VeChain’s VeBetterDAO has successfully completed its 12th round of voting as it prepares for the mainnet launch. The voting round saw the participation of 2,200 individuals who allocated 67,000 B3TR tokens across seven decentralized applications. The testnet voting is expected to be finalized on June 16, followed by the transition to the mainnet on June 28, 2024.
The mainnet launch of VeBetterDAO will introduce new features aimed at enhancing governance and encouraging greater participation. It will also include a full-scale emission of B3TR tokens over a 12-year period. The platform will allocate a 2 million B3TR pool for dApps and voters on a weekly basis to increase rewards for community members.
VeChain plans to implement quadratic funding and voting mechanisms to ensure a fair and successful voting environment. One of the upcoming features is the Governance Proposals on the Treasury, which will allow users to actively participate in Treasury Proposals through the VeBetterDAO governance dApp. Proposals will only be available for voting once they receive an endorsement from at least 2% of the circulating supply of B3TR tokens.
After the final round of testnet voting on June 16, participants can claim their remaining testnet rewards from June 17 to June 22. On June 23, a final snapshot of all testnet activities will be taken, and preparations for deployment on the VeChainThor mainnet will commence. By June 28, testnet token holders will be able to see their balances on the VeChainThor mainnet and can swap their mainnet B3TR for VOT3 until June 30. The first round of voting on the mainnet will begin on July 1, with rewards allocation scheduled for July 8.
The VeBetterDAO team plans to introduce additional features, such as a dApp listing validator mechanism, after the mainnet launch, as outlined in the VeBetterDAO Whitepaper. The platform aims to continually enhance the user experience and provide more opportunities for earning rewards.
Currently, VeChain (VET) is trading at $0.03, experiencing a 2% surge in the last 24 hours.
For more information about VeChain and its developments, refer to the VeBetterDAO Whitepaper.
