- VeChain’s VeBetterDAO testnet has been paused in preparation for the mainnet launch on June 28, marking the transition of testnet tokens to the mainnet.
- This launch will introduce new features and a democratic governance structure, with positive market reactions anticipated for VET and VTHO tokens.
In anticipation of its mainnet launch, VeChain’s VeBetterDAO testnet has been paused, setting the stage for significant changes in the blockchain ecosystem. The VeChain team is meticulously preparing for the transition, which is only a few days away, and several exciting updates are on the horizon.
Preparing for the Mainnet: Key Developments
VeChain’s VeBetterDAO is poised for a monumental upgrade. The team has taken the final snapshot of all testnet activities and is completing the last round of voting and reward claims on the testnet. These activities culminate in the historic deployment of the VeChainThor (VTHO) mainnet scheduled for June 28.
The transition period, spanning from June 23 to June 28, marks the pause of the VeBetterDAO testnet. This phase is critical for ensuring a smooth migration of features such as the dApp listing validators mechanism. On June 28, the balances of testnet tokens—B3TR, VOT3, and GM NFT—will appear on the VeChainThor mainnet. Post-migration, all tokens will convert to B3TR, consolidating the testnet B3TR and VOT3 into mainnet B3TR balances. GM NFT holders will also access their tokens with the appropriate token ID on the mainnet.
From June 28 to June 30, users are scheduled to swap their B3TR for VOT3, with the first round of mainnet voting commencing on July 1. The entire process, including voting rounds and reward allocations, continues until July 8, when project owners and voters can claim their first reward allocations.
Post-Migration Enhancements and Governance
The mainnet launch promises to introduce groundbreaking features to VeBetterDAO, enhancing governance and incentivizing participation. According to the VeBetterDAO whitepaper, the platform will see a full-scale emission of B3TR and the start of a 12-year tokenomic structure. Quadratic funding and voting mechanisms will be implemented to ensure fair voting, preventing large stakeholders from dominating the process.
Governance proposals on the Treasury will also be a key feature. Users can participate in Treasury proposals via the VeBetterDAO governance dApp. To qualify for voting, proposals must garner the endorsement of at least 2% of the circulating supply of B3TR tokens. Once this requirement is met, proposals will be posted to dedicated forums on VeBetterDAO for voting.
Anticipated Market Reaction
The excitement surrounding the VeBetterDAO mainnet launch is reflected in the market. Analysts expect a positive price reaction for VET and VTHO, with VET recently trading at $0.025 after a 5.8% surge and VTHO at $0.0024 following an 8% increase in the last 24 hours.
The VeBetterDAO mainnet launch represents a significant milestone for VeChain, promising enhanced features and a more democratic governance structure. As the blockchain community eagerly awaits June 28, the future looks bright for VeChain and its stakeholders.
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