Binance, the world’s most popular cryptocurrency exchange, announced Thursday that it will airdrop 100 million VeThor (VTHO) to holders of VeChain (VET) on their platform, equating to approximately $4.2 million in free tokens.
— Binance (@binance) July 26, 2018
According to the announcement, the giveaway is apart of VeChain’s celebration of officially launching the VeChain Thor blockchain, having mined its first block earlier this month.
The 100 million VTHO will be split between all users holding VET as of August 1, 00:00 AM (UTC), and will be split according to their percentage holding of the total VET balance held by all Binance users at the time of the snapshot.
VeChain leverages a twin-token system to facilitate its platform, namely, VET and VTHO. The function of VET is to serve as a value-transfer medium within the ecosystem while VTHO represents the underlying cost of using VeChain.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.