Hassan Maishera
The VeChain team informed its community members via X (formerly Twitter) on Monday that it will shut down its VEN-VET token swap function in a few hours. Users who hold the VEN token (VeChain’s old ERC-20 token) should swap it for VET before the service shuts down.
VeChain revealed that it had maintained the service for five years and will shut it down today, 10th Oct. 99.9% of tokens are already converted, the team added.
VeChain Thor (VET) is a blockchain with the posited goal of solving real-world economic problems. VeChain leverages the Proof of Authority (PoA) consensus mechanism. PoA is a Byzantine Fault Tolerant probabilistic consensus mechanism based on HotStuff, which relies on Authority Masternodes (AM) associated with verified identities. VET is down by 2% so far today and is currently trading at $0.01669.
