veDelegate, the popular staking and delegation service for the VeChain B3TR ecosystem, has undergone a significant transformation with the launch of its v2 upgrade. Now live on the VeChain mainnet, veDelegate v2 boasts enhanced security, reliability, and a user-centric approach designed to maximize token rewards and simplify participation in VeChain’s governance process.
This upgrade comes alongside the launch of VeBetterDAO’s mainnet, which introduces a new voting system based on a “quadratic rewards” model. While this model presents challenges, particularly for larger token holders, veDelegate v2 implements key changes to ensure fair representation for all users.
Shifting Gears: Account Abstraction and Token Bound Accounts
One of the most significant changes in veDelegate v2 is the transition from a centralized wallet system to a more secure and user-controlled approach utilizing account abstraction and token bound accounts (TBAs). Under this new system, each user staking tokens with veDelegate will receive a unique NFT. This NFT serves two crucial purposes:
- Preserves Voting Power: The quadratic rewards model reduces the influence of large token holdings. TBAs ensure that each user’s voting power is managed individually, mitigating the aggregation effect and promoting fair representation in governance decisions.
- Automated Efficiency: The NFT acts as a key, granting access to a smart contract that automates all weekly voting tasks. This includes casting votes based on your preferences, claiming earned rewards, and even re-staking them for compounded gains. This simplifies user participation and maximizes potential returns.
Enhanced Security and Control
The move to TBAs also strengthens security and transparency in the staking and voting process. Users retain greater control over their assets, with the assurance that smart contracts handle all participation efficiently. This eliminates the potential risks associated with centralized wallets.
A Seamless User Experience
veDelegate v2 prioritizes user experience by leveraging account abstraction. This technology simplifies complex blockchain interactions, allowing users to engage in governance activities with greater ease and intuitiveness.
Taking Action on veDelegate v2
veDelegate has already migrated existing users to the v2 platform, ensuring a smooth transition and uninterrupted reward earning. To leverage the new features and maximize your participation, here’s what you can do:
- Check Your Stake: Verify that your tokens are properly staked on the v2 platform.
- Re-enable Auto-Deposits: Ensure your B3TR and VOT3 tokens are actively generating rewards by enabling auto-deposits.
- Update Voting Preferences: Review and adjust your voting preferences to align with your current goals and strategy.
While adapting to the new requirements, veDelegate remains committed to advocating for voting mechanisms that uphold fair and equitable governance practices. The team appreciates user support as they continue to navigate these changes and provide a robust and rewarding experience for token holders on the VeChain ecosystem.
