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- VeBetter has removed quadratic voting, funding, and rewarding mechanisms to combat sybil farming and improve system stability.
- The VePassport is set to launch soon, enhancing sybil resistance and encouraging user engagement.
The VeBetter ecosystem has made significant strides this week, implementing essential changes to improve functionality and address ongoing challenges. In a recent post on X, the team remained committed to enhancing the platform by focusing on technical updates and tokenomic adjustments.
The VeBetter ecosystem keeps marching forward! Our team are working hard to improve the platform, and this week, some other notable changes took place.
Technical:
As per the recently approved proposal, we have temporarily removed the quadratic voting, funding, and rewarding… pic.twitter.com/nzhwBBUaFD— VeChain (@vechainofficial) October 2, 2024
In response to concerns about Sybil farming, the VeBetter team has temporarily suspended quadratic voting, funding, and rewarding mechanisms. This comes after a recent move that was made in a bid to stabilize the ecosystem. The system has exhibited stability and the expected performance in the recent rounds, thus proving the efficacy of this measure.
Among the technical changes, the most significant is the planned launch of the VePassport. This solution solves the problem of sybil attack and preserves the benefits of quadratic mechanisms. By reducing farming, VePassport aims to foster greater engagement within the ecosystem. The VePassport is expected to revolutionize the platform and protect against manipulative behaviors that may compromise the platform’s goals.
In addition, the VeBetter ecosystem has made changes to the project’s token issuance plan. After the first DAO epoch, the team decided to decrease token issuance for the first time. This is in line with the overall plan of controlling the token inflation within the twelve-year issuance period of B3TR.
VeBetterDAO Leverages B3TR Token to Incentivize Sustainable Practices
During a recent podcast on Untangling Web3, the CEO of VeChain, Sunny Lu, pointed out that DAOs are becoming a crucial part of the blockchain. He explained how DAOs alter organizational structures through voting systems rather than traditional organizational structures.
VeBetterDAO is a prime example of the transition towards decentralized governance in blockchain environments. It is powered by the B3TR token, encouraging users to adopt green practices. This is in line with the increasing focus on sustainability in the cryptocurrency industry. The B3TR can be acquired by buying green products or by reducing the user’s carbon footprint.
The governance model of VeBetterDAO enables the users to be fully involved in the decision-making process within the platform. The VOT3 tokens will enable the community to vote on key measures within the ecosystem. This method helps the stakeholders to participate in the funding process of green projects.
Community Backlash Against VeBetterDAO
Andrea Mortarotti, the co-founder of Progetto Bridge, recently expressed his concerns about VeBetterDAO, as reported by CNF. One of the major issues of discussion is the VeBetterDAO (VBD) project, which focuses on the development of sustainable dApps, including Mugshot, Cleanify, Greencart, and Non-Fungible Book Club.
Critics argue that this initiative has diverted focus from essential VET ecosystem concerns. Mortarotti also pointed out that while new projects are being created, the utility and value proposition of the VET token is still unknown, which creates doubts concerning the token’s further value for users and investors.
Furthermore, Mortarotti also had concerns regarding the distribution of funds within the VeBetterDAO. He estimates that the resources might have been exploited for unintended purposes without the appropriate approval from the governance committee and the node operators.