Binance has assisted the VeChain project in distributing the VeThor staking reward asset. However, since staking has not started in earnest, the distribution is for now just an encouraging reward for those holding the new VET tokens.
“To celebrate the launch of the VeChain (VET) mainnet, the VET team has provided 100 million VTHO tokens to be airdropped to all Binance users holding VET.”
The proper airdrop will happen on August 1, as the exchange announced. Binance will also assist in the normal VTHO distribution, which will happen in the future.
The VTHO asset is a staking reward, received at varying levels depending on the level of nodes owned. However, because the VeChain project has set a longer deadline for the token swap, true staking in nodes may take a while.
For X Nodes, a form of started nodes with 6,000 old tokens, or 600,000 new tokens, the monitoring was stopped on July 1 and will resume in September. For some analysts, this has caused VET holders to sell off some of the coins, with the intention of buying them again for the new round of monitoring.
Tokens in node wallets mature at different speeds before they are eligible for VeThor rewards.
After the airdrop and token swap, the prices for VET recovered toward $2.13, from recent lows around $1.80. VET is up 14% on a weekly basis, and has been on the rise in the latest hours, up 7% net in the past day. But the recent price uptick is happening on very slim volumes, and the asset is seen as going potentially lower before the next bull market. Analysts predict a pick up in prices once more coins are locked in nodes.
On Thursday, VET also saw a price anomaly, with trading on Binance happening at $1.97 in the pairing with and $1.87 in the Tether (USDT) pair. On Huobi, VET (also still listed as VEN) was trading at a premium as high as $2.43.
Opinions on VET vary between extremely bullish and dismal, with some seeing VeChain line up among the best platform coins, while others see it as a defunct asset, especially in its new 1:100 re-incarnation.
Prices for VET may see listing anomalies in the coming days as well, and the price per coin is still listed for the old asset on CoinMarketCap. The VeThor asset has not gone through the price discovery stage yet, and some see the VTHO reward token being dumped to acquire more VET.
Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.