How to Prepare for VeChain’s Upcoming Mainnet Launch
VeChain is working to launch its blockchain software by the end of June. That date is fluid, however, and could change if developers find new security issues in the platform that need to be fixed.
What You Should Know About VeChain’s Mainnet Launch
When the launch happens, well-known and reputable exchanges are expected to handle the token swap for you, converting ERC20 VEN tokens to the new coin, which will use VET as the symbol.
So if your coins are already on an exchange, you’re likely good to go and should look out for an announcement that the exchange is fully on board with the token swap.
If you don’t have your coins on an exchange and don’t plan to transfer them over to one, there’s another way to ensure your tokens are brought over to the new network. You can transfer your tokens to a new wallet that will be released by VeChain once its mainnet launches, effectively swapping your VEN into VET.
Why You’ll Have More Coins After the Token Swap
Every 1 VEN token you have will be converted to 100 VET. This is designed to help facilitate smaller transactions and some of VeChain’s use cases, such as IoT.
Although you’ll have more coins, the fiat value of your holdings will remain unchanged.
As for the future of VeChain, the company recently unveiled a new whitepaper detailing its plans to tackle supply chain logistics, cars, IoT, government affairs, blockchain IDs and more.
At time of publishing, the coin is trading at $3.18 on CoinMarketCap.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin or cryptocurrency. Your transfers and trades are at your own risk. Any loses you may incur are your responsibility. Please note that The Daily Hodl also participates in affiliate marketing programs.