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VeChain To Shut Down Its VEN-VET Token Swap Function Today

Twitter icon  •  Published 1 year ago  •  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.

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.

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Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.