Gora Network Announces A Big Update Celebrating 3rd Anniversary: V3 of Vesting Contracts Deployment
Since the launch of the Gora Mainnet app, we’ve embarked on an incredible journey of growth and evolution. From our early beginnings to today, we’ve made significant strides in building and upgrading our ecosystem. Now, it’s time to take the next step forward with a fresh round of upgrades designed to improve user experience and drive even more innovation within the Gora ecosystem.
Celebrating 3 Years of Innovation
October marks a major milestone for us — Gora Network’s 3rd Anniversary! It’s been three years since we achieved our groundbreaking victory at the Algorand Hackathon in 2021. Since that pivotal moment, we’ve been pushing the boundaries of what’s possible in Web3, constantly innovating to bring powerful solutions to the decentralized world. As we reflect on this journey, we’re excited to announce our latest wave of updates!
What’s Changing?
V2 Migration to V3 Vesting Contracts
Our highly anticipated V3 delegation software is finally here. It’s designed to simplify the process for both delegators and validators. With this upgrade, users can look forward to a smoother, more efficient experience when managing their assets and claiming rewards.
Please note that starting October 10th, 2024, the claiming functionality on both Gora.io and Gora.fi will be temporarily disabled. This ensures a smooth transition as we fully integrate the V3 process into Gora.fi. The new and improved system will be available on October 23rd, 2024.
Auto-compounding
The V3 $GORA vesting contract introduces an exciting new feature: auto-compounding. This means that any rewards earned through staking are automatically reinvested without manual claiming or re-staking.
- In V3, accumulated rewards are automatically added back to the staking pool, allowing users to earn rewards on both their original stake and the newly accrued rewards — enhancing returns through the power of compounding
- Users do not need to manually claim rewards to increase their stake, as the process happens automatically, ensuring seamless growth over time.
- Commission on these tokens remains the same, meaning any tokens added through auto-compounding will still incur the usual validator commission, ensuring fair participation in the staking process.
Reminder: please make sure to claim any pending $GORA rewards before unstaking.
Gora.fi and the Evolution of Gora.io
We’re excited to announce that Gora.fi, our decentralized finance (DeFi) suite, is ready to take flight! Moving forward, Gora.io will be focused on developing our cutting-edge Oracle solutions, while Gora.fi will serve as the home for all things DeFi within the Gora ecosystem.
The launch of our V3 vesting contract signifies a pivotal shift. Gora.io will transition from its DeFi functionalities and all things DeFi will migrate to their dedicated home — Gora.fi. This means Validator and Delegator operations involving the $GORA token will exclusively be available on Gora.fi.
By separating these two platforms, we can ensure dedicated development tracks for both our Oracle services and DeFi offerings, allowing each to grow independently.
What’s Next?
We’re committed to continuous innovation, and there’s much more in store for the Gora community. Keep an eye out for future updates as we continue to build, expand, and enhance the Gora Network. We couldn’t have come this far without the support of our incredible community — thank you for being with us on this journey.
Stay informed and connected with #GoraGang.
