VeChain follows the general sentiment in the market and has experienced some relief across low timeframes. The crypto market trended below the critical support zone during the weekend but saw it bounce during today’s trading session.
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Buyers have been able to push back bears in the short term but could still face further losses. At the time of writing, VET’s price trades at $0.02 with a 2% profit in the last 24 hours and an 11% loss in the last 7 days.
Despite the downside price action for larger cryptocurrencies, VeChain has managed to preserve its value over the past week. This cryptocurrency is on track to deploy a major update to its network which could be providing additional support.
The VeChain Foundation announced that the upgrade, dubbed Proof-of-Authority (PoA) 2.0, was successfully deployed on a testnet. The Foundation claims this milestone marks important progress towards a mainnet launch.
The update is set to remove the tradeoffs from the Nakamoto Consensus and Byzantine Fault Tolerance (BFT) consensus. The Foundation claims that this upgrade could use a new wave of “mass adoption” as the blockchain VeChainThor will provide its users with data finality and more scalability.
Designed to provide companies with a secure blockchain, use-case adaptive, and support corporate use cases. The VeChain community approved this consensus back in 2021, and once it’s deployed, will make this…