crypto-news-flash.com
- VeChain has launched veDelegate, a delegation service for its B3TR ecosystem, which allows users to effortlessly stake their tokens and benefit from voting rewards with minimum effort.
- Users set their voting preferences, and the platform manages their weekly votes, enabling them to earn rewards without manual involvement; the platform promises over 1,900% in annual yield.
The VeChain ecosystem is ever-growing, with new tools, services and products launching every other week. The latest is veDelegate, a token delegation service for the network’s B3TR ecosystem that offers rewards without any manual involvement.
As per its recent announcement, veDelegate “allows users to stake their tokens and enhance their voting rewards without the requirement of weekly manual voting.”
🚀 Introducing #VeChain's veDelegate!
Boost your $B3TR rewards effortlessly. Stake your tokens, set your voting preferences, and let veDelegate handle the weekly votes for you. Enjoy automated governance and enhanced rewards without manual voting.
👉 https://t.co/b2pHu4hAcM pic.twitter.com/rKf2WeUG2Y
— Collin Brown (@CollinBrownXRP) June 2, 2024
So, how does veDelegate work? It starts with the staking of B3TR and VOT3 tokens. The two are native tokens of VeBetterDAO, the sustainability platform that launched in February to incentivize and reward users who engage in sustainable actions, as Crypto News Flash reported back then.
After staking the B3TR and VOT3 tokens, users receive veB3TR and veVOT3 tokens in return. These are wrapped tokens that represent the users’ stake in the platform and allow them to tap into a lucrative platform effortlessly. To reclaim their original tokens, users redeem the wrapped tokens, which are then permanently removed from circulation.
veDelegate is structured around automated voting. With this feature, users set their voting preferences and then the platform votes on their behalf weekly. veDelegate promises “the benefits of governance participation without the need to engage manually every week.”
While the platform votes for you, users who wish to vote manually can still do so as they would have through the B3TR governance dApp.
veDelegate pledges to boost the user rewards, stating:
Our goal is to achieve the highest possible GM NFT level, maximizing rewards for all staked tokens. The more you stake, the more you earn!
Over $5.4 billion worth of crypto has been lost to hacks and other cybercrime incidents in the past two years. This makes securing any custodial crypto platform paramount to its success. veDelegate appreciates the need to secure users’ tokens, revealing that it uses “industry-standard security measures to ensure the highest level of protection for your assets.”
Despite only launching days ago, veDelegate has already attracted users. At press time, it had over 16,000 B3TR and 22,000 VOT3 tokens locked and an equivalent number of wrapped tokens issued.
Overall, VeChain continues to grow; in a recent X space, a member of the VeChain Foundation’s leadership revealed that one of the world’s largest high-end fashion houses has signed a deal to leverage VeChain’s technology to track its items and curb fraud. Globally, counterfeit goods are a $3 trillion industry, with high-end fashion among the most targeted.
Meanwhile, VET trades at $0.03421, gaining 1.8% in the past day, with the trading volume shooting up 48%.