VeChain’s (VET) mainnet sees ~700k transactions but traders must be aware of…
VeChain, a platform that allowed businesses to create and execute decentralized applications (dApp) using VeChain (VET) was trending at press time. From the token trending the green to transactions occurring on the network- things looked optimistic for the #35th ranked crypto.
Trusting the future
VET, the native token witnessed a 6% surge as it traded around the $0.02 mark. Here’s a glimpse of the said rise on CoinMarketCap.
Source: CoinMarketCap
Meanwhile, even transactions on the platform recorded a significant high as shared by the VET community on Twitter. In just over three hours, VeChain pumped out almost 700k transactions for the biggest company in the world (Walmart).
Source: Vechain community hub
‘No spam, no token shuffling, real world, economically beneficial on-chain activity for 1 company, with thousands to come,’ the tweet added.
Meanwhile, on chain metrics such as trading volume and development activity reiterated the same picture on Santiment. Especially the trading volume given the unprecedented hike below.
Source: Santiment
Whereas, the development activity, despite showing a modest high, didn’t quite create the same buzz as the former. But this could increase in the coming days given the upgrades on the network.
Piling it up
The VeChain blockchain development team chose to design and implement a finality gadget to run dual modes of consensus instead of replacing the Proof-of-Authority (PoA) consensus. The latest stage of PoA 2.0 enabled the latest development.
The all-stakeholder vote has been set for Oct 20, and will last 7 days. Assuming the result is positive, the upgrade will be implemented shortly after.
Economic nodes, X-nodes & Authority Nodes must first vote & agree on implementing the upgrade, per the governance model. $VET https://t.co/3R6Xz80OJX
— Ⓥ Ve-Chain-Collector Ⓥ (@collectingvet) September 26, 2022
VeChain’s Peter Zhou tweeted that the latest stage of PoA 2.0 (the FOB finality or the VIP-220) has been running as expected on the testnet. He added that he looked forward to the stakeholder vote enabling its mainnet deployment.
This upgrade would combine the various types of blockchain consensus to achieve the holy grail of mechanisms for the real-world environment.
In addition to this, VeChain and TruTrace announced the list of industries they would integrate into the blockchain platform. As per the announcement, the platform would onboard TruTrace’s legal cannabis, food, apparel, and pharmaceutical industries.
Having said that, investors and traders should maintain caution and look for any vulnerabilities before jumping here.
