As the VeChain (VEN) to VeChain (VET) mainnet launch nears, there is a lot for the community to celebrate. The platform is not only getting their independent public blockchain but also a new coin to own and run with. The Foundation is set to embrace a new token that will be swapped from VEN to VET.
The token swap has taken the center stage and holders are eager to know the implications of the shift from VEN to VET. With the support coming from major exchanges, the team working on the project has assured the community the swap will go on as planned.
BitHumb has puts its weight behind VeChain and they have announced they will support the platform during and after the token migration from VEN to VET and this will add stability to the new coin. This will see the ERC20 tokens become absolute and user in the new VET coins.
Live VeChain Thor (VET) Excitement
The community is overly excited about the public launch but they are hesitant to go full throttle into trading; at least for now. This has seen the price swings remain in the negative zone for the last 7 days. The slump is not an isolated VEN case but the entire market is still struggling to get back on its feet.
With the beta stage of the new public blockchain almost complete, the team has also go out of their way to ensure the new outfit has all the support it need to move t into the future. They have brought several strategic partnerships onboard to help support the newly created Thor mainnet.
VeChain (VEN) to VeChain Thor (VET) Timelines
The official timelines for the mainnet and token migration has been made available to the public. The big day is set for June 30. This is the day you need to mark if you have been following the project development or you are a VEN holder. The community is anticipating ushering the new month of July in style.
With the mainnet live, this is in line with their updated project whitepaper:
“After a comprehensive study of existing public blockchain platforms (including Ethereum) and countless discussions and debates with multiple business partners, we identified reasons in which enterprise and large consumer-focused applications are not yet on blockchain. The largest identified hurdles are NOT about the technology but instead are related to other critical aspects of the blockchain’s operational design. We’ve identified four key hurdles to enterprise adoption of blockchain.”
The transition will usher in a new era and some of the areas it is set to tackle include the introduction of modern governance model, embrace the latest economic models for a modern blockchain, bring onboard new and diversified technologies for ease of adoptability and comply with the blockchain regulations among others.
VeChain Mobile Wallet Launch
After the system bugs were isolated, VeChain has announced it is ready to launch their native mobile wallet. This will make it for the new coin holders to have full control of their funds. They are also introducing the X-node monitor system and the integration of the token with the ledger wallet.
VeChain is one of the oldest tokens in the market and it is about time to rebrand. Many holders have been anticipating the changes but this is yet to translate into any meaningful price change in the charts. At the time of writing, the token is trading at $2.49 down by 3.83% to the dollar and 0.27% to ETH. The last 7 days has seen the coin trade mostly in the red and the token swap anticipation should give it a spike in the coming days.
Major market movers; Bitcoin and Ethereum are still struggling to get back to gaining zone and this is affecting other coins across the board. There is still uncertainty on regulations and the market is set to record low activities for the next few weeks before a breakout becomes noticeable.