VeChain (VET) is forging ahead with its Renaissance upgrade, introducing Galactica—a crucial phase aimed at transforming the blockchain’s technical and economic foundations. This initiative sets the stage for a more efficient and developer-friendly ecosystem, enhancing VeChainThor’s overall functionality.
Galactica VIPs: Key Innovations
The Galactica phase introduces four critical VeChain Improvement Proposals (VIPs) designed to optimize the blockchain’s performance and interoperability. These proposals include:
- VIP-251: Gas Fee Market – Inspired by Ethereum’s EIP-1559, this proposal replaces VeChain’s fixed-fee model with a dynamic gas fee market. Under VIP-251, 100% of base fees will be burned, accelerating VTHO’s deflationary mechanism while optimizing transaction costs and network efficiency.
- VIP-252: Typed Transactions – This introduces a standardized transaction format that streamlines contract interactions. By categorizing transaction types, VIP-252 improves blockchain operations, allowing seamless feature integration without disrupting the ecosystem.
- VIP-242: EVM Upgrade – Aligning with Ethereum’s Shanghai upgrade, this proposal enhances VeChainThor’s Ethereum Virtual Machine (EVM) compatibility. Developers will be able to leverage Ethereum-native tools, expanding VeChain’s interoperability and boosting decentralized application (dApp) development.
- VIP-250: Extension Contract Update – This proposal enhances developer efficiency by introducing new functions that simplify smart contract execution, reinforcing VeChain’s commitment to fostering a robust development environment.
Galactica Voting and Community Engagement
VeChain initiated the voting process for these upgrades on February 24, inviting Authority Masternodes, Economic Nodes, and X Nodes to shape the blockchain’s future. This democratic governance model underscores VeChain’s commitment to community-driven decision-making.
Revolutionizing Staking with NFT Integration
As part of the Renaissance upgrade, VeChain is overhauling its staking system by introducing NFT-based staking. Delegator NFTs will represent varying levels of VET commitment, with 70% of block rewards allocated to Delegators and 30% to Validators and block producers. This shift aims to boost network participation and refine VeChainThor’s tokenomics.
Also Read: VeChain Renaissance Upgrade: Major Shift in VET & VTHO Tokenomics
Galactica serves as the foundation for the forthcoming Hayabusa and Interstellar phases, marking a transformative journey for VeChain. With these advancements, VeChainThor is poised to become a major player in blockchain adoption, reinforcing its position as a leader in enterprise-focused blockchain solutions.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
