- VeChain introduces Galaxy Member NFT system to reward VeBetterDAO participants, promoting sustainability and user engagement.
- Donating B3TR tokens for GM NFT upgrades fosters ecosystem growth and accelerates reward accumulation for users.
VeChain has taken a monumental leap forward with the introduction of the Galaxy Member (GM) Non-Fungible Token (NFT) system. This innovative approach not only redefines user engagement within the VeBetterDAO ecosystem but also sets a new standard for sustainable blockchain solutions.
Introducing the Galaxy Member (GM) NFT system!
Galaxy Member (GM) Non-Fungible Tokens play an essential role in rewarding users in the VeBetterDAO.
GM NFTs are an upgradeable NFT system that determines the level of user reward after each voting event.
Read more below ⤵️ pic.twitter.com/6RXGApY0yj
— vechain (@vechainofficial) March 12, 2024
VeChain’s Roadmap Unfolds: The Three-Phase Launch of VeBetterDAO
The unveiling of the GM NFT system marks a significant milestone in VeChain’s strategic roadmap, with the VeBetterDAO set to be launched in three meticulously planned phases: Pilot Show Alpha, Pilot Show Beta, and the much-anticipated Go-Live Gala, as ETHNews had earlier detailed.
The Pilot Show Alpha phase has already seen the initiation of several key elements, including the airdrop of B3TR tokens, which serves as the foundational currency of the ecosystem.
During this initial phase, the primary focus is on user play-testing of various functions, ensuring a seamless and user-friendly experience. As the ecosystem transitions into the Go-Live Gala phase, stakeholders can expect a plethora of new features aimed at enhancing the overall functionality and sustainability of the platform.
These include the maturation of GM NFTs, automated staking programs, significant upgrades in tools and functionality for X-2-Earn Decentralized Applications (DApps), the initiation of B3TR Token minting and distribution, and the automation of treasury and governance management.
Galaxy Membership: A New Era of Reward Systems
At the heart of VeChain’s innovative approach lies the Galaxy Member NFT system. This system is designed to play a pivotal role in rewarding users within the VeBetterDAO, leveraging an upgradeable NFT system to determine the level of user rewards following each voting event.
The unique structure of the GM NFTs embodies the essence of sustainability, serving as a ‘sustainability passport’ for participants in the ecosystem.
By donating B3TR tokens to the VeBetterDAO Treasury, users have the opportunity to upgrade their GM NFTs, thereby accelerating their reward accumulation. This reciprocal relationship ensures that the B3TR tokens contributed by users directly fuel the growth of the ecosystem, fostering a sustainable and self-reinforcing model.
The VeBetterDAO Treasury: Fueling Ecosystem Growth
The VeBetterDAO employs an upgradeable NFT system to ascertain the level of user privilege, with the magnitude of B3TR token rewards increasing in tandem with the user’s level.
Upgrading GM NFTs is facilitated through the donation of accrued B3TR tokens to the Treasury, which in turn utilizes these contributions to support the ecosystem’s growth, as outlined in the Treasury section of the whitepaper.
Recognizing the critical role of VeChain X-Nodes and Economic Nodes in the governance of the VeChainThor blockchain, these entities are eligible for higher-tier GM NFTs and B3TR rewards at launch.
The progressive unlocking of GM levels necessitates time for users to accumulate the requisite number of B3TR for upgrades, ensuring a balanced and equitable progression within the ecosystem. For a deeper dive into these developments, a detailed explanation is available in this Youtube video.
The Solar System of GM Levels
Adding a layer of intrigue and engagement, it has a GM system-NFT levels with names in the solar system starting from the lowest level to the highest, such as Earth, Moon, Mercury, Venus, Mars, Jupiter, Saturn, Uranus, Neptune, and Galaxy.
Each level requires a specific amount of BTR donations for advancement and offers escalating Voter Rewards, incentivizing users to actively participate in the ecosystem’s governance and growth.
Amidst these developments, the performance of Vechain’s native token, VET, has not been great. The token sits at $0.04808, reflecting losses of 2.70% and 2.41% in the last 24 hours and 7 days.