VeChain is launching its StarGate $15 Million staking program, a layer one blockchain platform. The latest rollout is expected to be one of its largest incentive initiatives amid broader industry interest in staking adoption following SEC guidance.
The official press release was shared by CryptoPotatoThe new program comes just days after SEC made it clear that protocol stake does not qualify as a security offering.
StarGate Program $15M
StarGate has introduced direct-from protocol staking using NFT on the VeChainThor Blockchain. This technology allows holders to earn higher rewards with just 10,000 VET.
This program, which forms part of VeChain Renewal, the most important technical upgrade to the blockchain, features enhanced tokenomics and EVM equivalency, as well as a revised staking system. This is primarily to attract developers and institutions to VeChainThor.
VeChain Foundation, in an attempt to promote early adoption of VeChain, has allotted 5.48 billion VTHO Tokens. These tokens are worth around $15 million. It will create a bonus rewards pool for six-months that will help participants increase their APY when they migrate or stake VET in the first phase of the program.
The approved stake tiers range from Dawn, which requires 10,000 VET to Mjolnir, which needs 15.6 millions VET. Structure also provides higher returns for bigger commitments while small holders can still receive rewards under the new system.
VeChain applauds SEC’s ruling on Staking
Launch comes after ETFs issuers, banks and the SEC made a landmark decision in which the SEC said that the SEC would not allow integration of ETFs with bank accounts. ruled Protocol staking is not a securities offer, so registration for solo, custodial or self-custodial stakes was removed. By applying the Howey Test, the SEC concluded that stake rewards are the result of participants’ activities, rather than others’.
Sunny Lu, VeChain’s CEO and founder, responded to the clarification.
“The SEC’s recent guidance validates what we’ve been building toward: a fully compliant, accessible staking model that treats rewards as compensation for network services rather than investment returns. Our innovative approach of leveraging NFTs to represent participation ensures both simplicity for users and full regulatory alignment.”
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Source: cryptopotato.com
