Veritas Protocol: Tokens for Community Staking Rewards Locked in Smart Contracts

OpenEX Network has announced a significant update to its staking rewards system, locking 30% of its total token supply in smart contracts. This move aims to ensure a fair and transparent distribution of rewards over time, enhancing user trust and engagement.

Key Takeaways

30% of Total Supply Locked: Tokens allocated for community staking rewards are now securely locked in smart contracts.
Flexible Staking Options: Users can stake tokens for varying durations, with different annual percentage yields (APY) based on the chosen period.
Enhanced Security Measures: The integration of time-lock smart contracts and a DAO multi-signature wallet ensures that no single entity controls the funds.
Thorough Audit Conducted: A comprehensive audit of the redesigned smart contract has been completed to bolster security.

Overview of the New Staking Rewards System

The redesigned staking rewards system allows users to choose from multiple staking durations, which will yield different APYs. This flexibility is designed to cater to various investment strategies and market conditions, empowering users to make informed decisions.

Security Enhancements

To further enhance the security of the staking rewards, OpenEX has implemented several measures:

Time-Lock Smart Contracts: These contracts ensure that funds are not accessible until a predetermined time, adding an extra layer of security.
DAO Multi-Signature Wallet: Management of the smart contracts is entrusted to a decentralized autonomous organization (DAO) multi-signature wallet, preventing any single entity from having control over the funds.
Emergency Handling Measures: The system includes protocols to swiftly address any unforeseen issues that may arise, ensuring user funds remain secure.

Audit and Transparency

OpenEX has prioritized transparency and security by conducting a thorough audit of the redesigned smart contract. Users can review the smart contract code on CoreScan, providing them with the opportunity to verify the integrity of the system.

Conclusion

The locking of tokens for community staking rewards marks a pivotal moment for OpenEX Network, reinforcing its commitment to transparency, security, and user empowerment. As the launch date approaches, the community is encouraged to stay tuned for updates on the staking rewards system, which promises to enhance user engagement and trust in the platform.