The countdown for the VeChain MainNet launch has finally begun as we are already a week in this month and June 30 is the expected scheduled date. With Thor network launch, VeChain is planning to start a new phase. Currently up by more than 20 percent since last week’s price, VEN is gradually moving upwards and with this MainNet launch, the expectations have further amplified.
VeChain MainNet launch coming on June 30
After rebranding the VeChain (VEN) to VeChainThor (VET), it is finally counting the days of its Mainnet launch. The date for the launch is scheduled for June 30, however, it is not a definitive date and is subject to change.
The VeChain team also cautioned that if any new bugs are found as the codes are being audited by the security firms, then the date will be moved further. So, until any updates have been released, June 30 is the target date for the official launch.
With this MainNet launch, an integral point to focus on is the exchange of VEN units for VET tokens as these will become the native tokens of Thor network.
So, to begin with, you need to move your ERC-20 tokens to the official VeChain wallet. Different time durations have been communicated for different node tiers like X-Nodes, Authority Nodes, and Strength by the VeChian foundation.
When the launch takes place, the exchanges are expected to handle the token swap as well as happened in the recent MainNet launch cases of other cryptocurrencies. VeChian will also be launching a new wallet that you can use to do the swap.
When it comes to the token swapping, every ERC-20 VEN token will be equal to 100 VET. This means, at MainNet the price of VET will be 1/100 of the market price.
VeChain team recently released its ambitious and updated version of the whitepaper that talks about the project’s plans to enter into IoT, blockchain IDs, supply chain logistics and government affairs.
VEN price analysis: Are we in for a hike?
At the time of writing VeChain (VEN) has been at $4.18 with a rise of about 2.84 percent in the last 24-hours. Positioned at 16 as per Coinmarketcap, VEN is also in positive against BTC and ETH.
If we take a look at the past week, just before entering June, VEN has been at $3.41. During the week, it reached the $4.15 price level and now gradually but slowly making its upward movement.
In the last one week, VEN has risen over 20 percent which is a nice turn of events given the way the market has been through rough trends.
With its MainNet launch coming up, it has been expected to give its prices a boost. However, given the way Tron’s MainNet launch went without any change in its price, it is a possibility that we might not see any hike with this launch as well.
Having said that, VeChain is maintaining a good price movement going up by 20 percent which gives the indication that VeChain might finally even go well above its highest of about $9.45.
What are your views on the upcoming VeChain MainNet Launch? Do you think VEN price will take a hike? Share your thoughts with us!
Sahitya is a crypto enthusiast. He is a specialist on management and strategic planning for over 5 years.