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- The VeChain network has hit and surpassed 2 million known addresses having facilitated over 20k contracts.
- The VeChain ecosystem has reported a significant spike in daily transactions fueled by Fortune 500 blockchain adoption.
The VeChain (VET) protocol, a versatile enterprise-grade layer 1 (L1) smart contract network, has recorded significant growth in on-chain activity. Through the VeChain Foundation, the underlying technology promises to revolutionize the global supply. Furthermore, the VeChainThor – a public blockchain that is designed for mass adoption of blockchain technology by business users of all sizes – uses Proof-of-Authority consensus that is environmentally friendly and economically sound.
The VeChain aims to attract more global businesses to harness the power of its VeChainThor blockchain to securely scale operations. Furthermore, mainstream adoption of blockchain adoption is expected to take place in the coming years, with China reopening its market following Covid-related constrictions.
VeChain Developers at Work!
The VeChain network has hit and surpassed 2 million known addresses having facilitated over 20k contracts. With 101 authorized nodes the VET and VTHO enjoy a market capitalization of approximately $1,662,680,587, and $70,932,752. Notably, VET traded around $0.0229 on Monday, up 14 percent in the past 30 days, while VTHO exchanged around $0.0012.
With a growing ecosystem of traders, the VeChain network introduced a stablecoin dubbed VeUSD that has a market capitalization of about $5,594,338. The VeChain network has reported a significant spike in daily transactions fueled by Fortune 500 blockchain adoption. Furthermore, the network takes pride in zero outages and downtime since 2018.
We don't fake Tx numbers like some #blockchains – each transaction represents honest economic activity powered by $VET.
With our first 2023 million+ transaction day driven by the Fortune 500 #1, we're excited to keep expanding #VeChain's tech adoption this year & beyond.#Crypto pic.twitter.com/CeFO6ERDkC
— vechain (@vechainofficial) February 11, 2023
The VeChain network has attributed its spike in unique addresses to the recently unveiled innovative wallet dubbed HiVe. Additionally, the VeChain NFT ecosystem has gained significant traction with top projects like ExoWorld, VPunks, and VeKings taking the lead.
🚨2 Million Known Addresses🚨
We reached a significant milestone in the #VeChain ecosystem today! With the introduction of the innovative wallet, HiVe, and a solid roadmap, I anticipate exponential growth in the future!
Source: https://t.co/3w98fp3WGR pic.twitter.com/x0e1vdju6U
— Maik (@VetMaik) February 10, 2023
With only three support decentralized exchanges (DEXes) – including Vexchange V2, VeRocket, and Vexchange V1 – the VeChain network has reported total DEX trades of about 994,482.
Price Actions
Following Bitcoin’s death cross on the weekly time frame – detailing the 50 and 200 MA – VeChain’s main coin VET is subjected to sell pressure in the coming weeks. Notably, the VET price is highly correlated with Bitcoin’s in that both have broken the 2017/2018 ATH. A continued drop is likely to push the VET price to $0.01, where the asset may find some temporary solace.
Otherwise, the VET bulls have a challenging time ahead following the death cross that occurred on the weekly time frame. Notably, the bulls will have to rally beyond $0.033 to invalidate a further capitulation.
Similarly, the VTHO bulls are looking at challenging times ahead, with a strongly falling trend not invalidated for the past year. As a result, VTHO price is likely to revisit 2020 lows before rebounding to a new bull market.
