Securities.io is committed to rigorous editorial standards. We may receive compensation when you click on links to products we review. Please view our affiliate disclosure. Trading involves risk which may result in the loss of capital.
Table Of Contents
VeChain, one of the leading crypto projects, decided to make a series of new upgrades to its platform to help push the mass adoption of blockchain technology. The project’s first move is the total elimination of gas fees tied to the use of decentralized applications, thus making VeChain dApps free to use by anyone.
VeChain removes gas fees for dApps
VeChain is an enterprise-grade Layer 1 smart contract platform known for its flexibility. The platform used VeChain Fee Delegation as a leverage point, and it supported the creation of more than 2 million VTHO. As a result, collectors, artists, and even entire projects gained the ability to connect to one another and grow simultaneously.
Congrats @worldofv_art on the epic milestone! Fee Delegation is one of our greatest tools.
We've removed the need for #dApp users pay transaction fees & tackled one of the biggest challenges facing mainstream adoption of #blockchain.#VeChainThor makes mass adoption easy.$VET https://t.co/qMklXPallN
— VeChain Foundation (@vechainofficial) July 28, 2022
However, the platform’s decision to eliminate gas fees for dApp usage is by far its most progressive move yet. According to VeChain, the project believes that dApp-related fees are one of the most significant problems of pushing blockchain adoption. Therefore, by eliminating it, VeChain now considers that problem to be solved, at least within its own network.
With no gas fees, users can use dApps for free, which creates space for widespread adoption. The dApps now feature all the benefits of centralized applications but none of their flaws. Furthermore, VeChain expects that the increased adoption of dApps and dApp usage will also lead to increased adoption of blockchain, in general.
VET price in 2022
VeChain has been making headlines quite often as of late, which led to increased attention and quite bullish behavior of its token’s value, especially over the last few days. VET started growing late on July 26th, going from $0.022 up to $0.027.
This represents the largest price increase in the last month and a half, as VET last saw this price on June 11th of this year, when its price was spiraling down in one of the multiple bearish waves that have marked the state of the crypto market in 2022.
On a YTD chart, the VET price is barely above the lowest point it has seen this year. The token started the year with a price of $0.084, only to sink down to $0.050 by the end of January. This support did not manage to hold out for long, however, as it was broken by late February, after the token attempted to recover, only to sink even lower.
VET then saw a massive surge in late March/early April, which took it back up to the early January height of $0.084. After that, the bearish influence dragged it back down, pushing it to the price of $0.030 in mid-May. This support also failed about a month later, on June 10th, and the coin finally dropped to its bottom, right above $0.020.
To learn more visit our Investing in VeChain guide.
Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.