- VeChain has launched Galactica, the first phase of its VeChain Renaissance initiative, introducing four major VIP upgrades to enhance network efficiency, security, and Ethereum compatibility.
- Since February 24th, VeChain stakeholders have been voting on these upgrades.
First announced in late 2024, VeChain has taken a major leap toward revamping its tokenomics and reward incentives. Notably, Vechain has launched Galactica, which is the first of the three major phases in the VeChain Renaissance initiative.
These suite of upgrades are specifically designed to redefine the VechainThor blockhain which is the public blockchain platform designed for enterprise-level adoption.
Introducing Galactica VIPs
Kicking off at the heart of the Galactica launch is the introduction of the four VeChain Improvement Proposals(VIPs). These VIPs are designed to optimize network efficiency, strengthen security and enhance developer experience.
Notably, the 4 VIPs represent a revolutionized VeChainThor, not forgetting community participation, which means their approval is paramount.
As per the announcement, voting will commence on February 24th. VeChain stakeholders, including Authority Masternodes, Economic Nodes, and X Nodes, will cast their votes via the VeVote platform.
Breaking Down the VIP Upgrades:
- VIP-251; Dynamic Fee Market
This upgrade replaces the current fixed-fee model with a base fee that adjusts based on network demand. The new proposed upgrade will also introduce a Fluctuating gas price mechanism.
To add to the innovation and future of VeThor’s deflationary nature, the base fees will be entirely removed from circulation (burned).
- VIP-252: Typed Transactions
With VIP-252, VeChainThor will establish a standardized transaction envelope protocol which is meant to ease the processing of different transaction types. This modular approach enhances flexibility, ensuring seamless integration of future features without disrupting the network.
- VIP-242: EVM Upgrade – Paris to Shanghai
For IP-242, VeChainThor’s latest upgrade aligns with Ethereum’s Shanghai update, enhancing EVM compatibility. Additionally, it incorporates PUSH0, a crucial EVM feature, and enhances gas consumption, enabling developers to integrate Ethereum toolsets seamlessly and explore new cross-chain development avenues.
It is worth mentioning that on the sidelines, VeChain is working towards JSON RPC intergration. This will enable direct compatibility with Ethereum wallets and tools.
- VIP-250: Extension Contract Enhancements
On the other hand, if voters get to vote in this proposal, VIP-250 will introduce new contract functions that simplify developer operations. Notably, the required parties (developers) will be provided with efficient ways to retrieve transaction data.
These optimizations save developers time and improve smart contract execution efficiency. Notably, this proposal was inspired by a community developer.
Meanwhile, VET is swapping hands with $0.02360, marking a 1.55% decline in the past 24 hours.
