VeChain Foundation Announces a 1:100 Coin Split Along with the Main Net Launch’s Token swap
VeChain is one of the most important public blockchains available on the market for various companies and entrepreneurs.
The bear was all over VeChain (VEN) during the last seven days. VEN was trading at $4.41 at 1:00 PM UTC with a market cap of $2.3 million. During the past week, the VEN price dropped by 2.51% before it began the downside correction when the crypto reached $5.19 on May 15. The coin’s value continued to decline reaching $4.04 on May 18. All this indicated a strong bear pull for the VEN crypto.
The coin showed a gain of 2.62% during the last 24 hours, and this is definitely hinting at a bullish trend that’s on the way for the crypto. You can currently find VEN being traded on platforms such as Binance and Lbank against the BTC. VEN is also being traded on Kucoin, Huobi, and Bithumb.
VeChainThor (VET) testing schedule was released
Sunny Lu tweeted about a release of a brand new VeChainThor (VET) testing schedule just a few weeks ago.
VeChain’s official Main Net launch is scheduled to take place during the last week of June.
VeChainThor is the blockchain technology-based platform that focuses mostly on financial services, smart contracts and supply chain management.
1 VET will be exchanged for 100
The VeChain team also tweeted that VET would be initially calculated using fractionals in smaller payments because of the rate of adoption. They decided to conduct a 1:100 coin split along with the Main Net launch’s token swap. Every 1VET that a holder owns would be exchanged for 100.
Due to the rate of adoption, we recognize that VET would primarily be calculated using fractionals in smart payments. With the mainnet launch’s token swap, we will conduct a 1:100 coin split to alleviate this concern. At that time, every 1 VET owned will be exchanged for 100.
— VeChain Foundation (@vechainofficial) May 18, 2018
VeChain’s decision triggered controversy among users, and the token holders are waiting for more data from the team regarding the place where they should hold their current coin for the swap. The confusion comes from the fact that users are not sure if it’s best to move the coins to wallets or if the swap would take place for the coins that are on the exchange platform only. This remains to be seen.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.