|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
VeChain Addresses Quadratic Voting Vulnerabilities as VET Price Shows Signs of Reversal
Aug 29, 2024 at 12:40 pm
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.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Stellar Shoots Up in +64% XLM Price Pump: But Why is XLM Pumping?
- Nov 24, 2024 at 11:00 am
- Retail investors are scrambling to ask, why is XLM going up? And why is XLM pumping? In this article, jump in and take a look as Stellar crypto is bouncing back with a +64% XLM price gain over the past 24-hours.
-
- XRP ETF Approval Timeline Emerges as Ripple's Legal Victories Revitalize Market Optimism
- Nov 24, 2024 at 10:50 am
- The landscape of cryptocurrency investment is evolving rapidly, and one digital asset is capturing headlines like never before. While Bitcoin and Ethereum have long dominated the institutional scene, a new contender is stepping into the ring, promising to reshape the crypto market's future.
-
- XRP Primed For $100 Price Target – Here's Why
- Nov 24, 2024 at 10:20 am
- XRP remains one of the crypto market's current trailblazers rising by 23.21% in the past 24 hours. Over the last two weeks, the prominent altcoin has recorded a 154% price gain establishing itself as the sixth-largest cryptocurrency with a market cap of $89.82 billion.