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VeChain (VET) up 14% Following These Two Key Triggers: Details

Mon, 02/20/2023 - 10:23
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Godfrey Benjamin
VeChain is seeing huge growth in its ecosystem, which is translating to price growth
VeChain (VET) up 14% Following These Two Key Triggers: Details
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VeChain (VET) is on a bullish rampage today after its price topped $0.03049 amid a 14.36% growth. For a token whose price action is hardly in the limelight, it has grown by more than 32.85% over the past week.

As an enterprise-grade Layer-1 smart contract platform, VeChain has been making significant inroads in terms of its adoption across a wide range of industries. Despite its versatility and diversity in application, VeChain has been particularly well drawn in the fight against climate change.

In one of the latest updates, the protocol has recanted the unique capabilities of VeCarbon, its zero-threshold carbon management software-as-a-service (SaaS) protocol. Per the update shared by Twitter user @eisenreich, a VeChain Foundation educator, hundreds of companies have utilized the VeCarbon protocol to effectively manage their own carbon emissions.

With every blockchain protocol unique in its own way, VeChain has a visibly different model from the regular focus on decentralized finance (DeFi) and non-fungible tokens (NFTs). For its enterprise-grade solutions, however, the protocol is gaining immense traction through high-profile partnerships and integrations of its core solutions.

VeChain's Biggest Mainnet Hard Fork Set to Deploy, Price Reacts

Building on months of protocol upgrades

As an enterprise-grade blockchain protocol, VeChain has to meet the demands of millions of users at a time. The smart contract platform has been building its protocol through scheduled upgrades over the past few months. The network's biggest mainnet hard fork went live toward the end of last year, sending prices up in the wake of the FTX implosion.

Besides its growing enterprise adoption, the second key trigger for VeChain is its protocol's durability, a feature that is necessary to help power up its broad-based utility.

VeChain has pushed the boundaries of what is possible in terms of the utility aspect of blockchain protocols. With its current on-ramp partnership with Simplex, more traditional industry players can access and enjoy the protocol's speed, and low transaction costs among other features.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.