Key points to know about the VeChainThor token

Not everyone thinks the same way about cryptocurrencies. Amid the Russian invasion, Ukraine raised funds in crypto, which was seen by some as a positive development.

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

Now Conservative Party leadership candidate Pierre Poilievre has shown his fondness for Bitcoin and other cryptocurrencies.

There are reports that Mr. Poilievre supports people with the freedom to use crypto assets and other offerings, like decentralized finance (DeFi) from the blockchain world. This can shed light on projects that provide blockchain network services to developers.

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

What is VeChain and its tokens?

The network seems to primarily target businesses that want to build a blockchain ecosystem. The platform is built on Ethereum, but it claims to have a better model, especially for companies looking to deploy their own decentralized applications (DApps). The VeChainThor project used the Ethereum Virtual Machine (EVM) model, which promotes smart contracts.

It uses proof-of-authority consensus, which VeChain claims requires less computing power, which can save on energy costs.

Read also: YFI crypto gains: Can Yearn Finance remain immune to Ronin DeFi hack?

The project has two tokens — VET and VTHO. This feature, she says, keeps blockchain usage fees from being affected by market speculation. The VTHO token represents the cost of using VeChainThor’s network.

VTHO Token Price

The VeThor crypto or the VTHO token does not appear to have a very high market capitalization at the time of this writing, nor does it appear in the top 100 assets.

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

The VTHO token started 2022 with a price near $0.006, which dipped below $0.003 in late February. Over the past 24 hours, the price has rebounded, as has the trading volume of the VTHO token. At this point, its price was almost US$0.005.

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Predicting the price of the VTHO token for the rest of 2022 is not possible due to the volatility it has shown so far. This price volatility affects all cryptos, regardless of market capitalization and dominance.

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At the end of the line

The VeChainThor blockchain project includes two tokens which it claims serve different purposes.

The VTHO token indicates the cost of using network services. It has a relatively lower market capitalization than the second VET token.

VTHO remained volatile in terms of price. It is uncertain whether the late surge in the price of VTHO will be sustained over the long term. Separately, the position of politicians on crypto assets may also impact the prices of these assets in the coming months.

Read also: Hacking the Ronin network: what is the Ronin bridge and its RON token?

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