TLDR: We have released the beta version of VePool on the Testnet! Try it out at beta.vepool.xyz

VePool Beta (https://beta.vepool.xyz)

What’s in the Beta Release?

Over the past month we have been working hard improving the user experience with VePool. This includes significant reworks to the existing smart contract to include Vechain’s MPP protocol, a timeout mechanism for the VTHO conversion and the addition of the SafeMath library to ensure the safety of the contract. These new features are detailed below.

Multi-Party Payment Protocol

With the addition of the MPP protocol, all conversions from VTHO to VET are now paid by the contract. This means that there is no external wallet paying the fees and the conversion fee is split between all of the users within the pool.

Conversion Timeout

With the addition of the MPP protocol, there exists an abuse of the contract where VTHO could be continually used up during the conversion process. For example, once the pool reached the threshold to issue a MPP transaction, it could be issued straight away. This would mean that only a fraction of VTHO would be converted and the rest wasted on fees.

We have introduced a linear lockout time on the contract which stops users from continually calling the conversion method. This is set to a week after each conversion, but is decreased linearly according to the amount of VTHO within the contract.

Lockout Time= 1 week - (VTHO/20,000)*(1 week)

A counter has been introduced to allow user’s to easily see when the next conversion will occur.

Conversion countdown

UI Improvements

There have also been the addition of events from the contract whenever important transactions occur such as deposits, withdrawals and VTHO conversions. These events have helped shaped the new UI for VePool and provides a better experience for the user.

User’s can now see their most recent transactions and see their balance over time.

Graph showing the amount of VET in the pool over time

What’s next?

Automatic Conversion

We have just started writing a small service in Scala that will run indefinitely with its sole purpose to trigger the conversion function once the linear lockout time has been satisfied. This will mean that users can be assured that their VTHO tokens will be converted as soon as that timer hits zero!

Mainnet

We hope that enough users jump into the Beta version of VePool and give us their feedback. Once enough testing has been done and we are satisfied with everything, we will release VePool onto the Mainnet where users can deposit their VET without the current 100VET limitation in place.