- VeChain’s VeBetterDAO testnet has currently been paused to prepare for the “big day,” which is just a few days away.
- According to the team, several features, including the dApp listing validators mechanism, will be introduced in the post-migration era.
Preparations towards the mainnet launch of VeChain’s (VET) VeBetterDAO are still in progress as the team completes the last round of voting on the testnet and the manual claim of the remaining tetnet rewards. Also, the final snapshot of all testnet activities has been taken pending the historic deployment of the VeChainThor (VTHO) mainnet scheduled for June 28.
With just three days to go, VeChain has paused the VeBetterDAO testnet, with Crypto News Flash reporting that this phase would span from June 23 to June 28.
The VeBetterDAO testnet will be paused until June 28 in preparation for its launch on the VeChainThor mainnet. Will this push #VET and VTHO prices to new highs? Onward to Mainnet! 🚀 $VET #VeChain pic.twitter.com/1FpkwOmtiq— Collin Brown (@CollinBrownXRP) June 25, 2024
Important Dates After the Transition
As earlier reported, the day of the mainnet launch (June 28) would witness the respective balances of the testnet tokens – B3TR, VOT3 and GM NFT appearing on the VeChainThor mainnet. After completing this significant upgrade, all tokens would be in the form of B3TR. This implies that the total of testnet B3TR and testnet VOT3 would be equivalent to the mainnet B3TR balances. On top of that, holders of GM NFTs would access their tokens on the mainnet with the appropriate token ID.
The information gathered further shows that the entire process, including voting rounds, reward allocations, and the mainnet transition, will continue until July 8, when both project owners and voters claim their first reward allocations. For now, users are scheduled to swap their B3TR for VOT3 from June 28 to June 30, with the first round of the mainnet voting scheduled to begin on July 1.
According to VeChain, the team will continue to introduce new features, such as the dApp listing validators mechanism, in the post-migration era.
The excitement doesn’t end at the mainnet! As outlined in the VeBetterDAO Whitepaper, we’re committed to continually enhancing the VeBetterDAO platform. Post-migration, we’ll introduce new features, including a dApp listing validator mechanism, staking programs, and the ability to unlock higher tiers of GM NFTs to earn even more rewards from participation.
Expected Changes After the VeChain’s VeBetterDAO Mainnet Launch
Even before that, the mainnet launch is already designed to introduce groundbreaking features to boost governance and incentivize new forms of participation. Our review of the VeBetterDAO whitepaper hints at a full-scale emission of B3TR and the beginning of the 12-year tokenomic structure. Also, quadratic funding and voting mechanisms would be introduced to ensure a fair voting environment and prevent large stakeholders’ dominance. This is to democratize the voting process and put all participants on a level playing field.
Another change to expect is the governance proposals on the Treasury, which will enable users to participate in Treasury proposals via VeBetterDAO governance dApp. For proposals to be initiated and qualify for voting, users would have to garner the endorsement of at least 2% of the circulating supply of B3TR tokens. Once this requirement is met, proposals will be posted to various dedicated forums on VeBetterDAO.
Above the expected changes and the progressive development of the mainnet launch, analysts expect a positive price reaction by VET and VTHO.
At press time, VET was trading at $0.025 after surging by 5.8% in the last 24 hours. VTHO was also trading at $0.0024 after making a run of 8% in the last 24 hours.
