Key points to know about VeChainThor’s token

Not everyone thinks the same way about cryptocurrencies. Amid Russia’s invasion, Ukraine has raised funds in cryptos, which has been seen by some as a positive development.

In Canada, on the other hand, crypto donations had to be blocked by the government to stop the “Freedom Convoy” protestors from raising funds.

Now, the Conservative Party’s leadership candidate, Pierre Poilievre, has shown his tilt toward Bitcoin and other cryptocurrencies.

Some reports say Mr Poilievre supports people having the freedom to use crypto assets and other offerings, like decentralized finance (DeFi) of the blockchain world. This can shine a spotlight on projects that are providing blockchain network services to developers.

Let’s learn about one such project — VeChainThor, which has VeThor (VTHO) as one of its tokens.

What is VeChain and its tokens?

The network seems to be primarily targeting enterprises that want to build a blockchain ecosystem. The platform is built on Ethereum, but it claims to have a better model, particularly for enterprises that seek to deploy their own decentralized apps (DApps). The VeChainThor project has used Ethereum Virtual Machine (EVM) model, which furthers smart contracts.

It uses the proof-of-authority consensus, which VeChain claims require less computational power that can save on energy costs.

Also read: YFI crypto gains: Can Yearn Finance stay unaffected by Ronin DeFi hack?

The project has two tokens — VET and VTHO. This feature, it claims, prevents blockchain usage fees to remain unimpacted by market speculation. VTHO token represents the cost of using the network of VeChainThor.

VTHO token price

VeThor crypto or VTHO token does not appear to have a very high market cap as of writing this, and it also does not feature in top 100 assets.

Its market cap as of writing this was nearly US$250 million, which is considered lower than the over US$ 5 billion market cap of VeChain (VET) token.

VTHO token started 2022 with a price tag of nearly US$0.006, which plunged below US$0.003 by late February. Over the past 24 hours, the price has rebounded and so has VTHO token’s trading volume. At this point, its price was nearly US$0.005.

Also read: UFO Gaming & Starlink (STARL): 2 dirt cheap metaverse tokens

VTHO token’s price prediction for the remainder of 2022 is not possible due to the volatility it has shown so far. This volatility in price ails all cryptos, no matter how high or low the market cap and dominance is.

Data provided by CoinMarketCap.com

Bottom line

The VeChainThor blockchain project comprises two tokens that it claims serve different purposes.

VTHO token is indicative of the cost of using the network’s services. It has a relatively lower market cap as compared to the second token VET.

VTHO has remained volatile in terms of price. Whether the late surge in VTHO’s price will sustain in the long run is uncertain. Separately, the stance of politicians on crypto assets can also impact the prices of these assets in the coming months.

Also read: Ronin Network hacking: What is Ronin bridge & its RON token?

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