VeChain’s VeBetterDAO testnet has been paused in anticipation of the upcoming “big day,” which is just a few days away. The team has announced that several new features, including the dApp listing validators mechanism, will be introduced in the post-migration period.
The preparations for the mainnet launch of VeChain’s (VET) VeBetterDAO are still ongoing as the team completes the final round of voting on the testnet and the manual claim of the remaining testnet rewards. A snapshot of all testnet activities has been taken in preparation for the historic deployment of the VeChainThor (VTHO) mainnet, scheduled for June 28.
With just three days to go, VeChain has temporarily paused the VeBetterDAO testnet until June 28, as reported by Crypto News Flash. This phase will span from June 23 to June 28, with the testnet preparing for its launch on the VeChainThor mainnet.
Important dates to note after the transition include the mainnet launch on June 28, where the respective balances of the testnet tokens – B3TR, VOT3, and GM NFT will appear on the VeChainThor mainnet. After this upgrade, all tokens will be in the form of B3TR, with the total of testnet B3TR and testnet VOT3 being equivalent to the mainnet B3TR balances. Holders of GM NFTs will also be able to access their tokens on the mainnet with the appropriate token ID.
The whole process, including voting rounds, reward allocations, and the mainnet transition, will continue until July 8, when both project owners and voters can claim their first reward allocations. Users are scheduled to swap their B3TR for VOT3 from June 28 to June 30, with the first round of the mainnet voting set to begin on July 1.
The VeChain team has also announced that they will continue to introduce new features, such as the dApp listing validators mechanism, in the post-migration era. The team is committed to enhancing the VeBetterDAO platform and introducing new features, including staking programs and the ability to unlock higher tiers of GM NFTs to earn more rewards from participation.
The mainnet launch will introduce groundbreaking features to boost governance and incentivize new forms of participation. A full-scale emission of B3TR and the beginning of the 12-year tokenomic structure will be implemented. Additionally, quadratic funding and voting mechanisms will be introduced to ensure a fair voting environment and prevent large stakeholders’ dominance.
Another change to expect is the introduction of governance proposals on the Treasury, allowing users to participate in Treasury proposals via VeBetterDAO governance dApp. Proposals will need to be endorsed by at least 2% of the circulating supply of B3TR tokens to qualify for voting, democratising the voting process and putting all participants on a level playing field.
Analysts expect a positive price reaction by VET and VTHO in response to the expected changes and the progressive development of the mainnet launch. At press time, VET was trading at $0.025 after surging by 5.8% in the last 24 hours, while VTHO was trading at $0.0024 after making a run of 8% in the last 24 hours. Subscribe to our daily newsletter for more insights and news.
