The day kicked off with another surprising bear market, where the majority of the cryptos were trading in serious bearish mode. VeChain (VET) has been one of the victims that has faced the bearish trend. This bear market hasn’t affected any specific coin, this time it had a broader effect on the entire market.
As the market builds up some positive momentum towards a bull run, suddenly a bearish market comes, just like a sea tide and swipes up all the gains. But still, the market uncertainty is one of the reasons that investors are always in a state of FUD. So, what they need to do is, look at the credentials of the specific cryptos they are interested in.
VeChain (VET) is one of the finest cryptos in the market, which has a lot to give to the industrial sectors with its blockchain technology. Especially the collaboration with the DNV GL is really the one which has helped the growth of VET blockchain network. The services VeChain is providing through its API gateway, third-party (DNV GL). The influence of VeChain is across different industries which include liquor, agriculture, and luxury goods, etc. The progress of VeChain with Amazon Web Services (AWS) is another good aspect for VET as industrial level and it would be an effective one for long-term.
VeChain users have the opportunity to earn VET coins through the VET airdrop. The VET airdrop is organized by Bithumb Exchange which will last from 25th February to 27th February. The VET users could participate in the airdrop through trading or depositing VET coins.
VeChain is moving forward with a mission to build a valuable ecosystem that provides users with easy transactions, enable the developer community, which is one of the core objectives to achieve the target. The main concept behind all this is to maximize the mass production. The role of Ethereum Virtual Machine (EVM) is to lessen the barrier for the smart contracts’ development.
There are different features that VeChain network is working on. These various features include Proof-of-Authority (PoA), Dual-token economic model, Multi-party payment protocol (MPP), Transaction dependency, Multi-task transactions (MTT), and On-chain governance. All the features are to improve the blockchain ecosystem and attract more users and developers toward blockchain industry.
The market is getting better with the passage of time. At the time of writing, VeChain (VET) was trading in positive territory and it had gained up to 3% in the last few hours. The VET market cap was $248 million and the trading volume was around $11 million. So, VeChain as a system is getting bigger and better. The VET HODLers have got HODL of good crypto, and it can bring wonders for them in the long-term run.