- The VeChain VeDelegate platform has gotten a significant upgrade.
- The update brings an intuitive user experience for stakers and node operators.
VeDelegate, a delegation service for VeChain’s B3TR ecosystem, has launched a game-changing upgrade for VET stakers. This upgrade is expected to enhance the VeDelegate service and mark the most significant update for VET stakers.
New Features on VeDelegate
Crypto analyst CryptoBusy on X shared the post from VeDelegate, highlighting the key improvements brought by the upgrade. Specifically, the new upgrade on VeDelegate introduces enhancements to the VET stakers dashboards.
In his post, CryptoBusy outlined some of the core features of the upgrade. These include the introduction of a real-time snapshot countdown timer, which tracks the precise time of weekly snapshots. With this feature, VET stakers would know precisely when to stake their tokens to receive maximum rewards.
Another new feature implemented on VeDelegate is the enhanced staking reward logs with filtering. The feature allows stakers to filter through their rewards history, making tracking their earnings easier.
VeChain’s VeDelegate also introduced a transparent earnings tracking system to the stakers dashboard. In addition, stakers can now upgrade their GM NFT directly from the VeDelegate dashboard, allowing seamless navigation. Stakers no longer need to navigate across different platforms as they enhance their rewards boost.
Besides VET stakers, node operators also stand to benefit from the new features on VeDelegate. Notably, node operators now have complete control as they can self-specify Decentralized Applications (dApps) delegation.
In addition to the above feature, the voting setting got a complete User Interface (UI) makeover. As a result, setting and managing preferences is now simpler, ensuring correct voting from node holders. Furthermore, VeDelegates introduced a streamlined management interface, which ensures a smoother, faster, and more intuitive staking experience.
How VeDelegate Works
As CNF noted earlier, VeChain launched VeDelegate in June 2024 as a delegation service for its B3TR ecosystem. The service allows users to stake their tokens to increase their voting rewards while removing the need for weekly manual voting.
To use the service, users must first deposit their governance tokens, B3TR and VOT3, into the VeDelegate smart contract. In a previous article CNF covered, VeChain said it launched the governance tokens to incentivize and reward users who engage in sustainable actions.
Back to how VeDelate works, users receive veB3TR and veVOT3 tokens in return for staking their B3TR and VOT3 tokens. veB3TR and veVOT3 are wrapped tokens representing the users’ stake in the platform. Users redeem the wrapped tokens to reclaim their original tokens.
Note that the wrapped tokens are permanently removed from circulation after redeeming them. Also, users specify their voting preferences, guiding how stakeholders vote on their behalf in weekly voting rounds.
Following the launch, VeDelegate distributed 160,000 B3TR tokens to over 400 stakers in its first round of issuing voting rewards.
