This week, the VeBetterDAO team are excited to introduce the 'Endorsement' mechanism – an innovative new way for Economic and X node holders to play an active role in platform governance, and further decentralize the Better ecosystem.
In the initial version, apps must obtain a minimum score of 100 points – awarded by Nodes (detailed scoring below) -to be eligible for active participation in weekly allocation rounds. By working with Node holders – a key pillar of governance in the VeChainThor ecosystem – the community can drive quality and reliability across the VeBetterDAO platform.
The endorsement process empowers all stakeholders by facilitating transparent and collaborative two-way interactions among key ecosystem participants, with aligned interests in driving the best future outcome for the platform.
Why Endorsements Matter
Endorsements mark a key step towards the Better ecosystem’s longer-term objective of decentralizing decision-making, and placing power in the hands of the community. This includes choosing which apps are eligible to join the platform, and ultimately earn weekly governance rewards – a role that currently sits with the VeChain Foundation. .
As a key part of the VeChain governance network, we welcome and encourage active and engaged Economic and X-Node holders to work with builders and the community, as well as the VeChain team, to drive the platform forward.
How Endorsements Work
With endorsements now live, each app in the VeBetterDAO ecosystem requires a total score of 100 to be eligible for allocation rounds - all apps have a grace period of 2 weeks from the start of Round 21 to be able to obtain the requisite score.
Scoring is based on endorsements from Economic and X nodes, with each tier contributing a specific value. Apps can receive endorsements 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 app’s score, ensuring that endorsement power aligns with node responsibility.
Grace Period for Score Recovery: If an app’s score drops below 100 due to a loss of endorsements, it enters a two-week grace period. 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.
Flexible Endorsement Management: 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. Apps may also remove specific endorsements from nodes at any time if they choose, providing flexibility and alignment with their goals.
New Apps: Decentralizing Entry into VeBetterDAO’s Ecosystem
New app creators can now initiate their journey with VeBetterDAO by submitting an application form directly on the platform. Upon approval, they receive a Creator’s NFT, which allows them to submit their app for endorsement through the VeBetter platform directly, as well as join the endorsement channels on Discord to connect with Node holders.
During this time, the app will become visible in the VeBetterDAO app section with a “looking for endorsement” status.
Application and Verification: Submit your app through VeBetterDAO, and upon eligibility, receive a Creator’s NFT to apply for endorsement.
Connect with Node Holders: Using the Creator’s NFT, join a dedicated Discord channel where you can interact with node holders to discuss endorsements, building valuable connections within the ecosystem.
Visibility While Pending: Apps in the endorsement-seeking phase are visible in the app section, enabling users to explore and interact with their profile. Creators have the flexibility to manage endorsements and may remove any node’s endorsement at their discretion.
Creators NFT
The Creators NFT is an ERC721 Token (non-transferable) minted to creators submitting their app for the first time.
A user can hold a maximum of one NFT per wallet, irrespective of the number of X-Apps they manage. Additionally, app administrators, through the app detail page in VeBetterDAO, may mint up to three NFTs for team members, with the ability to revoke them.
The burn policy dictates that a creator's NFT will be burned if the associated X-App is blacklisted, and the user has no other active X-Apps.
Existing Apps: Transitioning to the New System
Existing apps will be integrated into the endorsement system with a two-week grace period to obtain the required 100-point score. If an app does not secure sufficient endorsements within this time, it will be marked as inactive in allocation rounds.
However, the app will still be visible in the VeBetterDAO app section, where it can continue seeking endorsements until reactivated.
Economic and X Node Holders: The Backbone of VeChainThor
Economic and X node holders are now at the heart of VeBetterDAO’s app endorsement mechanism. By logging into the VeBetter platform and connecting wallet, Node holders can the 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.
Please note: Connecting your wallet on Discord is done solely for verification purposes, and to ensure users hold the relevant NFT. VeChain does not store any personal information and has no access to users' wallets or funds.
Influence and Responsibility: The app ecosystem’s quality is in your hands, making node holders responsible for setting VeBetterDAO’s standards and future direction.
Engage with App Creators: In the dedicated endorsement Discord channel, node holders can chat with app creators, discussing endorsement possibilities and app goals.
Flexible Endorsement Choices: Node holders have the flexibility to remove their endorsements at any time or switch support to different apps, ensuring alignment with the most promising projects in the ecosystem.
