VeChain has recently introduced veDelegate, a delegation service for its B3TR ecosystem that allows users to easily stake their tokens and reap voting rewards with minimal effort. By setting their voting preferences, users can have their weekly votes managed by the platform, enabling them to earn rewards without manual involvement. The platform boasts an annual yield of over 1,900%.
The VeChain ecosystem is constantly expanding, with new tools, services, and products being launched regularly. The latest addition is veDelegate, a token delegation service for the B3TR ecosystem that offers rewards without the need for manual voting.
VeDelegate allows users to stake their tokens and enhance their voting rewards without the requirement of weekly manual voting. It provides automated governance and enhanced rewards without the need for users to engage in manual voting.
So, how does veDelegate work? It begins with the staking of B3TR and VOT3 tokens, which are native tokens of VeBetterDAO, a sustainability platform that was launched in February to incentivize and reward users for engaging in sustainable actions. After staking these tokens, users receive veB3TR and veVOT3 tokens in return. These wrapped tokens represent the users’ stake in the platform and allow them to easily benefit from its lucrative features. To retrieve their original tokens, users can redeem the wrapped tokens, which are then permanently removed from circulation.
VeDelegate revolves around automated voting. Users can set their voting preferences, and the platform will vote on their behalf every week. This eliminates the need for manual engagement while still ensuring the benefits of governance participation. However, users who prefer to vote manually can still do so through the B3TR governance dApp.
VeDelegate aims to maximize user rewards and achieve the highest possible GM NFT level. The more tokens users stake, the more rewards they can earn.
To ensure the security of users’ tokens, veDelegate implements industry-standard security measures that provide the highest level of protection for assets.
Despite being launched recently, veDelegate has already attracted a significant number of users. Currently, over 16,000 B3TR tokens and 22,000 VOT3 tokens have been locked, and an equivalent number of wrapped tokens have been issued.
VeChain’s growth continues, with recent news revealing that one of the world’s largest high-end fashion houses has signed a deal to utilize VeChain’s technology for tracking its items and combating fraud. Counterfeit goods, particularly in the high-end fashion industry, make up a $3 trillion market globally, making VeChain’s technology crucial in curbing this issue.
As for VET, it is currently trading at $0.03421, experiencing a 1.8% gain in the past day, with the trading volume increasing by 48%.
In conclusion, veDelegate provides a convenient way for users to stake their tokens and earn rewards without manual voting. With its automated governance and enhanced rewards, it offers a promising solution for VeChain users. The platform’s commitment to security and its rapid user adoption demonstrate its potential for success.