A new endorsement mechanism allows node holders to influence the development of the platform.
The VeBetterDAO team announced the “Endorsement” mechanism. This is an innovative new way for VeChain’s Economic and X node holders to play an active role in the governance of the platform and further decentralize the Better ecosystem.
VET successfully broke through the 25-, 50-, and 200-day exponential moving averages, a clear indication of a short- and medium-term uptrend / TradingView
Endorsements mark a key step towards the Better ecosystem’s long-term goal of decentralizing decision-making and putting the power in the hands of the community. This includes choosing which applications are eligible to join the platform. In addition, ultimately earning weekly governance rewards, a role that currently lies with the VeChain Foundation.
As a key part of the VeChain governance network, they welcome and encourage active holders of Economic and X nodes to work with developers and the community. As well as with the VeChain team, to push the platform forward.
How Backups Work
With backups now live, every application in the VeBetterDAO ecosystem requires a total score of 100 to be eligible for allocation rounds. All applications have a 2-week grace period from the start of Round 21 to be able to obtain the required score.
Scoring is based on backups from economic and X nodes, with each tier contributing a specific value. Applications can receive backups from multiple nodes, allowing them to gradually accumulate points to reach the required total.
Node Influence: Different node levels contribute different scores. Higher-level nodes offer a greater impact on an application’s score, ensuring backup power aligns with node responsibility.
Grace Period for Score Recovery: If an application’s score drops below 100 due to a loss of backups, it enters a two-week grace period. During this time, the application remains active but must regain the required score. Otherwise, it will be marked as inactive for allocation rounds after the grace period expires. However, inactive applications remain visible in the applications section, allowing them to continue seeking endorsements.
Flexible endorsement management: Both nodes and applications can withdraw endorsements. If a node removes its endorsement and the application's score drops below 100, the application has two weeks to obtain new endorsements. Applications can also remove specific endorsements from nodes at any time if they wish, providing flexibility and alignment with their goals.
New Applications: Decentralizing Entry into the VeBetterDAO Ecosystem
Creators of new applications can now start their journey with VeBetterDAO by submitting an application form directly on the platform. Once approved, they receive a Creator NFT, which allows them to submit their application for endorsement through the VeBetter platform directly. Also join the backup channels on Discord to connect with VeChain node holders.
During this time, the application will become visible in the VeBetterDAO application section with a status of "seeking backup."
VeChain (VET) on the rise: A new bullish cycle on the horizon?
The cryptocurrency market continues to surprise, and one of the protagonists of recent weeks has been VeChain (VET). The native token of this blockchain platform, focused on business solutions, is experiencing a notable rebound, overcoming several technical resistances and generating expectations of a new bullish cycle.
At the time of this edition, VET is trading at $0.0332, which represents an increase of 2.69% in the last 24 hours.
Bullish crosses: VET successfully surpassed the 25, 50 and 200-day exponential moving averages, a clear indication of a short- and medium-term bullish trend. Additionally, a golden cross occurred between the EMA25 and EMA50, further reinforcing this scenario.
Increased Volume: Trading volume on Binance, one of the leading cryptocurrency exchanges, has seen a significant increase over the past few days, rising from 217.79 million VET to 477.68 million VET on a 25-day average. This increase in volume suggests increased investor involvement and increased interest in the asset.
Resistance Breakout: VET managed to break through the resistance located at $0.03298, coinciding with the Fibonacci retracement level of 0.382. The next resistance to overcome is located at $0.0379.
Solid Support: Since August, VET has maintained solid support at $0.01$98, indicating a good base for further increases.
What do the indicators say?
The Relative Strength Index (RSI) is at 68.91, suggesting an overbought market. However, there are no clear signs of divergence yet, which could indicate that the uptrend could continue.
Rising volatility
Despite the good news, it is important to note that VET's volatility has increased considerably in recent weeks, reflected by a 137% increase in the ATR indicator. This suggests that there is greater uncertainty in the market and that prices could experience sharp movements in both directions.
Disclaimer: This information is provided for informational purposes only and does not constitute financial advice. Investors should conduct their own research and consult a financial advisor before making any investment decisions.
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