- VeChain’s(VET) VeBetterDAO Concludes Round 12 Voting with 67,000 B3TR Tokens Allocated
- VeBetterDAO Mainnet Launch Scheduled for June 28, 2024
VeChain has successfully concluded the 12th round of voting for its VeBetterDAO, paving the way for the project’s imminent transition to the mainnet. This milestone follows a robust testnet phase, during which 2,200 participants were actively engaged in distributing 67,000 B3TR tokens across seven decentralized applications.
Scheduled for June 28, 2024, the VeBetterDAO mainnet launch promises significant enhancements to governance and participation incentives within the VeChain ecosystem. Key features include a comprehensive emission of B3TR tokens over a 12-year period and a 2 million B3TR pool for weekly dApp and voter rewards. Additionally, quadratic funding and voting mechanisms will be introduced to ensure fairness and effectiveness in decision-making.
The VeBetterDAO will also introduce a novel Governance Proposals mechanism, allowing token holders to propose and vote on Treasury initiatives via a dedicated governance dApp. Proposals must gain at least 2% endorsement from the circulating B3TR token supply to qualify for voting, with additional rewards incentivizing active participation in governance activities.
The path to mainnet deployment includes several crucial dates. Following the completion of testnet voting on June 16, participants will have until June 22 to claim the remaining testnet rewards. A final snapshot of testnet activities will be taken on June 23, followed by a brief pause in testnet operations from June 23 to June 28 to prepare for the transition to the VeChainThor mainnet.
Upon the mainnet launch on June 28, users holding B3TR, VOT3, and GM NFT tokens will see their balances migrated to the VeChainThor mainnet. A token swap window for B3TR to VOT3 will open from June 28 to June 30, preceding the start of the first mainnet voting round on July 1. Rewards for project owners and voters will commence on July 8.
Looking beyond the mainnet launch, VeChain(VET) plans to introduce additional features, including a dApp listing validator mechanism and staking programs, as outlined in the VeBetterDAO Whitepaper. These enhancements aim to further empower the community and ensure the platform’s continuous evolution and improvement.
At the time of reporting, VeChain (VET) was trading at $0.03, reflecting a 2% increase over the past 24 hours, indicative of growing market interest and confidence in the upcoming developments.
In conclusion, VeChain’s VeBetterDAO continues to make strides toward enhancing decentralized governance and community participation within its ecosystem. With the mainnet launch on the horizon, stakeholders can look forward to a new era of enhanced functionality and rewards, setting a precedent for sustainable growth and innovation in the blockchain space.
