VeChain [VEN] price rises as token swap looms around the corner

VeChain’s month of July wasn’t exactly the best one. The price kept slowly hemorrhaging throughout the month, confirming what was a 60% loss in value during the last 3 months. A slight spike saw it rise from $1,82/27117satoshi to $2,05/27815 satoshi on the 17th. We saw VEN price fall all the way down to $1,59 after that, before it began a slow road to recovery on July 20th. The coin has been one of the better performers today, as it managed to rise 7,78% in the last 24 hours to reach the price of $1,81. With a market cap of $1,013,104,708, VeChain remains the 19th most valuable cryptocurrency on the market.

Currently one of the coins with the highest daily trading volume on Binance, the reason behind this could be the fact that there will be a mainnet swap where VEN tokens will be replaced by VET (VeChain Thor) tokens happening in just a couple of days from now. VeChain trading will be suspended on July 23rd, when a snapshot of the VEN token balances will be made. According to the snapshot, VEN holders will be distributed VET tokens in a ratio of 1:100 (1 VEN will net you 100 VET). After this snapshot, VEN tokens will become history and VET will become the main token of the platform.

Most recently, LBank exchange and Gate.io have also confirmed their support for the token mainnet swap. By the end of the month, the token swaps on the exchanges should be completed and VeChain Foundation will take over the token swap service. The launch of its own mainnet token will be an important part of VeChainThor’s maturity. The platform wants to create a decentralized ecosystem that will deal with supply side product management, something that will benefit greatly from blockchain integration and a native token.

VeChain Foundation encouraged its holders to download the VeChainThor Wallet and has recently organized a Reddit AMA where a number of questions regarding the wallet’s features, functionality or general questions about the mainnet swap were asked. The Foundation took these questions happily and responded to the most significant ones in this Medium post. Potential VET and current VEN holders should take the time and read through the provided article. The wallet is being actively worked on and a Bug Bounty was launched on HackenProof to ensure that it will be completely functional. According to project’s roadmap, Ledger integration should be expected in August.

As there has been almost a year since the VeChain ICO was held, the Foundation decided to organize a celebratory lottery which will mark this milestone and give something extra back to the community. The anniversary falls in line with the token swap/X Node binding and the lottery will be held during this. This reward program/lottery event is called “One Year Anniversary and X Node Binding Lottery Event” and will have four rounds, each with their own rules and rewards. The complete event can be read about in detail here.

The network established a partnership with Safe Haven, a Singapore-based company aiming to deliver blockchain-driven solutions for inheritance, asset control, and asset distribution. This company announced its desire to restructure its activities and deliver a functional product based of VeChain Thor’s network.

Finally, the project announced a partnership with Cahrenheit, auto service related ecosystem that wants to use VeChainThor as the basis of its product. Both companies came out with official statements regarding this partnership that can be seen here and here.

VeChain remains a project with strong updates dropping left and right. It remains to be seen if these updates will be enough to cause a stronger price recovery.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

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