VET: All there is to know about VeChain's latest market stride

The VeChain network recently made a major announcement regarding what might possibly be its biggest change in 2022. According to the announcement, the network's community recently voted on VIP-220, in favor of a mainnet hard fork.

Timeline of Vechain

The VeChain (VET) price has been able to build on its bullish momentum over the past week and is currently bucking the current market trend. As Bitcoinist reported, the entire crypto market is currently facing a major fear of a contagion effect triggered by the perceived troubles of the US exchange FTX.

VeChain is now undergoing some promising developments, as would any blockchain-based endeavor. The official VeChain Twitter account stated that things became rough in October, but that the team is happy with the progress made so far on the VeChain network.

VeChain [VET] lately managed to make its investors happy as the price of VET surged by nearly 8% over the last week. At press time, VET was trading at $0.02396 with a market capitalization of $1,737,838,130.

The sustainability-centric blockchain is currently mulling over a significant Proof of Authority upgrade which will integrate VIP-220 with the VeChain Thor Mainnet. If approved by all stakeholders' votes, VeChain will gain finality and bring an end to the trade-off that is choosing between scalability with high throughput or instant finality.

The cryptocurrency market has been in a bear market for over six months; many crypto assets are currently testing their weekly lows, while others are clinging to critical support. 

Disclaimer: The datasets shared in the following article have been compiled from a set of online resources and do not reflect AMBCrypto's own research on the subject The past few days have been a bittersweet period for investors and stakeholders of VeChain.

Disclaimer: The datasets shared in the following article have been compiled from a set of online resources and do not reflect AMBCrypto's own research on the subject VeChain is a flexible enterprise-grade L1 smart contract platform with a native crypto – VET.

Layer-one (L1) blockchain, VeChain [VET] released its second quarter financial report on 30 September, indicating a solid status. According to the VeChain Foundation, the firm had over $474.88 million worth of cryptocurrencies in its reserves.

VeChain and TruTrace have officially revealed the list of sectors they will incorporate into the blockchain network, according to a recent Tweet. The platform will integrate TruTrace's legal cannabis, food, fashion, and pharmaceutical businesses, according to the statement.

Disclaimer: The datasets shared in the following article have been compiled from a set of online resources and do not reflect AMBCrypto's own research on the subject The idea of foraying into a crypto because it costs a fraction of a dollar is tempting. Alas, it's not always a smart decision.