- VeChain has advanced its governance scheme after floating the VeBetterDAO mainnet.
- Users can now join crucial voting campaigns that can shape the future of the ecosystem.
For the real-world asset (RWA) tokenization blockchain platform, VeChain has announced the availability of its VeBetterDAO mainnet to its users. As a result, they can begin swapping B3TR for VOT3 to participate in the first mainnet voting round.
B3TR for VOT3 Swap Begins on VeBetterDAO
The highly anticipated VeBetterDAO mainnet launch was completed on Friday. Users participating in the first voting mainnet round stand a chance to gain rewards as they help shape the platform’s future. Note that the more VOT3 in a user’s balance, the more voting power they have. The deadline for swapping the B3TR token to VOT3 has been scheduled for every Sunday at 23:59 GMT.
With VeBetterDAO mainnet now live, it’s time to swap B3TR for VOT3! Participate in the first Mainnet voting round earn rewards by helping shape the future of the platform.
Deadline for swapping tokens for next week’s voting round: every Sunday 23:59 GMT. pic.twitter.com/xNjHByx1OB
— VeChain (@vechainofficial) June 29, 2024
Voting began earlier today, July 1, at 1:00 AM for the first round. Eight Decentralized Applications (dApps), including Cleanify, Mugshot, Green Ambassador Challenge, GreenCart, Book Club Non-Fungible (NFBC), Oily, EVearn, and Vylo, are participating in the first round. At the time of this writing, Cleanfy is leading with 187,200 votes, and Mugshot follows behind with 180,380 votes. Vyvo is the least voted dApp with 23,520 votes.
As revealed in the project’s whitepaper, VeBetterDAO will strictly adhere to an initial set of governance rules until it has run for one year without any technical interruptions. The Stabilization Period is critical for ensuring the long-term efficacy and viability of VeBetterDAO.
This VeBetterDAO initiative from VeChain aims to be Web3’s foundation for a cross-sector sustainability dApp ecosystem that engages, incentivizes, and rewards user activity. The platform intends to onboard both enterprises and individuals for meaningful causes and cutting-edge dApps.
The environmental, social, and economic pillars of sustainability have become a global priority. The United Nations outlines 17 Sustainable Development Goals (SDGs) encompassing these aspects, and regulations are pushing businesses to integrate sustainable practices into their core operations.
With the VeBetterDAO mainnet launch, VeChain recognizes this convergence as a golden opportunity to leverage blockchain technology for positive change, as previously reported by Crypto Key News.
How to Participate in VeBetterDAO
To participate in governance, users must lock B3TR in a smart contract to receive VOT3 tokens by visiting the website: vebetterdao.org. Once VOT3 is acquired, users can review different dApps on VeBetterDAO and allocate their tokens accordingly.
Participants with staked tokens are eligible for voting rewards, which are shared at the end of each voting round. To participate in the second voting round, users must swap their B3TR for VOT3 before 23:59 GMT on Sunday, July 7. Only VOT3 tokens in wallets before the deadline will be eligible to vote in the following week’s voting round and earn B3TR token rewards.
Meanwhile, the launch of the VeBetterDAO mainnet seems to have spurred positive sentiments towards VeChain’s native token, VET. At press time, VET is trading at $0.02692, demonstrating a 2.5% increase in the last 24 hours. The trading volume also increased from 0.3% to $29.8 million, while the market cap is pegged at $2 billion.
