VeChain (VET) Jumps 75% After Boosting Masternode Rewards

The price of VeChain (VET), a Singapore-based enterprise blockchain platform for financial services and supply chain management, has jumped over 75% since Thursday morning after the project announced that it would boost the VeThor (VTHO) rewards for its economic masternodes, starting on September 1st.

According to the announcement, VeChain is planning on waiving the maturity period of its node upgrades, meaning that investors will get to benefit from days-to-months of additional rewards. This is in celebration of the project’s recent mainnet launch.

Traditionally, the VeChain¬†nodes’ maturity periods are dependent on the type of node an investor operates:

  • Strength Nodes Maturity Period:¬†10 days after a trackable wallet has a minimum balance of 1,000,000 VET;
  • Thunder Nodes Maturity Period:¬†20 days after a Strength Node has a minimum balance of 5,000,000 VET;
  • Mjolnir Masternodes Maturity Period:¬†30 days after a Thunder Node has a minimum balance of 15,000,000 VET.

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.

This news came on the same day of a Nasdaq report indicating that VeChain has been “tasked to achieve” a blockchain-based solution for recording data related to vaccine production in China.¬†Additionally,¬†Binance, the world‚Äôs most popular cryptocurrency exchange,¬†announced¬†a few weeks back that it will airdrop 100 million VTHO to holders of VET on their platform, equating to approximately $4.2 million in free tokens.

VET is currently ranked 18th in the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens.

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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.

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