VeChain, a platform that allowed businesses to create and run decentralized applications (dApp) using VeChain (VET), was trending at press time. From the token going green to transactions taking place on the network, things looked optimistic for the #35th-ranked crypto.

Trust in the future

VET, the native token witnessed a 6% gain as it traded around $0.02. Here is a glimpse of the said surge on CoinMarketCap.

Source: CoinMarketCap

Meanwhile, even trades on the platform recorded a significant high, as shared by the VET community on Twitter. In just over three hours, VeChain pumped out nearly 700,000 transactions for the largest 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 in the future’, the tweet added.

Meanwhile, supply chain metrics such as trading volume and development activity echoed the same picture on Santiment. Especially the trading volume given the unprecedented rise below.

Source: Santiment

While the development activity, despite a modest peak, didn’t quite generate the same buzz as the first. 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 perform dual consensus modes rather than replace the Proof-of-Authority (PoA) consensus. The latest phase of PoA 2.0 enabled the latest development.

Peter Zhou from VeChain tweeted that the last phase of PoA 2.0 (the FOB finality or the VIP-220) has been running as expected on the testnet. He added that he is looking forward to the vote of the stakeholders that will enable the implementation of the mainnet.

This upgrade would combine the different types of blockchain consensus to achieve the holy grail of real-world mechanisms.

In addition, VeChain and TruTrace announced the list of industries they would integrate into the blockchain platform. According to the announcement, the platform would board TruTrace’s legal cannabis, food, clothing and pharmaceutical industries.

That said, investors and traders should remain cautious and look for any vulnerabilities before jumping here.





This post VeChain’s (VET) mainnet sees ~700k trades, but traders should be aware of…

was published first on https://ambcrypto.com/vechain-vets-mainnet-sees-700k-transactions-but-traders-must-be-aware-of/

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