VeChain announced that VeBetterDAO has reached a significant milestone just nine weeks after its mainnet launch, recording over 2 million token transfers.
VeChain Suspends Quadratic Voting Vulnerabilities
This recent activity might be correlated with Sunny Lu, the founder and CEO of VeChain, suggesting the suspension of its Quadratic Voting (QV) and Quadratic Funding features. The decision was made after evaluating the impact of Sybil attacks on the functioning of QV in VeBetterDAO. In the QV system, more than one vote can be placed by a voter, with each subsequent vote costing more. This structure aims to reflect voter preferences more accurately but is susceptible to Sybil attacks, where attackers create multiple identities to control votes. To prevent further abuse, VeChain proposes suspending QV to ensure DAO stability. The community responded positively to the proposal, with over 75% of the 11.33 million $VOT3 tokens voting in favor of temporarily halting QV.
VeChain Price Shows Signs of Reversal
VeChain's price has been rising again, increasing by more than 10% in the past week. The market capitalization of VET is approximately $2.1 billion, while the daily trading volume is around $24 million, indicating a bullish trend. Technically, VET has been creating a double bottom pattern on the weekly chart against the US dollar, with RSI showing a bullish divergence. The support level is around $0.022, which can serve as a base for a potential breakout. The daily chart also shows a head and shoulders formation with a bullish divergence on the RSI. Due to recent market trends, analysts suggest that if Bitcoin continues to rise, VET is likely to appreciate significantly. The anticipated altseason, driven by the increase in Bitcoin dominance, might lead to a substantial flow of funds from Bitcoin to other cryptocurrencies, including VeChain.
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