- VeChain network’s veDelegate has distributed its first round of VeBetterDAO voting rewards, issuing 160, B3TR tokens to over 400 stakers.
- VET gained 11% in the past 24 hours, the third-highest gains in the top 50 coins, while its trading volume rose 10%, despite the overall market volume dipping 25%.
veDelegate, a delegation service for the VeChain B3TR ecosystem, has distributed its first round of VeBetterDAO voting rewards as the VeChain vision of a decentralized ecosystem that incentivizes users to engage in sustainable actions continues to take shape.
The service announced on social media that it had distributed 160,000 B3TR tokens to 411 stakers this week. The stakers had pooled together over 63,000 B3TR tokens. According to veDelegate, its users almost tripled their tokens in this week’s distribution.
veDelegate has distributed the first round of #VeBetterDAO voting rewards, and they are JUICY! 🥩
We’ve given out a whopping 160,000 B3TR tokens to 411 stakers, who pooled a total of 63,500 B3TR! On average, users almost tripled their tokens this week! 📈🔥
Don’t miss out on…
— veDelegate (@veDelegate) July 8, 2024
Since the distribution, over 100 new users have joined the service, enticed by the huge rewards. veDelegate announced today that it now boasts 525 stakers and that its assets under management have now hit 231,000 VOT3 tokens.
veDelegate is one of a rising number of staking providers in the VeChain space. One of the factors setting it apart from its competition is its easy-to-use nature and automation features. As it pointed out on social media:
We’re providing infrastructure that improves the voting experience for users, which in turn also makes holding/investing in B3TR more interesting for users that are less active.
Last week, the platform added a new feature under which users can see their projected estimated voting rewards in any current voting round.
We’ve added a small new feature to our UI! 🥩
Hovering the ‘i’ after ‘Current Annual Yield’ will display your projected estimated voting rewards in the current round, as can be seen in the screenshot, a stake of 1962 VOT3 is currently projected to earn 5828 B3TR in the current… pic.twitter.com/PuyPYgmRAM
— veDelegate (@veDelegate) July 1, 2024
VeChain’s Continued Growth
Staking VOT3 tokens is just one of several new features in the VeChain ecosystem as the network becomes one of the industry’s key players.
As CNF reported on Monday, VeChain recently scored a new patent for an automated inventory container system. The new patent seeks to solve the challenge of labor-intensive manual processes which are riddled with inaccuracies.
However, VeChain’s biggest success has been in the sustainability sector. In years past, sustainability was regarded as a privilege that only a few well-funded firms could engage in. However, this has changed in the past decade for two major reasons. The first is the obvious need for increased efforts to preserve the environment as existential threats loom. The second is a realization that conservation and profitability are closely intertwined and not dissonant.
Sustainability is VeChain’s forte. In partnership with the Boston Consulting Group, the network continues to offer a wide array of platforms and solutions that encourage users to engage in sustainable actions through incentives.
Two weeks ago, VeChain took a massive step forward in its sustainability effort by launching the VeBetterDAO mainnet. As CNF reported, this allows users to seamlessly swap their B3TR and VOT3 tokens. VeBetterDAO will run under a set of guidelines for the first year of operation, known as the stabilization period before any developments are undertaken.
On the trading front, VeChain has skyrocketed in the past day, gaining 11% to trade at $0.2598, its highest price since Monday last week. VET was the third-highest gainer in the top 50 coins after Bittensor and Bonk. It also recorded a 10% rise in trading volume, defying a broader trend in which the overall market trading volume dipped by 26%.
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