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- VeChain has concluded round 12 of its voting round pending the mainnet launch of VeChain’s VeBetterDAO.
- It is reported that 2,200 people were involved in the voting round with 67,000 B3TR tokens allocated on multiple Decentralized Applications.
VeChain’s (VET) VeBetterDAO has officially concluded the 12th round of its voting exercise days after completing a successful testnet launch. According to VeChain, this round of voting had 2,200 people participating in the effort to allocate 67,000 B3TR tokens across seven decentralized applications.
Interestingly, the last round of voting on the testnet is expected to be finalized on June 16 with the VeBetterDAO’s transition to mainnet scheduled to take off on June 28, 2024.
VeBetterDAO pulse check: Round 12 of the VeBetterDAO voting round has concluded!
Over 2,200 participants voted to allocate 67,000 B3TR tokens across seven decentralized applications.
Participate in the next round: https://t.co/r3CHxWFxce pic.twitter.com/uQTDge6lU8
— vechain (@vechainofficial) May 27, 2024
More on the Mainnet Launch
As earlier VeChain’s (VET), the VeBetterDAO mainnet launch would introduce new features meant to improve governance while incentivizing new forms of participation. In addition to that, there would be a full-scale emission of B3TR on top of a 12-year tokenomic structure. Amid the backdrop of this, there would be a weekly allocation to dApps and voters with a 2 million B3TR pool to increase the available rewards for engaged community members.
VeChain will introduce quadratic funding and voting mechanisms for a successful and fair voting environment. One of the functions expected to be unlocked is the Governance Proposals on the Treasury. This new functionality will allow users to participate in Treasury Proposals via the VeBetterDAO governance dApp actively. In this development, proposals initiated would only be available for voting after they garner an endorsement of not less than 2% of the circulating supply of B3TR tokens.
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.
Important Dates and Steps in the VeBetterDAO Journey
After the completion of the last round of voting on June 16, the manual claim of the remaining testnet rewards would be done from June 17 to June 22. Exactly on June 23, there would be a final snapshot of all testnet activities. From June 23 to June 28, the VeBetterDAO testnet would be paused for preparations towards deployment on the VeChainThor mainnet.
On June 28, the testnet tokens – B3TR, VOT3 and GM NFT holders would be able to see their balances on the VeChainThor mainnet. Users would then be able to swap their mainnet B3TR for VOT3 from June 28 to June 30 in preparation for the first voting round. After that, July 1 would mark the beginning of the first round of voting on the mainnet with July 8 set for the first rewards allocation for both project owners and voters.
According to the team, they would continue to introduce new features including dApp listing validator mechanism, etc after the launch of the mainnet.
The excitement doesn’t end at the mainnet! As outlined in the VeBetterDAO Whitepaper, we’re committed to continually enhancing the VeBetterDAO platform. Post-migration, we’ll introduce new features, including a dApp listing validator mechanism, staking programs, and the ability to unlock higher tiers of GM NFTs to earn even more rewards from participation.
At press time, VeChain (VET) was trading at $0.03 after surging by 2% in the last 24 hours.