'Where is all my VEN?' Binance begins swap to VeChain's VET tokens

24 Jul, 2018
by Richard Allen
News
'Where is all my VEN?' Binance begins swap to VeChain's VET tokens

Users of Binance who hold VeChain's $VEN tokens on the exchange had 'a moment of panic' on Tuesday when their $VEN funds suddenly dissappeared. No need to worry: it’s a result of Binance undergoing the mainnet swap from $VEN to $VET tokens.

Some Binance users have taken to Twitter to express their confusion at the sudden disappearance of all their VEN tokens.

Binance released info regarding the mainnet swap a few days ago. In it they stated that as of 22 July, deposits and withdrawals of VEN would be suspended. The next day, trading in all VEN pairs were halted. Then on the 25th, trading will open for the new VET/BTC, VET/ETH, VET/BNB and VET/USDT will open at 4:00 AM (UTC). At this time, deposits and withdrawals will also be opened.

For every VEN, holders receive 100 VET. 

VeChain recently moved away from the Ethereum blockchain to their own Thor blockchain, allowing for more real world applications. Additionally, the move allows VeChain to capitalize on the lesser used Proof of Authority (PoA) protocol, instead of Proof of Stake (PoS) or Proof of Work (PoW). VeChain token is currently up 1.78% to trade at $1.86.

With the launch of the Thor blockchain a new token is also created: the THOR token. Holders of $VET will also receive $VTHO, similar to the NEO system where holders receive $GAS. 

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Read more about: Binance VeChain (VET)

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