Evmos Spark Upgrade Introduces New Vesting EVM Extension With Clawback Functionality
Evmos Spark Upgrade introduces new Vesting EVM Extension
With the v14 Spark upgrade, we are excited to introduce the Vesting EVM Extension, a significant addition to the EVM Extensions featured in our previous release. v14.0.0 upgrade happened on Monday, September 25th.
The Vesting Extension enables dApp developers to incorporate clawback vesting accounts into their smart contract logic, providing builders with advanced tools to effectively manage and secure digital assets.
Vesting on blockchain is a method to gradually distribute tokens or digital assets to recipients over a specified period. Essentially, a vesting process transforms inactive (unvested) tokens into active (vested) ones, all while maintaining full ownership. When tokens are unvested, they are temporarily unavailable for transfers to other accounts, delegation to validators, or participation in governance activities.
Clawback Vesting Account
ClawbackVestingAccount, a key feature of the Spark Upgrade is a versatile account type that enables seamless collaboration between parties by allowing them to establish future reward schedules, granting tokens progressively over time. This imperceptible yet powerful account serves as the cornerstone for enforcing vesting and lockup agreements (schedules) coded into protocol logic and solidifying mutual, long-term commitments.
Within this commitment framework, vesting takes center stage, unlocking the gradual ability to transfer and delegate allocated tokens. The lockup feature safeguards against premature token transfers from the account or other specified transactions (such as governance voting).
What is more, the funder of a ClawbackVestingAccount can execute a “clawback”, efficiently reclaiming any unvested tokens from a recipient’s ownership. The conditions triggering a clawback can be outlined within a smart contract, offering dApp developers flexibility and transparency.
Build with Confidence
Blockchain projects often require long-term commitment from team members and contributors. Having the clawback functionality encourages participants to remain engaged and committed over an extended period, as they know that their assets are subject to vesting and possible clawback if they leave prematurely or fail to meet their responsibilities.
The presence of clawback accounts enhances transparency and trust within the project’s community. Stakeholders have confidence that there are mechanisms in place to hold individuals accountable if they do not fulfill their obligations.
Unlocking new Possibilities
The Vesting EVM Extension opens the door to a wide array of innovative use cases, such as:
- Empowering DAOs: Decentralized Autonomous Organizations (DAOs) can utilize the Vesting EVM Extension to manage funds allocated to teams over specific timeframes. DAO members can now collectively decide on a vesting schedule, ensuring a more controlled release of funds. If a team fails to meet its commitments, unvested tokens can be efficiently clawed back according to the smart contract logic, ensuring accountability and transparency within the organization.
- Secure Team Incentives: Development teams working on the Evmos platform can leverage the power of the Safe multisig, implemented on the EVM, to manage vesting accounts for their team members. This secure and trustless method provides teams with a dedicated vesting schedule, nurturing collaboration and eliminating unnecessary doubts.
Shaping the Future of Finance
The upgrade to Evmos Spark is closely intertwined with our core roadmap, and is another step towards our goal to establish a fairer and more inclusive global financial system. Our commitment to providing developers with a permissionless environment remains steadfast, and the Spark upgrade takes us closer to our vision. By introducing more and more EVM extensions, we’re not only expanding the capabilities of the EVM but also opening up new avenues for developers to harness core protocol functionalities. This, in turn, simplifies the process for developers to create smart contracts and allows users to seamlessly interact with them. The already live IBC and Staking/Distribution Extension are testament to our dedication to continuous improvement.
We’re now turning to our community to ask: What other extensions do you want to see? How can we further empower you to build and innovate within this thriving ecosystem? Together, we’ll continue shaping the future of finance on Evmos.
Aside from the Vesting Extension, v14 included introduction of a new Evmos CLI command, evmosd block which allows users to effortlessly query specific blocks from their local database, bug fixes and further improvements. See the list of all changes brought by Spark here.
Learn more
Join us in embracing the future of secure token management and rewarding commitments! Get started with the ClawbackVestingAccount today and embark on your journey towards lasting success.
About Evmos
Evmos is an EVM-compatible, IBC-enabled blockchain in the Cosmos ecosystem designed for cross-chain dApp development.
The Evmos Core Development Team is on a mission to create and ship the foundational tools necessary for building the cross-chain applications of the future. With groundbreaking roadmap features like EVM Extensions, the Evmos SDK, and the Evmos dApp Store, Evmos gives developers the freedom to take advantage of the IBC and connect their smart contracts to the Cosmos Ecosystem.
This revolutionary technology frees developers from the confines of today’s siloed blockchains.
The future is cross-chain.
Helpful Resources
💻 Developer Documentation: https://evmos.dev/
👾 Official Discord: https://discord.gg/evmos
🐙 GitHub: https://github.com/tharsis/evmos
🕊 Twitter: https://twitter.com/EvmosOrg
📯 Telegram: @EvmosOrg
📄 Medium: https://evmos.blog/
🖥 Evmos Website: https://evmos.org
🌋 Evmos Jobs Board: https://boards.eu.greenhouse.io/evmos
Evmos is the EVM stack for building natively cross-chain decentralized applications.
We encourage you to read the Evmos Manifesto and learn more about our plans to build a cross-chain future.
DISCLAIMER: None of this is financial advice. This content is strictly for educational purposes. It’s not investment advice or a solicitation to buy or sell any assets.
