The VeThor Token (VTHO) price rose on Thursday, lifted by fresh updates from its VeChainThor blockchain. The token was up 22.29% to US$0.0048 at 5:20 am ET on Thursday. The Web3 and blockchains are infrastructures to run and build digital assets in a metaverse.
What is VeChainThor?
VeChainThor is a public blockchain where members can create solutions to solve real-world problems. After its launch in 2015, VeChain rebranded itself in 2018.
VeChainThor uses VeThor Token (VTHO) and VeChain (VET) tokens for operations. VET is the native token, while VTHO is deployed for the blockchain’s overall functions.
Also, VET is the primary token for transferring value. On the other hand, VTHO is an inseparable part of VeChainThor’s operations. The bi-token design of VeChainThor allows users to deploy both the tokens in different projects, thus, expanding their use.
Why is VeThor Token (VTHO) rising?
In a recent tweet, the company said Binance had enabled VeChain withdrawals on the BSC Network, allowing users to explore DeFi, GameFi, and other protocols for the VET.
Now bridging VET tokens between the BNB Network and other networks, such as Ethereum, Solana, and Avalanche, would become easier for users.
Traders may have been thrilled with this update, reflected by the 299% jump in the token’s trading volume in the last 24 hours to Thursday morning.
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In another development, the VeChain Blockchain’s NFT studio, Virtual Flame Studios (VFS), has partnered with DeFi solution provider Safe Heaven to ensure accessibility to all its NFTs. Both sides will collaborate on decentralized inheritance, wallets, masternode, and pooling services.
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Furthermore, users can lose their NFTs and cryptocurrencies if they lose access to digital wallets. So, the Safe Heaven deal is expected to provide more security to its NFT platform.
The VeChain network uses a proof-of-authority (PoA) consensus mechanism, influenced by the Ethereum Virtual Machine. Although it uses some Ethereum blockchain concepts, it is not built on Ethereum. It uses its own blockchain.
Also Read: Why is Polygon (MATIC) rising? Does it have a Robinhood connection?
Data Source: coinmarketcap.com
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VTHO token:
VeThor token is a VIP-180 standard token, primarily used to facilitate transactions and blockchain processes. The token also represents the network’s smart contract layer.
VTHO has a market capitalization of US$219 million. Its total circulation is 45.6 billion. It can be traded on Crypto.com, Gate.io, HitBTC, MEXC, and Binance.
Also Read: Why is GMX crypto gaining attention?
Bottom line:
The crypto market is volatile and prone to hacking risks. Therefore, investors should exercise due diligence before investing in digital assets.
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