Node holders and app creators can mutually agree on the terms of endorsement, defining expectations from both sides.
App creators may offer shares, tokens, rewards, exclusive features, experiences, or prizes to node holders who endorse their apps. In return, node holders can provide endorsements, support by engaging with the VeChain community, and assist with the app's operations and daily activities.
There are no mandatory requirements or formal agreements; the terms are left to the discretion of the apps and node holders to discuss and negotiate an arrangement that best meets their needs.
Check Out VeBetterDAO Endorsement - Putting Power In Your Hands
Come explore VeBetterDAO’s app ecosystem and learn more about how you can play an active role in the future development of the platform. Visit the website, connect with the community and l et's build the future, together!
🚨 JUST IN: Patriot Tom Fitton, who has been fighting DOJ and FBI to release documents for years, has practically thrown in the towel.
👉 "The justice department and the FBI are irredeemably compromised and corrupted.
The leadership needs to understand that and act accordingly." ~Tom Fitton
👉 Coinbase just launched an AI agent for Crypto Trading
Custom AI assistants that print money in your sleep? 🔜
The future of Crypto x AI is about to go crazy.
👉 Here’s what you need to know:
💠 'Based Agent' enables creation of custom AI agents
💠 Users set up personalized agents in < 3 minutes
💠 Equipped w/ crypto wallet and on-chain functions
💠 Capable of completing trades, swaps, and staking
💠 Integrates with Coinbase’s SDK, OpenAI, & Replit
👉 What this means for the future of Crypto:
1. Open Access: Democratized access to advanced trading
2. Automated Txns: Complex trades + streamlined on-chain activity
3. AI Dominance: Est ~80% of crypto 👉txns done by AI agents by 2025
🚨 I personally wouldn't bet against Brian Armstrong and Jesse Pollak.
👉 Coinbase just launched an AI agent for Crypto Trading
👉 Coinbase just launched an AI agent for Crypto Trading
🎁 As of July 8th there have been 84 VERI SmartMetal NFT Activations (1.3%). With shipments ramping up, we witness the corresponding jump in activations.
🚨BREAKING: The US House Committee on Financial Services says that next week the House will deliver on President Trump's call to make the US the "crypto capital of the world!
Musk Turns On Starlink to Save Iranians from Regime’s Internet Crackdown
Elon Musk, the world’s richest man and a visionary behind SpaceX, has flipped the switch on Starlink, delivering internet to Iranians amid a brutal regime crackdown.
This move comes on the heels of Israeli strikes targeting Iran’s nuclear facilities, as the Islamic Republic cuts off online access.
The former Department of Government Efficiency chief activated Starlink satellite internet service for Iranians on Saturday following the Islamic Republic's decision to impose nationwide internet restrictions.
As the Jerusalem Post reports, that the Islamic Republic’s Communications Ministry announced the move, stating, "In view of the special conditions of the country, temporary restrictions have been imposed on the country’s internet."
This action followed a series of Israeli attacks on Iranian targets.
Starlink, a SpaceX-developed satellite constellation, provides high-speed internet to regions with limited connectivity, such as remote areas or conflict zones.
Elizabeth MacDonald, a Fox News contributor, highlighted its impact, noting, "Elon Musk turning on Starlink for Iran in 2022 was a game changer. Starlink connects directly to SpaceX satellites, bypassing Iran’s ground infrastructure. That means even during government-imposed shutdowns or censorship, users can still get online, and reportedly more than 100,000 inside Iran are doing that."
During the 2022 "Woman, Life, Freedom" protests, Starlink enabled Iranians to communicate and share footage globally despite network blackouts," she added.
MacDonald also mentioned ongoing tests of "direct-to-cell" capabilities, which could allow smartphone connections without a dish, potentially expanding access and supporting free expression and protest coordination.
Musk confirmed the activation, noting on Saturday, "The beams are on."
This follows the regime’s internet shutdowns, which were triggered by Israeli military actions.
Adding to the tension, Israeli Prime Minister Benjamin Netanyahu addressed the Iranian people on Friday, urging resistance against the regime.
"Israel's fight is not against the Iranian people. Our fight is against the murderous Islamic regime that oppresses and impoverishes you,” he said.
