Vechain (VEN) has been making news within the crypto markets in the past month. This is after an announcement that Vechain will change to Vechain Thor once they launch their mainnet on 30th June 2018. The Internet of Things oriented blockchain platform plans to change its native tokens from VEN to VET once the mainnet launch is a success. The reason for Vechain’s alteration is to enable easy handling of VET instead of multitasking both VEN and VET as native tokens.
Luckily enough, Vechain has received positive support from a couple of coin exchanges and managed to secure a partnership for Vechain Thor as well. So far, Vechain will be working with Esprezzo, whose aim is to enable efficiency in building decentralized applications. The partnership which was announced a week ago is expected to make an impact in off-chain operations for Vechain users. In addition, two leading coin exchanges have expressed that they will support the mainnet switch.
Huobi Pro & CoinSpot
The success of Vechain Thor is highly dependent on how the crypto players will adopt the new mainnet especially after using the ERC20 standard for quite a while. Things seem to be going well forVechain (VEN) at the moment following the announcement by Huobi Pro that they will be supporting the switch. This coin exchange is among the top 5 platforms where VEN crypto coins are traded daily hence a major boost for Vechain Thor. Users holding VEN altcoins can deposit them to Huobi Pro and wait for the mapping to happen once Vechain Thor goes live.
Coinspot is another leading coin exchange that has expressed intention to support the VEN to VET switch. The platform will open an avenue to facilitate the transfer of VEN cryptocurrency before the mainnet is launched. This coin exchange is among the favorites in Australia having been in the market for close to five years. Its ability to scale the trading volumes of VET tokens is quite prospectus given many digital assets have been listed on the exchange.
This milestone is a big step for the VEN community despite a few worries by its investors on their status after the mainnet launch. As it stands, VEN tokens are meant to be altered to 100 VET which will significantly reduce the cost of transactions. VET will be the new order of the day once Vechain Thor mainnet goes live. VEN holders who have less preference for the coin exchange avenue can transfer their tokens to a new wallet once the mainnet is live for the swamp to VET.
VEN Market Stats
Vechain (VEN) is currently in the top 20 altcoins in market cap right now with a value above the $1.3 billion mark. However, the crypto coin’s value against the USD is struggling at $2.47 despite an all-time high of $9.45. Vechain has been bullish for the better part of last month losing close to 19% in its price although the trend was similar to that of its peers. The volatility nature of crypto markets arena is well reflected in VEN’s 37% volatility in the past 30 days. This can partly suggest that if the mainnet goes well, VET’s price can increase by close to 50% as we await Q3 and Q4.