VeChainThor Is Bucking Downward Market Trend

One coin that is trading resiliently through the market sell-off is VeChain. VeChain is currently swapping to VeChainThor (VET) but is still trading as VEN on CoinMarketcap, where it has advanced more than 6% in the last 24-hour period, bolstering the market cap to $1.3 billion, though it has since trimmed those gains somewhat.

The VeChainThor platform is live, and there has been robust momentum surrounding the launch of the mainnet comprised of token airdrops, one-year anniversary token lucky draws and support by major exchanges, including the likes of Binance, where the VeChain token swap is complete.

Source: CoinMarketCap

Binance has been all-in with the VeChain, not only cheering the migration to the VeChainThor but also supporting an airdrop of 100 million VTHO tokens to Binance users who hold VET based on a snapshot of accounts on Aug. 1. The maturing of the VeChain project coupled with the push by the leading cryptocurrency exchange by trading volume, Binance, has been enough to keep VeChain out of the broader market declines.

In addition to Binance, the VTHO/ETH trading pair is also available on the LBank exchange.

VeChain fell from the $2 range in mid-July, shedding nearly 15% of its value until the recovery in recent days that has catapulted the price back near its best levels of the month.

In recent days, VeChain announced its backing of the Cahrenheit, a blockchain play in the auto industry on the VeChainThor blockchain. VeChain was a participant in a private round for Cahrenheit, bolstering its presence in the auto industry in light of separate partnerships with carmakers BMW and Renault.

One-Year Anniversary

VeChain’s token swap coincided with the one-year anniversary of the token sale, and the team has promotions under way to mark the occasion. There are rewards programs and a lottery unfolding in real time through September 1 and that also overlaps with an X Node binding event for early investors. X Node monitoring launches at the conclusion of the promotion.

X Node holders who qualify will be eligible for three rounds of rewards through Aug. 10. The rewards are based on snapshots along the way of the X Node type and incentive percentage, all of which combined generates rewards in VET tokens, as outlined below.

 

Source: VeChain Blog on Medium

Separately, the VeChain team is also in discussions with Ledger about “the launch of their wallet” and appears to be anticipating some delays. In the interim, participants in the promotional events should receive their VET via the mobile wallet. VeChain also noted: “There will be [a] means in the future to transfer your X Node to a Ledger (or any third-party) Wallet.”

Featured image courtesy of Shutterstock.

Author:
Gerelyn has been covering ICOs and the cryptocurrency market since mid-2017. She's also reported on fintech more broadly in addition to asset management, having previously specialized in institutional investing. She owns some BTC and ETH.