- The VeChain’s Endorsement mechanism has been introduced to enable Economic and X node holders to actively contribute to platform governance.
- Apps are required to obtain at least 100 points to qualify for active participation in the weekly allocation round.
As earlier disclosed by CNF, VeChain (VET) has finally unveiled the Endorsement mechanism on the VeBetterDAO network to facilitate transparency by empowering all stakeholders. According to the official report, this underscores the commitment towards the long-term objective of the VeBetter ecosystem, which is to decentralize decision-making.
https://t.co/AbvRWA2Q2R— VeChain (@vechainofficial) November 18, 2024
More About the Endorsement Mechanism
According to VeChain, the initial version of the Endorsement mechanism demands that apps obtain a minimum score of 100 points to be eligible for active participation in the weekly allocation round. Meanwhile, apps would have a grace period of two weeks from the beginning of Round 21 to obtain the required score. Our investigation also shows that scoring would largely be based on the endorsement from Economic and X nodes. Additionally, apps can receive endorsement from multiple nodes to reach the required level.
In cases where apps’ scores drop below 100, they would enter a two-week grace period to recover. In addition, an app would have two weeks to find a new endorsement if a node removes its votes. App creators have also been permitted to offer rewards in the form of tokens, shares, prizes, exclusive features, experiences, etc to node holders who endorse their apps.
During this time, the app remains active but must regain the required score; otherwise, it will be marked inactive for allocation rounds after the grace period expires. However, inactive apps remain visible in the app section, allowing them to continue seeking endorsements…Both nodes and apps can withdraw endorsements. If a node removes its endorsement and the app’s score falls under 100, the app has two weeks to secure new endorsements.
Entry into the VeBetter Ecosystem
According to the latest announcement, new app creators can now send application forms on the platform to initiate their entry into the ecosystem. Once approved, a Creator’s NFT would be awarded to formally enable them to submit their apps for endorsement via the platform. Based on our research, apps would go through these three phases:
- Application and Verification
- Connect with Node Holders
- Visibility While Pending
Our research also shows that the Creator’s NFT is an ERC721 Token or non-transferable token minted to create a submission for the first time. Meanwhile, each user is subjected to one NFT per wallet regardless of the number of X-Apps they manage.
According to VeChain, the Economic and X Node holders currently remain the backbone of the VeChainThor. For this reason, they have been invited into a special Discord Channel to connect to bots and directly communicate with app creators.
Economic and X-node holders are now at the heart of VeBetterDAO’s app endorsement mechanism. By logging into the VeBetter platform and connecting their wallet, Node holders can explore apps and provide endorsement as they see fit…Node holders are invited to join a dedicated Discord channel where they can connect to our bot and access a special channel for communicating directly with app creators on topics from app objectives to potential impact before making endorsement decisions.
At press time, VET was trading at $0.032 after surging by 1.85% in the last 24 hours.