Meanwhile, Reza Pahlavi, the exiled son of Iran’s last monarch,called on military and security forces to abandon the regime, accusing Supreme Leader Ayatollah Ali Khamenei in a Persian-language social media post of forcing Iranians into an unwanted war.
Starlink has been a beacon in other crises. Beyond Iran, Musk has leveraged Starlink to assist people during natural disasters and conflicts.
In the wake of hurricanes and earthquakes, Starlink has provided critical internet access to affected communities, enabling emergency communications and coordination.
Similarly, during the Ukraine-Russia conflict, Musk activated Starlink to support Ukrainian forcesand civilians, ensuring they could maintain contact and access vital information under dire circumstances.
The genius entrepreneur, is throwing a lifeline to the oppressed in Iran, and the libs can’t stand it.
Conservative talk show host Mark Levin praised Musk’s action, reposting a message stating that Starlink would "reconnect the Iranian people with the internet and put the final nail in the coffin of the Iranian regime."
"God bless you, Elon. The Starlink beams are on in Iran!" Levin wrote.
Musk, who recently stepped down from leading the DOGE in the Trump administration, has apologized to President Trump for past criticisms, including his stance on the One Big Beautiful Bill.
GENIUS Act lets State banks conduct some business nationwide. Regulators object
The Senate passed the GENIUS Act for stablecoins last week, but significant work remains before it becomes law. The House has a different bill, the STABLE Act, with notable differences that must be reconciled. State banking regulators have raised strong objections to a provision in the GENIUS Act that would allow state banks to operate nationwide without authorization from host states or a federal regulator.
The controversial clause permits a state bank with a regulated stablecoin subsidiary to provide money transmitter and custodial services in any other state. While host states can impose consumer protection laws, they cannot require the usual authorization and oversight typically needed for out-of-state banking operations.
The Conference of State Bank Supervisors welcomed some changes in the GENIUS Act but remains adamantly opposed to this particular provision. In a statement, CSBS said:
“Critical changes must be made during House consideration of the legislation to prevent unintended consequences and further mitigate financial stability risks. CSBS remains concerned with the dramatic and unsupported expansion of the authority of uninsured banks to conduct money transmission or custody activities nationwide without the approval or oversight of host state supervisors (Sec. 16(d)).”
The National Conference of State Legislatures expressed similar concerns in early June, stating:
“We urge you to oppose Section 16(d) and support state authority to regulate financial services in a manner that reflects local conditions, priorities and risk tolerances. Preserving the dual banking system and respecting state autonomy is essential to the safety, soundness and diversity of our nation’s financial sector.”
Evolution of nationwide authorization
Section 16 addresses several issues beyond stablecoins, including preventing a recurrence of the SEC’s SAB 121, which forced crypto assets held in custody onto balance sheets. However, the nationwide authorization subsection was added after the legislation cleared the Senate Banking Committee, with two significant modifications since then.
Originally, the provision applied only to special bank charters like Wyoming’s Special Purpose Depository Institutions or Connecticut’s Innovation Banks. Examples include crypto-focused Custodia Bank and crypto exchange Kraken in Wyoming, plus traditional finance player Fnality US in Connecticut. Recently the scope was expanded to cover most state chartered banks with stablecoin subsidiaries, possibly due to concerns about competitive advantages.
Simultaneously, the clause was substantially tightened. The initial version allowed state chartered banks to provide money transmission and custody services nationwide for any type of asset, which would include cryptocurrencies. Now these activities can only be conducted by the stablecoin subsidiary, and while Section 16(d) doesn’t explicitly limit services to stablecoins, the GENIUS Act currently restricts issuers to stablecoin related activities.
However, the House STABLE Act takes a more permissive approach, allowing regulators to decide which non-stablecoin activities are permitted. If the House version prevails in reconciliation, it could result in a significant expansion of allowed nationwide banking activities beyond stablecoins.
Is it that bad?
As originally drafted, the clause seemed overly permissive.
The amended clause makes sense for stablecoin issuers. They want to have a single regulator and be able to provide the stablecoin services throughout the United States. But it also leans into the perception outside of crypto that this is just another form of regulatory arbitrage.
The controversy over Section 16(d) reflects concerns about creating a regulatory gap that allows banks to operate interstate without the oversight typically required from either federal or state authorities. As the two Congressional chambers work toward reconciliation, lawmakers must decide whether stablecoin legislation should include provisions that effectively reduce traditional banking oversight requirements.
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