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- VeBetterDAO has seen the first-ever proposal on its platform for an app that introduces transparency into the distribution and use of B3TR tokens on the VeChain ecosystem.
- The proposal has received the 275,000 VOT3 tokens required to proceed to the next stage, with voting set to start in four days.
Barely three weeks since it launched its mainnet, VeBetterDAO has witnessed another landmark development—its first-ever proposal from a community member.
VeBetterDAO is an ecosystem on the VeChain network for apps that promote sustainable actions and assets. It allows any app to tokenize its sustainable actions and reward users with B3TR tokens, as we’ve reported previously. Being a DAO, its governance is wholly in the hands of its community, and proposals are the avenue through which the members make their voices heard.
VeBetterDAO’s community is now making its voice heard, with one member, known in tech circles as Dudoso, submitting the ecosystem’s first proposal.
History in the making!
The first VeBetterDAO proposal was submitted recently; an app that brings transparency to #B3TR token distributions from its dApps.
Want to see this realized? Head to https://t.co/8q0IZuR7Hl and make your vote heard.https://t.co/T0ZFrbSvdW
— VeChain (@vechainofficial) July 17, 2024
The proposal is on B3TR tokens; he proposes that all dApps on VeBetterDAO be required to integrate a transparent tracker offering up-to-date insights on the distribution of B3TR, the incentive token. Dudoso’s’ proposal is ‘text-only’—the other type of proposal on the ecosystem is the on-chain action which requires fundamental technological changes.
Dudoso explained the motivation behind his proposal:
To build a sustainable VeBetterDAO ecosystem it is imperative that both Dapps and Users have a clear understanding of how B3TR tokens will be distributed and used to drive sustainable acts and maintain an equitable ecosystem. If B3TR tokens are maintained by the Dapp, a clear reason or explanation can be provided.
Transparent B3TR Tracking on VeBetterDAO
The proposal wants the new tracker on every VeBetterDAO dApp to show the total number of B3TR distributed, the tokens left undistributed, and any tokens being set aside for future or internal use. While this would promote accountability and transparency, it would also allow users to select the dApps that best reward their users as the data will be publicly available.
The proposer believes that this would also benefit the dApps as their transparency would likely appeal to a larger base of users.
This proposal doesn’t come without its risks and vulnerabilities. For one, the dApps can lie or misrepresent the tokenomics, including how many tokens they distributed to users. However, the proposer says that this can be mitigated by requiring dApps to provide their VeChain wallet addresses. With the VeChainThor network being publicly accessible and immutable, these dApps would have no way to conceal their actions.
“By creating transparency between Dapps and Users, the VeBetterDAO can become the hub for social and sustainable change. It is crucial that these measures are considered at these early stages to prevent either Dapps or users from ‘gaming’ or taking advantage of the current system,” Dudoso concluded.
Dudoso’s proposal has already received the 275,000 VOT3 tokens required to proceed to the next stage, with voting starting in four days. It received the tokens from 67 users, who can reclaim these tokens as soon as the proposal enters the next stage, regardless of whether it succeeds or fails.
VeBetterDAO is just one of the several VeChain platforms that are growing rapidly. The network’s integration into real-world use cases, be it real estate, sustainable shopping, fan engagement, or tokenization, is expanding massively.
VeChain’s VET trades at $0.03103, dipping 4.2% in the past day after a bumper week in which it hit its highest price in five weeks.