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Transaction volume of VeChain based tokens increases by 1000% since April

  • Over the past months, four project tokens based on the VeChainThor blockchain have seen a strong increase in transaction volume.
  • The VeChain based Eight Hours (EHrT) token has already registered almost 18,500 clauses in August so far.

As data from VeChain blockchain explorer, VeChain Stats, shows, project tokens built on the VeChainThor blockchain are currently experiencing a steady increase in transaction volume. The founder of DailyPriceAction.com, Justin Bennett, drew attention to this trend via Twitter.

As shown in the following chart of the transaction volume of the project tokens, Eight Hours (EHrT), Plair (PLA), Safe Haven (SHA) and OceanEX (OCE) in particular are leading this development. As Bennett notes, the combined transaction volume of project tokens on the VeChain Thor Blockchain has experienced a steep increase of 1000% since April:

Project tokens on the #VeChain Thor blockchain are heating up. The (transfer) volume for these tokens is up a combined 1,000% since April. $EHrT $PLA $SHA $OCE $VET #VET

vechain tokens

Source: https://vechainstats.com/charts/

Bennett also pointed out that especially one VeChainThor based token shows a meteoric increase. The red line in the chart belongs to the Eight Hours (EHrT) token, which had just under 8,000 clauses in July (note: a transaction can contain many “clauses”, which are transactions bundled together within one transaction) and has already recorded just under 18,500 clauses in August so far. Bennett commented on this development as follows:

If I include the transaction volume so far in August, EHrT is stealing the show. #EHrT #8HoursFoundation #VIMWorld

vechain based tokens

Source: https://twitter.com/JustinBennettFX/status/1299341902630850562

However, Bennett pointed out that transactions of project tokens are a small percentage of the total volume on the VeChain Thor blockchain. For example, in July, the VeChain Thor blockchain had 175,585 VET, 58,020 VTHO, and 20,724 project tokens.

However, August shows an increasing importance of project tokens. Thus, (as of today) 116,523 clauses for VET, 34,910 clauses for VTHO and 31,663 clauses for project tokens have been recorded. In this sense, Bennett noted that the significant growth since April 2020 shows a promising future:

As of now, transactions from project tokens remain a small percentage of the overall volume on the #VeChainThor blockchain. But the incredible growth since April is a clear indication of where things are headed.Keep an eye (or two) on this space.

In addition, VeChain Stats also shows that data represents by far the largest share of transfers on the VeChain Thor blockchain. In August, 3.576 million clauses for data were currently closed.

What is the Eight Hours token?

The Eight Hours (EHrT) Token is the native token of the PlayTable ecosystem. Toy manufacturers and game developers have to buy EHrT on the open market to register toys or assign data to their products. The purchases and sales of games are made in EHrT. According to 8Hours Foundation, the project’s mission is to create ways for people to connect and play, to strengthen their social fabric through social interaction.

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About Author

Jake Simmons

Jake Simmons has been a crypto enthusiast since 2016, and since hearing about Bitcoin and blockchain technology, he's been involved with the subject every day. Beyond cryptocurrencies, Jake studied computer science and worked for 2 years for a startup in the blockchain sector. At CNF he is responsible for technical issues. His goal is to make the world aware of cryptocurrencies in a simple and understandable way.

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