Binance users can trade VeThor token (VTHO) from today on the platform. The new listing is great news for VeChain fans who will be able to trade their gas token on the world’s largest exchange. The new listing may even impact the price for the second token of the VeChain ecosystem.
VeThor is the gas token of the VeChainThor blockchain network. Gas tokens are standard among multiple blockchain platforms like Ethereum. VeChain token (VET) is the primary token in VeChainThor blockchain and acts as the value transfer cryptocurrency within the system. But users have to pay another token to manage their transactions, and VTHO will be used in that situation.
Binance users can trade VTHO in VTHO/BNB, VTHO/BUSD, and VTHO/USDT starting today. The addition of VTHO on Binance had a fast impact on the price charts of this token. VTHO recorded over 140% increase in price as of writing, and analysts predict more to come looking at previous similar situations for coin listings on Binance.
The new listing can mean a lot for the VeChainThor ecosystem. Since VTHO is not the primary token in the network, it generally has fewer transactions. However, now that a major exchange has decided to add support for the token, one can assume that transactions had raised significantly.
Sunny Lu, CEO of VeChain, has said earlier this year that the low transaction volume of VTHO is the reason why significant exchanges don’t list it. He said in an interview about VeChain 2.0 that when more businesses use VeChain blockchain, the demand for VTHO as the secondary token will rise. Lu has predicted the increase will perhaps luring more “exchanges to look at the significance of the trading volume, and consider listing it.”
Binance is not the first renowned crypto exchange to list VTHO. BitTrue listed that token earlier this year providing opportunities to trade it with XRP. With two popular trading platforms currently supporting VTHO, VeChain enthusiasts will have more options to work with their holdings.
Binance listing alone means more attention to this business-based blockchain, which will likely increase the value of the Vechain network as a whole.
Read original at Coinfomania
Author: Mehdi Zare