VeChain (VEN), the digital asset that aims to secure global shipping and order tracking, is changing its profile. Users noticed an exodus of coins from exchanges, as the VEN staking nodes are becoming an attractive proposition.
This Ethereum wallet address, belonging to the Binance exchange, shows that the withdrawals continue. Luckily, Binance is one of the exchanges with no withdrawal problems. The fee for withdrawing is 2.0 VEN.
VEN market prices grew by 10% overnight, reaching $3.93. This is still far from the peaks around $9, and there may be days when VEN suffers from the lowered volumes. Yet locking up coins in staking nodes would serve do decrease supply and potentially raise prices.
To run a master node, 10,000 VEN are required. The staking of these coins has a reward of 40 coins per week. At this point, running a master node would require a significant investment, but the same amount of coins cost around $500 during the October price slump.
The 10,000 coins is a minimum, with potential for staking up to 250,000 coins for much higher rewards.There has also been talk of VEN partnering with the Oxford University, to explore the potential for tracking and internet of things solutions. But the partnership needs to be announced officially by the university first.
Token Swap Coming
At the end of February, VeChain rebranded itself to VeChain Thor. When its own blockchain launches, the token ticker would change to VET. Afterwards, staking would produce a two-token system, where VET tokens would be staked, and rewards would be paid in VTHO tokens (also known as VeThor). The main net is expected to launch at some point in June.
Additionally, VeChain plans to expand its team with 100 new developers by the end of the year, and is starting its in-house VeResearch initiative.
Yet building the entire VeChain ecosystem would be a task to take years, making the VeChain digital asset also a long-term investment.
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