This spike in activity could be attributed to Sunny Lu, the founder and CEO of VeChain, ‘s recent statement suggesting the halting of its Quadratic Voting (QV) and Quadratic Funding features.
VeBetterDAO Ecosystem Surges Past 2 Million Token Transfers
A recent announcement from VeChain on X revealed that VeBetterDAO has achieved a significant milestone within just nine weeks of its mainnet launch. The platform has witnessed an impressive surge in activity, with over 784,423 VOT3 token transfers and 1,495,190 B3TR token transfers, contributing to a total of over 2 million transactions.
This rapid adoption and active utilization of the ecosystem highlight its growing momentum and expanding presence within the Web3 landscape. The collective effort to create a "Better" future through sustainable initiatives continues to inspire and engage the community.
VeChain Halts Quadratic Voting Features Amid Sybil Attack Concerns
Sunny Lu, Founder and CEO of VeChain, announced a proposal to halt Quadratic Voting (QV) and Quadratic Funding features on VeBetterDAO due to Sybil attacks affecting QV's functioning.
In a Type-II Quadratic Voting system, voters can cast multiple votes, with each subsequent vote incurring a higher cost. This structure aims to amplify the strength of voters' preferences and achieve a more optimal outcome compared to traditional voting systems.
However, one major vulnerability of QV, especially for DAOs that have adopted it, is the potential for Sybil attacks, where attackers can create numerous identities to manipulate votes.
The proposal emphasizes the need to address these vulnerabilities, as Sybil attacks can compromise the integrity of VeBetterDAO's governance processes and lead to distorted decisions that do not reflect the genuine will of the community. To safeguard the DAO's stability and ensure a sound decision-making framework, VeChain is taking this measure to temporarily suspend QV and protect the integrity of the DAO.
The community responded swiftly to the proposal, with over 75% of the 11.33 million $VOT3 tokens voting in favor of temporarily halting QV.
VeChain Price Chart (VET/USD) Surges Past $0.022, Signaling Bullish Momentum
VeChain's price has been surging again, showing an increase of over 10% within the past week. VET's market capitalization is around $2.1 billion, and its daily trading volume is approximately $24 million, indicating a bullish trend in the market.
On the technical side, VET has been forming a double bottom pattern on the weekly chart against the US dollar, with bullish divergence on the RSI. This support has a price level of about $0.022, which could serve as the base for a potential breakout.
Moreover, the daily chart suggests a head and shoulders (H&S) formation with bullish divergence on the RSI.
If Bitcoin continues to rise, VET could experience further appreciation as other altcoins tend to follow suit during bull cycles.
The sustained growth of Bitcoin dominance may lead to a large flow of funds from BTC to other cryptocurrencies, including VeChain. As the 2024-2025 bull cycle nears its peak, VET's price might revisit its previous all-time high, with the potential for a parabolic surge due to price discovery.
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