VeChain Price Grows 12% Ahead of Binance Token Swap

VeChain (VEN) is set to officially depart the Ethereum network in the next few days, as Binance readies for the token swap which will see VEN tokens become VET (VeChain Thor) coins.

VeChain’s price has grown in the lead up to the swap, gaining 12% over the last 24 hours and breaking into the $1 billion section of the market cap high-flyers club. Beginning the day at a price of $1.62, VEN raced to $1.86 – marking 15% growth in a day when most of the market was somewhat stagnant.

That peak for the day has since settled down at around $1.81 at the time of writing, marking 12% net gains over the day.

Many VeChain holders thought the gig was up following 23% losses between July 17th and July 20th, and while VEN’s price hasn’t recovered to its former high, its reversal over the last 24 hours has been sudden and stark.

Binance Carries Out VEN Token Swap

The departure of VeChain from the Ethereum network to its own blockchain is due to finalise tomorrow, with Binance carrying out the token swap. According to the Binance support article, VEN holders have until tomorrow to move their funds to the exchange, at which point the mainnet swap will commence.

Trades will be stopped on the 23rd, with a snapshot of the wallet balances occuring at the same time. Binance expect trades to commence on the 25th of the month, when VEN tokens shall be no longer. The upgrade to a proprietary blockchain will bring with it a new coin, namely the VET (VeChain Thor) coin – accompanied by new trading pairs. As Binance state:

“Trading will open for the new VET/BTC, VET/ETH, VET/BNB and VET/USDT trading pairs at 2018/07/25 4:00 AM (UTC). Deposits and withdrawals for VET will also be opened at this time. Please note: Once trading opens in the new VET trading pairs, all prior VEN trading pairs will be delisted from the exchange.”

VeChain Thor X-Nodes

To celebrate the one-year anniversary of the VeChain launch, and to mark the emigration to their sole blockchain, the VeChain Thor team are holding a lottery for the network’s X-Node operators – details of which can be found here.

X-Nodes appear to be another variation on the masternode idea, except the VeChain Thor protocol allows node operators to also take part in the mining process. This apparently speeds up the network to a greater degree; but ultimately sacrifices some decentralization in the process.

One VEN token will be worth 100 VET, and it currently requires 15,600,000 VET to run an X-Node. That equates to an initial stake requirement of around $280,000 after the token swap. Such incentivization has been used to great effect on the likes of Dash and PivX on their masternode systems, while other versions of the same thing can be found in Tron’s super-representatives, and EOS’s block producers.

Featured image courtesy of Shutterstock. 

Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.