VeChain has been in free fall as the token is hovering close to its key support levels of USD 1.60 from a weekly high of USD 2.62 which it touched on July 29, a day before its MainNet went live.
The fall in prices started as the MainNet went live on July 30. The fall is also believed to be a markets price stabilization mechanism as the swap ratio would split the current VEN token to at VET and in the ratio of 1:100 ratio which means every 1 ERC20 VEN token holder will receive 100 VET tokens.
This was done due to the rate of adoption, Vechain recognized that VET would primarily be calculated using fractional in smart payments.
VeThor can change fortunes for VeChain in long-term
This fall in price would be short term but VeThor has the power to change fortunes for VeChain in long term. Vechain, going ahead would split into two coin system VET and VeThor, where VET is smart value in the new Vechain ecosystem while VTHO would the energy or cost of carrying on transactions. VeChain has also recently announced an update to their white paper which points towards a new token rewards system, through a new VeChain blockchain, also known as VeThor.
According to the VeChain white paper,
“VeChainThor humbly stands on the previous discoveries of Ethereum (Blockchain 2.0) and Bitcoin (Blockchain 1.0). Because of them, we have been able to design a complete, holistic blockchain with the governance structure, token economies, regulatory compliance, and community ecosystem to continually and incrementally evolve the blockchain protocol to absorb any innovation and satisfy the needs of the community, investors, enterprise clients, and academic and governmental partners.”
Unveiling our “Development Plan and Whitepaper” with an updated governance structure, economic model, and new use cases. This piece will gradually be updated throughout its existence to reflect the goals and growth of the VeChainThor Blockchain.https://t.co/6tjZOaWIrK
— VeChain Foundation (@vechainofficial) May 20, 2018advertisement
The paper also mentioned that’s its new MainNet represents the next generation of public blockchains, called Blockchain X which includes New Governance Model, New Economic Model, Regulation and Compliance capabilities and new VeChainThor Mainnet and Matching Infrastructure Services.
Apart from the changes the Vechain team is now working on two key projects, MOBI and a project in line with professional services company PwC in Hong Kong and Singapore. In partnering with PwC, VeChain is working with the group, to explore how blockchain technologies will impact PwC’s customers.
Binance completes swaps and also receives airdrops 100 million VTHO
Last week Binance, came out with a notification that it had completed the VEN MainNet swap to VET and deposits and withdrawal. Binance also opened trading for the new VET/BTC, VET/ETH, VET/BNB and VET/USDT trading pairs from 2018/07/25 4:00 AM (UTC) while removing all previous VEN balances from users accounts and delisting all VEN trading pairs from the exchange.
Based on the VEN/VET distribution ratio, the opening price for the VET will be one-hundredth of the last traded VEN price. The exact prices are listed below:
- VET/BTC 0.00000240
- VET/ETH 0.00003941
- VET/BNB 0.00149200
- VET/USDT 0.018319
To celebrate the launch of the VeChain (VET) MainNet and token transfers, the VET team had also provided 100 million VTHO tokens to be airdropped to all Binance users holding VET. The 100 million VTHO were to be split between all users holding VET at 2018/08/01 00:00 AM (UTC). The amount of VTHO airdropped to each VET holder will correspond to their percentage holding of the total VET balance held by all Binance users at the time of the snapshot which according to a Redditor This gives 0.007721VTHO per VET held in Binance.
Will this two-coin system, namely, VET and VeThor be able to provide stability, longevity, and flexibility to the Vechain projects? Do let us know your views on the same.