- VeChain is launching the VeBetterDAO mainnet on June 28, 2024, introducing quadratic voting to ensure equitable governance and full issuance of B3TR tokens to incentivize community participation.
- This development aims to enhance transparency, sustainability, and democratic decision-making within the VeChain ecosystem.
VeChain, a blockchain platform renowned for enhancing transparency in supply chains, is set to launch the VeBetterDAO mainnet on June 28, 2024. This development marks a significant milestone in the blockchain sphere, focusing on improved governance and sustainability within the VeChain ecosystem.
A Leap Towards Decentralized Governance
VeChain’s technology is underpinned by two tokens: VET and VTHO. The VET token facilitates payments and money transfers among users, while VTHO covers transaction fees and smart contract interactions on the VeChain blockchain. This dual-token system has enabled VeChain to forge partnerships with major corporations like PwC and BMW, solidifying its reputation in industrial applications, particularly supply chain management.
It’s going to be an action-packed week for builders with the EasyA x BCG hackathon!
— VeChain (@vechainofficial) June 11, 2024
On June 28th we’re hosting the HiVe Summit 2.0, sharing insights, updates, and biggest of all – launching VeBetterDAO mainnet!
Grab your tickets and join the fun: https://t.co/WB4Z8zU0ee $VET https://t.co/1HMIPiuwqh pic.twitter.com/Q0olP2NAMl
The VeBetterDAO mainnet aims to revolutionize governance by introducing quadratic voting, a system designed to ensure more equitable participation in governance proposals. This mechanism prevents large stakeholders from dominating the decision-making process, thereby fostering fairer and more representative outcomes.
Additionally, the mainnet launch will activate the full issuance of B3TR tokens. These tokens will be released over a 12-year period, with 2 million B3TR tokens allocated weekly to decentralized applications (dApps) and active voters. This structure incentivizes community engagement, encouraging participants to take an active role in ecosystem governance.
Strengthening Community Participation
The VeBetterDAO will empower users to engage directly in Treasury proposals through its governance application. For a proposal to be considered, it must garner support from at least 2% of the circulating B3TR tokens. Once this threshold is achieved, the proposal will be posted on a dedicated forum for deliberation and voting. Participants in these votes will receive additional rewards, further motivating involvement in decision-making.
This shift towards more democratic and sustainable governance reflects VeChain’s commitment to leveraging Web3 technology for a greener and more equitable future. Blockchain researcher Collin Brown highlights that this development represents a new era for sustainability, underscoring the potential of blockchain to drive positive environmental and social change.
Despite a recent 5.6% decrease in VeChain’s price to $0.02757 and a 24-hour trading volume of $41.2 million, the market capitalization remains robust at over $2 billion. The VeChain community is eagerly anticipating the launch of the VeBetterDAO mainnet and the transformative impact it promises for the ecosystem’s governance and sustainability.
In conclusion, the upcoming launch of the VeBetterDAO mainnet is poised to significantly enhance the VeChain ecosystem by promoting more inclusive governance and fostering community participation. As VeChain continues to innovate, it sets a promising example for the future of blockchain technology in achieving sustainable and democratic objectives.
