Due to the upcoming upgrade on the Ethereum network dubbed the Merge, which is scheduled for September 16, VeChain has dropped a crucial update in line with its ecosystem tokens VET and VEN.
VeChain, a blockchain platform designed to enhance supply chain management noted earlier today that it will suspend both VET and VEN token swaps starting from September 5, just before the Bellatrix upgrade takes effect.
According to the update, VET and VEN token swaps will be resumed post-merge when the Ethereum network is fully stabilized. The Merge upgrade on Ethereum (ETH) is likely the most popular 2022 happening in the crypto and blockchain industry as it is Ethereum’s biggest upgrade so far in history.
The function will resume once the $ETH network has stabilised following the upgrade.
— VeChain Foundation (@vechainofficial) August 31, 2022
The announcement said, “from the 5th of September until the Ethereum ‘Merge’ is complete, we will be suspending $VEN to $VET token swaps. The function will resume once the ETH network has stabilized following the upgrade. We thank you in advance for your understanding!”
It’s worth noting that VeChain began as a subsidiary of Bitse, a Chinese blockchain company. Later in 2017, it transitioned from being a private consortium to a public blockchain. Back then, VEN, an ERC-20 token, was the base token on the blockchain platform.
In 2018, VeChain, the enterprise-grade layer 1 smart contract platform, launched its mainnet alongside two new native tokens, having their tickers as VET and VeChainThor (VTHO). According to Coinmarketcap data, VET is ranked 32nd by market capitalization size. At the time of writing, it is trading for $0.0249.
VeChain Adoption Grows in the Supply Chain Industry
The uniqueness of the VeChain blockchain has always been its ability to enhance supply chain management. Also, VeChain continues to facilitate blockchain use in the real world.
Oftentimes, VeChain Toolchain has been adopted by luxury goods companies to ensure the authenticity and originality of products. With this technology, some companies have been able to tackle luxury goods thefts. Countries like China embraced the VeChain ToolChain to ensure food traceability and safety.