At the start of May, we announced the now completed VeChainTHOR (VET) migration to its mainnet. VeChain Foundation, the parent company of VeChain (VEN) and VeChainTHOR blockchain, announced the first ever mined VET blockchain on 29th June 2018 opening a new world to its users. The company is focusing on making the platform mobile to its users while enhancing the overall security of the wallet.
Through the ‘Go Mobile Strategy’, the VeChain development team aims to offer their users with extremely secure wallets that will offer a whole range of services, features and opportunities. The VeChainThor Wallet will allow access to all the decentralized applications (dApps) available on the VeChainThor blockchain.
To be able to transact and access the VET mainnet, users need to migrate to VeChainThor from VeChain (VEN). Token swaps will also be carried out during the migration period from the ERC20 standard token to its own VET token. One of the major news stories regarding the migration was Bithumb support. The largest cryptocurrency exchange in South Korea at the moment offered their support for token swaps and migration boosting the level of confidence of users in the migration.
However, the timeline associated with the swap has been challenged by many of the users who feared they may lose their X Node status during the migration. VeChain has however given a new timeline with changes to ensure easy migration even on third-party wallets. Below are some of the changes made by the team on migration dates and X Node binding service.
Changes made by the VeChain Foundation team
- We are in the process of confirming the release date (tentatively early August) of the VeChainThor Ledger application, will let you know as soon as it’s confirmed;
- The VeChainThor Wallet releases — July 9;
- X Node Binding Service will be from July 9th until 10 days after the VeChainThor Ledger app is available for migration;
- Meanwhile the exchanges will provide token swap services to users around mid-July;
- The mobile wallet token swap service will start on the same day that the X Node Binding Service ends;
- X Node monitoring will resume roughly three weeks after the mobile wallet token swap service is available;
- VeChain Foundation will backdate and compensate VTHO to token holders for the X Node binding and token swap period as the entire migration timeline is completed. Details to be announced.
(This section is derived from the official VeChain Foundation Medium page)
VEN numbers after VeChainThor announcement
The recent successes associated with VeChainThor development and partnerships within the industry has seen the price of VEN regain a bullish momentum. The overall bump in price of Bitcoin and the market in 2 hours this Monday has also played a big role in VEN rising in the last few hours.
VEN is currently trading at $2.80 USD, representing a 9.87% rise in the last 24 hours. Currently, the token is at position 17 on the Coinmarketcap listings with a total market capitalization of $1,545,388,806 USD. Since the announcement on VeChainThor, the daily volume traded has consistently hit the $50,000,000 USD mark. This shows increased interest and belief amongst investors who traded $62,193,700 USD worth of VEN in the past 24 hours.