VeChain VET went live on Binance on the 25th of July 2018. Whilst no initial impact seemed to occur, VET is relishing in some very positive movements today. At the time of writing, VEN is up almost 25% and doesn’t seem to be showing any signs of letting up. This is most significant given the current condition of the markets. As it stands, the majority of major cryptocurrencies are down, after a week of positive movements that looked to be pointing towards a new market surge. At the time of writing, Bitcoin has slipped past $8,000.00, extinguishing the hopes of many investors across the board. There is another new development within VeChain that seems to be contributing to this rise, that is, a VTHO airdrop facilitated by Binance, as a result of the VeChain mainnet launch and in celebration of the Binance listing. According to Binance:
VET trading is now live on Binance! Also a reminder that the ?VET Token Swap Daily Lucky Draw? event starts in less than 12 hours! Wish you all the very best luck! pic.twitter.com/Vu8nLmhYHw— VeChain Foundation (@vechainofficial) 25 July 2018
“To celebrate the launch of the VeChain (VET) mainnet, the VET team has provided 100 million VTHO tokens to be airdropped to all Binance users holding VET. The 100 million VTHO will be split between all users holding VET at 2018/08/01 00:00 AM (UTC). The amount of VTHO airdropped to each VET holder will correspond to their percentage holding of the total VET balance held by all Binance users at the time of the snapshot.”Moreover:
“VET balances under 1 VET (including those in trade orders) will not be eligible for the airdrop. Distribution of this airdrop will be completed prior to 2018/08/05. This airdrop is independent of the normal monthly VTHO distribution.”See the full announcement for yourself, here. August marks a very exciting month for VeChain. The project promises to grow and as the mainnet expands, so will the value and use value of the VeChain currency. Don’t expect this 25% gain to continue forever, but we can be confident that at least throughout today, VeChain will manage to avoid slipping down within the new negative trend that's hitting the markets.