ATH Sees Twice In A Week: What Is VeChain?

The VeChain (VET) price saw a double rise on the weekly chart and hit $ 0.069 on March 12, making ATH. So what are VeChain and VET?

VeChain (VET) saw an increase of 95 percent on the monthly chart, 75 percent on the two-week chart and 37 percent on the weekly chart. VET gained 18 percent on a daily basis and reached an all-time high.

VET ranks 21st with a market value of $ 4.4 billion. The daily trading volume of the token is around $ 967 million.

What are VeChain and VET?

VeChain, founded in 2015; It has seven offices in Shanghai, Singapore, Paris, Luxembourg, Palo Alto, Tokyo and Hong Kong. He also works actively with universities such as Stanford and MIT. Company; It aims to offer blockchain-based solutions in many areas such as food safety, fashion, automotive industry, carbon emission reduction, logistics and agriculture.

Thanks to its easy installation feature, the platform allows users to apply quickly. The service network of VeChain takes the name of ToolChain. ToolChain enables the use of blockchain technology for businesses of all sizes, such as data tracking and developing new business models.

ToolChain; It is promoted as a scalable, functional, reliable, affordable, customizable platform with a free trial feature. Among some customers and partners of VeChain; Pwc, BMW, Groupe Renault, Haier, Schenker.

There are two tokens on the platform. The local token of the network is VET. VET; It is designed for use in the ecosystem in transfer transactions, smart contracts and various financial matters. In addition, there is another token called VTHO, which is used to speed up transactions on the network and reduce transaction fees. VTHO tokens can be burned if deemed necessary for various transactions in the network.

While the supply determined for VET is 86,712,634,466, the amount of VET in circulation is 64 billion. Among the exchanges listing VET; There are Bitexen, Binance, Oceanex, Digifinex, Crypto.com, Huobi, Bitrue, Upbit, BKEK, KuCoin, Bitfinex, MXC, Gate.io, Hotbit.

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