApeCoin community voted on a proposal for staking, the platform’s development is gaining traction.
Also read: ApeCoin price plots silent comeback with staking update
Update on ApeCoin staking program
The Ape Foundation gave an update on the DAO’s staking system and it left the community awaiting more information. Nearly two months after the initial announcement when a pair of staking proposals were passed, Horizon Labs has been chosen as the developer for the staking platform.
STAKING UPDATE » After The @apecoin Foundation Announced That @HorizenLabs Would Be Building The Staking System, The Gazette Interviewed Horizen Labs Co-Founder @Crypto_Counsel To Find Out More
— The Bored Ape Gazette (@BoredApeGazette) July 29, 2022
The full story here: https://t.co/jEQpaNFbmy
The Ape Foundation was quoted in a press release:
By passing AIPs 21&22, the community instructed the Foundation to provide an ApeCoin staking system that met very specific guidelines. Ultimately the Foundation selected Horizen Labs as the partner to receive a grant to build and manage a staking system for the ApeCoin DAO.
The Bored Ape Gazette reported that Horizen Labs is the same company that aided the launch of ApeCoin. Dean Steinbeck, the co-founder and President of Horizen Labs was quoted as saying:
From the outside, a staking protocol looks straightforward; however, under the surface, there are 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.
Development is underway and Horizen Labs is actually further along the development roadmap, than initially planned. This is a good sign for APE holders awaiting the launch of the DAO’s staking system.
Analysts set $7.28 target for ApeCoin price
FXStreet analysts believe if buyers make a comeback, ApeCoin price could climb above support to the $7.28 target. This would indicate a bullish resurgence in the NFT token. A daily candlestick close above $7.28 will affirm the bullish trend. Kelvin Maina, a crypto analyst has predicted a strong bullish push in ApeCoin and set a target of $8.50 for APE.
APE/USD Price Chart
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
