VeChain has recently unveiled its VeBetterDAO mainnet, enabling users to participate in important voting campaigns that will shape the future of the ecosystem. This blockchain platform, known for tokenizing real-world assets (RWA), has announced the availability of the VeBetterDAO mainnet, allowing users to exchange B3TR for VOT3 and take part in the initial mainnet voting round.
The highly anticipated launch of VeBetterDAO mainnet took place on Friday, providing users with an opportunity to earn rewards as they contribute to the platform’s development. The voting power of each user is determined by the amount of VOT3 tokens in their balance. The deadline for swapping B3TR tokens for VOT3 tokens is set for every Sunday at 23:59 GMT.
To kickstart the voting process, the first round began on July 1 at 1:00 AM. Eight decentralized applications (dApps), including Cleanify, Mugshot, Green Ambassador Challenge, GreenCart, Book Club Non-Fungible (NFBC), Oily, EVearn, and Vylo, are participating in this round. As of now, Cleanify is leading the pack with 187,200 votes, closely followed by Mugshot with 180,380 votes. Vyvo has received the fewest votes, with only 23,520.
According to the project’s whitepaper, VeBetterDAO will adhere to a specific set of governance rules for one year without any technical interruptions. This Stabilization Period is crucial for ensuring the long-term effectiveness and viability of VeBetterDAO.
VeChain’s VeBetterDAO initiative aims to serve as the foundation for a cross-sector sustainability dApp ecosystem in the Web3 space. The platform seeks to engage, incentivize, and reward user activity by onboarding both enterprises and individuals for meaningful causes and cutting-edge dApps.
The pillars of sustainability, encompassing the environmental, social, and economic aspects, have become a global priority. The United Nations has outlined 17 Sustainable Development Goals (SDGs) covering these areas, and businesses are facing regulatory pressure to incorporate sustainable practices into their operations.
With the launch of the VeBetterDAO mainnet, VeChain recognizes the opportunity to leverage blockchain technology for positive change in line with these priorities.
To participate in the governance of VeBetterDAO, users must lock their B3TR tokens in a smart contract to receive VOT3 tokens. This can be done by visiting the website vebetterdao.org. Once users have acquired VOT3 tokens, they can review different dApps on VeBetterDAO and allocate their tokens accordingly.
Participants with staked tokens will be eligible for voting rewards, which will be distributed at the end of each voting round. To participate in the second voting round, users must swap their B3TR tokens for VOT3 tokens before 23:59 GMT on Sunday, July 7. Only VOT3 tokens held in wallets before the deadline will be eligible to vote in the following week’s voting round and earn B3TR token rewards.
The launch of the VeBetterDAO mainnet has had a positive impact on VeChain’s native token, VET, as its trading price has increased by 2.5% in the last 24 hours, reaching $0.02692. The trading volume has also seen a rise from 0.3% to $29.8 million, while the market cap is currently valued at $2 billion.
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