Dear community — our devs have been tirelessly working on the next series of updates for the VeBetterDAO ecosystem, and we’ve got a bunch of exciting changes coming.
We want to keep you ahead of the news and make sure you’re prepared for the next stages of the Better ecosystem, and, of course, to ensure you secure your B3TR allocations in the weeks ahead! So, read on, and take note.
VePassport Goes Live: ~2 weeks (18th Oct)
VePassport is our answer to the sybil farming issues that had been affecting the VeBetterDAO platform. The introduction of VePassport adds minimum qualification criteria that users MUST meet to be eligible for weekly governance voting rewards.
The go-live of VePassport also marks the return of the Quadratic funding, voting and reward mechanisms, while introducing a way to filter fake users and reduce sybil farming.
Qualifying Criteria:
VePassport introduces TWO pathways to achieving minimum qualification criteria, and becoming eligible for governance rewards:
Acquiring a ‘Moon’ tier GM NFT
Using VeBetter apps, performing at least 3 actions over 12 weeks*
*Values may be adjusted over time based on community proposals/feedback.
Acquiring the Moon Tier GM NFT:
One of the methods to unlock governance rewards is upgrading your GM NFT to ‘Moon’ tier — a function that will become available once VePassport is introduced.
Upon obtaining a Moon tier GM NFT, users become eligible for weekly governance rewards without requiring further action. Per the whitepaper, X-nodes and Economic Nodes are able to freely obtain Moon GM NFTs, while non-Node holders can unlock them by exchanging accrued B3TR.
Obtaining the Moon GM NFT also positively impacts the weekly reward ratio for users — details below:
Additional tiers of GM NFTs will be introduced in a later update.
An overview of the VeBetterDAO Galaxy Member (GM) System Using Better apps:
Another way to qualify for weekly governance rewards is using Better apps a minimum amount of times — currently set at 3 instances per quarter.
These criteria can be adjusted through proposals to increase or decrease difficulty, based on community feedback.
X/Economic Node App Endorsements: ~4 Weeks (25th Oct)
Another significant change coming to the platform is the X/Economic Node app endorsement feature. VeChain Node holders will play a crucial role as validators and qualifiers of X2Earn Applications in future versions of VeBetterDAO.
Endorsement, and subsequent app listing on the VeBetterDAO, necessitates two-way dialogue between X2Earn applications and relevant stakeholders through channels such as Discord, Telegram, X (Twitter) Spaces and Discourse, arriving at arrangements that suit all parties.
Per the whitepaper, apps will need to secure a minimum approval value of 100 points (scoring detailed below) before they can go-live on the platform.
NB: This includes apps currently listed on the platform. Apps that do not secure endorsement will remain listed on VeBetterDAO but won’t be eligible for weekly allocations. Details on the exact process will be shared in a future update.
Example: A single Mjolnir X Node could endorse an dApp, or, it might require 1 Mjolnir Economic Node +1 Thunder X Node & 5 VeThor X Nodes. So long as the total reaches 100, any combination will suffice.
GM NFT Upgrades: ~6 Weeks (8th Nov)
The final step in our three part journey is the introduction of full GM NFT upgradeability, introducing new tiers to the ecosystem, and allowing X Nodes and Economic Nodes to freely claim a tier of GM NFT relative to their Node status.
Non-Node holders will be able to use accrued B3TR token rewards to upgrade their GM NFTs and earn additional weekly rewards. Node tiers will be introduced gradually, with X-Nodes and Economic nodes able to claim their respective tiers as they become available.
VeBetterDAO — powered by YOU!
Excitingly, we are soon entering kicking a more decentralized phase for VeBetterDAO, putting more decision making power in the hands of our awesome community, staying true to our commitment for the ecosystem.
As each of these updates near implementation, we’ll be sure to communicate on our social channels — we recommend you to follow our X Account for the most up to date information!
About VeChain
Founded in 2015, VeChain built a world leading enterprise smart contract platform, VeChainThor, helping deliver blockchain adoption apps to hundreds of enterprise partners.
Building on this expertise, VeChain, in close partnership with Boston Consulting Group, launched the ‘Better’ ecosystem — comprised of sustainability apps that use tokenization and incentivization to reward users, businesses and other stakeholders for sustainable actions.
To learn more, including how you can build apps of your own, grants, documentation and more, visit vechain.org — or vebetter.com to explore.
VeBetterDAO: Introducing VePassport & Next Steps was originally published in VeChain on Medium, where people are continuing the conversation by highlighting and responding to this story.
