May 2024 Project Update — VinuChain (VC)
Welcome to the May 2024 update for VinuChain!
VinuChain has Upgraded to Ymir!
Ymir is the biggest upgrade to the VinuChain protocol since its initial release last year and introduces some groundbreaking new features to our ecosytem, such as staking to earn!
1) Dual Staking Mechanisms:
- SFC (Staking for Consensus):
Users can stake tokens by voting for a validator, choosing either to lock their tokens for up to 365 days or keep them unlocked. Locked tokens receive higher rewards based on how long the tokens are locked for.
- Payback Contract (Off Consensus Staking)
Users stake tokens to receive a Payback amount, allowing them to perform a specified number of gas-free transactions within a given time period.
2) Virtual Inflation for Payback Staking
- Virtual inflation ensures fair and proportional rewards for stakers without increasing the total token supply.
Reward Calculation: The total inflation rate is set at 0.93 $VC BaseRewardsPerSecond. This rate is identical to the Payback virtual inflation rate.
Payback Refresh: Each staker’s available Payback is recalculated every epoch. The formula used ensures that the more a user stakes, the higher their Payback for free transactions.
VinuChain Ymir represents a significant advancement in blockchain technology, combining feeless transactions, high scalability, and energy efficiency.
Stake $VC to earn $VC!
Thanks to the Ymir chain upgrade, users can now stake $VC by delegating to a Validator, and will start earning APY!
See below for more details:
VinuSwap Development
- VinuSwap (VC) completed its first private swap!
- Development continues on enhancing the UI before public release.
- Earn section also in progress so users can both Swap & Farm from the same place!
New Cross-Chain Bridge Routes
You can now bridge USDT into VinuChain from Avalanche & Arbitrum chains!
We continue to expand our bridge capabilities with our partners at Wanbridge, to enable the onboarding of more and more users.
$100K $VC Burn Event
On the 12th of May, 2,000,000 $VC ($100k) was burned from Vinu Foundation nodes!
VinuChain Grants Program
The Vinu Foundation is offering up to $7M to aspiring web3 builders through its accelerator!
The VinuChain Grant Program provides milestone-based grants for developers aiming to expand and support the VinuChain network.
Apply today:
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Github: https://github.com/vinuchain
