- Coinbase announces support for VeChain (VET) and VeThor (VTHO) tokens, sparking an 11% surge in VET value.
- While VET is tradable on Coinbase, the platform does not credit VTHO network payouts to users holding VET.
Understanding the VeChain Tokens on Coinbase
The realm of blockchain is ever-evolving, and platforms like Coinbase continually adapt to these shifts. The recent integration of VeChain’s primary tokens – VeChain (VET) and VeThor (VTHO) – is a testament to this dynamic landscape. For the uninitiated, understanding the distinct functionalities of these tokens is essential.
🚀 Coinbase is expanding its horizons! 🌐 Exciting news for #VeChain enthusiasts. 📈 VET Pumped 11% for this reason! 🚀VeChain (#VET) and #VeThor (#VTHO) are now on the radar. Remember, stay on the right track – transfers only on #Coinbase & @CoinbaseExch. 🌟💰 👇👇👇 https://t.co/evjgAV69EH pic.twitter.com/2TVAqXsFkl
— Collin Brown (@CollinBrownXRP) September 13, 2023
VET vs. VTHO: The Dynamics
The VeChain network operates with a dual-token system:
- VeChain (VET) is the main token, acting as the native cryptocurrency of the VeChain blockchain. Think of it as the primary value representation within the VeChain ecosystem.
- VeThor (VTHO), on the other hand, is a gassing token. Its role is to facilitate transactions within the blockchain, essentially ‘fueling’ both VET and VTHO transfers.
What’s noteworthy for Coinbase users is the aspect of VTHO network payouts. Essentially, holding VET in certain wallets allows users to automatically generate VTHO. However, this automatic accumulation does not apply when VET is held in a Coinbase account.
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To tap into the VTHO network payout, users must ensure their VET resides in a compatible self-custodial wallet. Once transferred, VTHO begins to amass without any additional steps. The essence of this process underscores the dynamic interaction between VET and VTHO and the potential benefits of holding the tokens in the right wallet.
While the excitement surrounding VeChain‘s arrival on Coinbase is palpable, it’s essential to grasp these token dynamics. Notably, any VTHO network payouts generated from VET stored in a Coinbase account are redirected to Coinbase’s own digital asset wallets. Users don’t receive credit for these payouts in their individual Coinbase accounts.
For those intending to maximize the potential of their VET holdings, especially regarding VTHO payouts, it’s crucial to be informed. The choice lies in trading VET conveniently on platforms like Coinbase or optimizing for VTHO accumulation by selecting a compatible wallet.
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