VeChain Prepares for Token Swap

2 July, 2018

VeChain (VEN) completed one of the major steps in its launch, preparing to launch the staking system this August 1. Over the weekend, the VeChain network took the last snapshot of the Ethereum-based balances. After that, the network will allow a three-month time window for swapping the coins by various means. The token swap will start toward the middle of July.

Additionally, the VeThor network launched its genesis block, which is in practice running in test mode, until the VEN tokens have completed the swap. A VeThor mobile wallet will also available in the next few days.

VeChain has allowed for two options to swap the tokens - either by using exchanges like Huobi Pro, Binance, or LBank. Additionally, the project has released a mobile wallet to complete the swap. However, the VeChain community has also asked for a desktop wallet and an addition to the well-established hardware wallets for a more secure swap.

The VeChain market price has been sliding in the past month, from a peak recovering the $5 levels to $2.55 after another market-wide sell-off. This makes nodes relatively cheaper, though still a significant investment.

The VEN digital asset is going through a renewed price discovery, as the trading has moved to the LBank exchange. Despite the addition of a Tether (USDT) pair on Binance, the interest in this type of speculation is rather small. One of the reasons is that a lot of VEN tokens are not actively traded, but locked in nodes - about half the supply is kept for staking.

Currently, more than 88% of VEN volumes are in pairings against Bitcoin. And while the asset has lost just about 20% in BTC prices in a month, the slide of Bitcoin has led to the new, lowered dollar price for VEN.

VeChain is one of the platforms with a relatively smooth mainnet launch, and a community that seems to understand the rules well, and be incentivized by staking. Unlike EOS, the VeChain network has various levels of securing the network, starting with XNodes with 6,000 VEN, and up to Authority Nodes with 250,000 of the old VEN tokens, which also have higher KYC requirements to run. One of the old VEN tokens will be swapped for 100 new VET tokens, for a more intuitive pricing.


Source link   Crypto currency: VeChain


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