VeChain’s VeBetterDAO, a platform designed to accelerate Web3 adoption and empower crypto communities, is nearing its highly anticipated mainnet launch on June 28, 2024. Following a successful testnet phase that saw impressive engagement and activity, VeBetterDAO is poised to make a significant impact on the blockchain landscape.
Testnet Success Paves the Way for Mainnet
The testnet phase, which attracted over 18,000 B3TR holders and 4,000 active users, generated a significant amount of data and fostered a vibrant community. These early adopters facilitated over 232,000 transactions, showcasing the potential of VeBetterDAO’s incentive-based, gamified applications to drive real-world change.
Calling All Builders: A Powerful Pipeline for Success
VeChain recognizes the critical role builders play in their vision and is offering a robust support system to empower them. This includes grants of up to $100,000, ongoing DAO support, mentorship opportunities, and potential venture capital connections. With an exciting pipeline of X-2-Earn projects on the horizon, VeChain welcomes builders from both Web2 and Web3 backgrounds to collaborate and shape the future of blockchain.
Related: VeChain Powers Up Sustainability with Grant 2.0: $100k, New Tracks, and “X-to-Earn” Revolution
Key Dates and Steps for a Smooth Transition
To ensure a seamless transition to mainnet, VeChain has outlined a clear roadmap with important dates and steps:
- June 16: The final testnet voting round concludes, marking the completion of the testnet phase.
- June 17-22: Users have a final window to claim any remaining testnet rewards. Unclaimed rewards will be automatically distributed after this period.
- June 23 (00:00 UTC): A final snapshot of all testnet token activity is taken.
- June 23-28: The VeBetterDAO testnet will be paused in preparation for deployment on the VeChainThor mainnet.
- June 28: Testnet token holders will see their B3TR, VOT3, and GM NFT balances reflected on the VeChainThor mainnet. B3TR balances will be the sum of testnet B3TR and VOT3 totals.
- June 28-30: Users are encouraged to swap mainnet B3TR for VOT3 to participate in the first mainnet voting round, which starts on June 30th (VeChainThor’s birthday).
- July 1 (00:00 UTC): The first round of mainnet voting commences.
- July 8: The first rewards allocation for both project owners and voters becomes claimable.
Mainnet Enhancements: Increased Rewards, Fair Governance, and More
VeBetterDAO aims to create a vibrant and engaged community through its mainnet features. A significant increase in B3TR rewards, with a dedicated weekly pool of 2 million tokens, incentivizes both dApp development and active voter participation. Furthermore, quadratic funding and voting ensure a fair and balanced voting system where large token holders don’t hold disproportionate power.
Finally, users can directly influence the platform’s direction by submitting proposals through the VeBetterDAO governance dApp. These proposals require community backing, needing endorsement from at least 2% of the circulating B3TR supply to reach a vote.
Also Read: VETeran Technology: Why VeChain (VET) is a Strong Contender in the Blockchain Race
Continuous Evolution and Global Reach
Following the mainnet launch, VeChain plans to introduce additional features, such as a dApp listing validator mechanism, staking programs, and higher tiers for GM NFTs with enhanced rewards. The team also promise to continue forging partnerships, integrating new features, and onboarding new dApps and businesses to expand VeBetterDAO’s global reach and influence.
For more details on what to expect, you can refer to the VeBetterDAO whitepaper.
HiVe 2.0 Summit and EasyA Hackathon
To celebrate the mainnet launch and foster further innovation, VeChain will be hosting the HiVe 2.0 summit in San Francisco later in June. This event will coincide with a co-branded hackathon organized by EasyA and BCG.
VeChain’s Commitment to Web3: Building Together
The launch of VeBetterDAO underscores VeChain’s unwavering commitment to driving blockchain adoption and fostering a more engaged and empowered crypto community. With a focus on collaborative development and impactful applications, VeBetterDAO is poised to play a significant role in shaping the future of Web 3.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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