VeChain’s VeBetterDAO has successfully concluded the 12th round of voting as it prepares for the mainnet launch. With over 2,200 participants, the voting round allocated 67,000 B3TR tokens across seven decentralized applications. The testnet’s final round of voting is expected to be finalized on June 16, followed by the transition to mainnet on June 28, 2024.
The mainnet launch of VeBetterDAO will introduce new features to enhance governance and incentivize community participation. It will also include a full-scale emission of B3TR tokens over a 12-year tokenomic structure. Additionally, there will be a weekly allocation of rewards to dApps and voters, with a 2 million B3TR pool to increase rewards for active community members.
To ensure a fair voting environment, VeChain will implement quadratic funding and voting mechanisms. One of the unlocked functions will be Governance Proposals on the Treasury, allowing users to actively participate in Treasury Proposals through the VeBetterDAO governance dApp. These proposals will be available for voting once they receive an endorsement of at least 2% of the circulating supply of B3TR tokens.
After the completion of the final round of voting on June 16, the remaining testnet rewards can be claimed manually from June 17 to June 22. On June 23, there will be a final snapshot of all testnet activities, and preparations for deployment on the VeChainThor mainnet will take place from June 23 to June 28.
On June 28, B3TR, VOT3, and GM NFT holders will be able to view their balances on the VeChainThor mainnet. Users can then swap their mainnet B3TR for VOT3 from June 28 to June 30 in preparation for the first round of voting on the mainnet, which will begin on July 1. The first rewards allocation for project owners and voters will take place on July 8.
The VeBetterDAO team plans to continue introducing new features, such as a dApp listing validator mechanism, after the mainnet launch. They are committed to enhancing the VeBetterDAO platform and offering staking programs and the ability to unlock higher tiers of GM NFTs for more rewards.
As of now, VeChain (VET) is trading at $0.03, experiencing a 2% surge in the last 24 hours. For more information about VeChain and its developments, you can refer to the VeBetterDAO Whitepaper.