VeChain has announced significant milestones leading up to its upcoming mainnet launch slated for June 28.
According to a post on X, the final opportunity to claim rewards will be available from June 17 to June 22, preceding the initial mainnet vote on July 1.
Recently, VeBetterDAO concluded its 12th voting round with 2,200 participants. As previously reported by Crypto News Flash, this involved the distribution of 67,000 B3TR tokens across 7 decentralized applications. This transition to the mainnet aims to introduce enhanced governance features and incentivize diverse participation.
Moreover, this pioneering upgrade represents a crucial step toward global sustainability efforts and empowerment within the crypto community.
Today, we are delighted to share details about the impending launch of VeBetterDAO’s mainnet and forthcoming developments. Scheduled for June 28, 2024, this launch signifies more than a mere technological upgrade. It marks a significant advancement in global sustainability initiatives, empowerment of crypto communities, and broader adoption of Web3.
Key Dates for VeChain’s VeBetterDAO Mainnet Launch
According to VeChain, June 17 to June 22 is the final window for claiming testnet rewards manually. On June 23, a final snapshot of all testnet token activities will be taken. Subsequently, the VeBetterDAO testnet will be paused from June 23 to June 28 in preparation for deployment.
On June 28, holders of testnet tokens – B3TR, VOT3, and GM NFT – will see their assets reflected in their VeChainThor mainnet balances. Following the transition, all tokens will convert into B3TR. From June 28 to June 30, users are encouraged to exchange mainnet B3TR for VOT3 in readiness for the initial voting round starting on July 1.
Reportedly, only VOT3 tokens swapped before the commencement of the round will qualify for the first round of weekly B3TR rewards. On July 8, project owners and voters can claim their initial reward allocation.
Upcoming Important Dates for VeBetterDAO!
➡ June 17 – June 22: Final window for reward claims
➡ June 23: Final snapshot of all testnet tokens
➡ June 23 – June 28: #VeBetterDAO paused
➡ June 28: Tokens available on mainnet
➡ July 1: First mainnet voting
Benefits of New Features Post-Mainnet Launch
A press release reviewed by CNF reveals that the mainnet launch will commence full-scale B3TR emission and initiate a 12-year tokenomic structure. To kick off, a 2 million B3TR pool will be allocated weekly to DApps.
Highlighting other advantages, VeChain notes that the transition will introduce quadratic funding and a fair voting environment to prevent dominance by major stakeholders. Users can participate in Treasury proposals through the VeBetterDAO governance dApp, requiring endorsement from at least 2% of the circulating B3TR supply to initiate a vote.
Once a proposal meets this threshold, it will be posted on a dedicated VeBetterDAO forum. Voters on these proposals will receive additional rewards. More details on initiating governance proposals for VeBetterDAO will be provided closer to the mainnet launch.
As of the latest update, VET is trading at $0.02, reflecting a 3% increase over the past 24 hours.
Recommended Reads:
– Guide to Buying VeChain (VET)
– VeChain (VET) Wallet Tutorial
– Check 24-hour VET Price
– More VeChain News
– What is VeChain?