VeChain has recently enhanced its governance system by launching the VeBetterDAO mainnet, allowing users to participate in important voting campaigns that will influence the future of the ecosystem.
Announced by the real-world asset (RWA) tokenization blockchain platform, VeChain, the VeBetterDAO mainnet is now available to users who can begin exchanging B3TR for VOT3 to take part in the initial mainnet voting round.
The much-anticipated launch of the VeBetterDAO mainnet was completed on Friday, enabling users to earn rewards while influencing the platform’s future through their participation in the first voting round. The more VOT3 tokens a user has, the greater their voting power. The deadline for exchanging B3TR tokens for VOT3 is set for every Sunday at 23:59 GMT.
Voting for the first round commenced on July 1 and will continue until July 7, with eight Decentralized Applications (dApps) participating. These include Cleanify, Mugshot, Green Ambassador Challenge, GreenCart, Book Club Non-Fungible (NFBC), Oily, EVearn, and Vylo. Cleanify currently leads the voting with 187,200 votes, while Vylo has the fewest votes with 23,520.
As detailed in the project’s whitepaper, VeBetterDAO will follow a set of governance rules for a year to ensure its long-term effectiveness and viability. The platform aims to be the foundation of a cross-sector sustainability dApp ecosystem, engaging, incentivizing, and rewarding user activity.
The VeBetterDAO initiative aligns with the global priority of addressing environmental, social, and economic sustainability. The platform intends to onboard both enterprises and individuals for meaningful causes and cutting-edge dApps.
To participate in governance, users must lock B3TR in a smart contract to receive VOT3 tokens by visiting the website: vebetterdao.org. Once acquired, users can allocate their tokens accordingly to different dApps on VeBetterDAO.
Furthermore, the launch of the VeBetterDAO mainnet has positively impacted VeChain’s native token, VET. At present, VET is trading at $0.02692, representing a 2.5% increase in the last 24 hours, with a trading volume of $29.8 million and a market cap of $2 billion.