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VeChain has announced some important dates for the upcoming mainnet launch scheduled for June 28.
- According to a post shared on X, the final window to claim rewards would run from June 17 to June 22 with the first mainnet voting scheduled for July 1.
Vechain’s (VET) VeBetterDAO recently concluded its 12th round of voting with 2,200 people participating. As earlier reported by Crypto News Flash, this was part of the effort to distribute 67,000 B3TR tokens across 7 decentralized applications. Drawing insight from that report, the much-anticipated transition to the mainnet is meant to integrate new features to improve governance coupled with the incentivization of different forms of participation.
In addition to that, this groundbreaking upgrade would mark a significant movement towards a global action on sustainability, and also empower the crypto community at large.
Today, we’re excited to share details about the upcoming launch of VeBetterDAO’s mainnet and what you can expect in the coming weeks. VeBetterDAO’s mainnet debut is set for June 28, 2024, and marks more than just a technology upgrade. Its launch is a huge leap forward for global action on sustainability, for empowering crypto communities, and for Web3 adoption at large.
Important Dates for the VeChain’s VeBetterDAO Mainnet Launch
According to VeChain, June 17 to June 22 would be the final window to manually claim testnet rewards. On June 23, the final snapshot of all testnet token activities will be taken. After this, the VeBetterDAO testnet would be paused as part of the preparation for the deployment. According to the announcement, this would take place from June 23 to June 28.
On June 28, holders of the testnet tokens – B3TR, VOT3, and GM NFT would see the assets reflected in their balances on the VeChainThor mainnet. After the completion of the transition, all tokens would be in the form of B3TR. From June 28 to June 30, mainnet B3TR would be encouraged to be swapped for VOT3 amid the preparation for the first voting round which starts on July 1.
According to the report, only VOT3 tokens swapped before the commencement of the round would be eligible for the first round of weekly B3TR rewards. On July 8, both project owners and voters would be able to claim their first reward allocation.
Important dates are coming up soon for VeBetterDAO!
➡ June 17 – June 22: Final window to claim rewards
➡ June 23: Final snapshot of all testnet tokens
➡ June 23 – June 28: #VeBetterDAO paused
➡ June 28: Tokens available on mainnet
➡ July 1: 1st mainnet voting pic.twitter.com/mtdalYeig4— VeChain (@vechainofficial) June 17, 2024
Benefits of the New Functionalities Introduced After the Mainnet Launch
A press release reviewed by CNF discloses that the mainnet launch would introduce the full-scale emission of B3TR and mark the beginning of the 12-year tokenomic structure. For the weekly allocation to DApps, the team explains that a 2 million B3TR pool would be used for the start.
Explaining some other benefits of this transition, VeChain disclosed that it would lead to the provision of a quadratic funding and fair voting environment to prevent the dominance of large stakeholders. Also, users would be able to participate in Treasury proposals via the VeBetterDAO governance dApp. For now, they would have to record the endorsement of at least 2% of the circulating supply of the B3TR token to initiate a proposal for voting.
Once the proposal reaches this threshold, the proposal will be posted to a dedicated forum on VeBetterDAO. Individuals who vote on these proposals will be incentivised through additional rewards. Details on how to initiate the governance proposals for VeBetterDAO will be released closer to the mainnet launch.
At press time, VET was trading at $0.02 after surging by 3% in the last 24 hours.