Vechain has not been immune to the prolonged altcoin bear market, but it could be argued that VET holders have already seen the worst of it. This weekend, the Vechain team delivered a Mainnet upgrade that will allow token holders to have more control over transaction fees on the network. The price of VET surged on the update and seems to have found a short-term gradual upward trend to correspond with steady results from the Vechain development team.
The Mainnet upgrade may seem like a minor improvement, but in fact it represents a step towards making the network more friendly to third-party developers and encouraging them to build more applications using the Vechain ecosystem. The Vechain team has been hard at work implementing their blockchain for a number of business and logistical applications, so the community is understandably excited about sustained results on the technology side of the project.
Even so, it will be hard for the VET token price to make any sort of real progress in the current market conditions. Though there are signs of an incoming altcoin rally, it’s hard to know if it will be possible for prices to recover fully due to the massive sell-off in the last few months. The current price of VET is $.005665, less than 1/5th of its all-time high. The effects of productive development by an altcoin will be interesting to observe, as the entirety of the cryptocurrency market waits to see if value can be recovered by delivering innovative technology.
From a macro standpoint, VET owners haven’t had much to be excited about lately…
One of the main obstacles to success for many crypto projects is mass adoption of their network and product. This Mainnet upgrade by VET makes it easier for innovation to occur on their network, which has the potential to draw in more users. Only time will tell if VET has provided enough value with their network to succeed.