- The transaction volume of VeChain based tokens grew by 1000% in the last four months
- The Eight Hours (EHrT) VeChain-based token registered18,500 clauses in August
- 576 million clauses for data were closed in August for VeChain-based tokens
VeChain News Today – it appears VeChain is on the verge of a fresh milestone. This is according to data provided by VeChain blockchain explorer. The data which encompasses VeChain Stats shows and the project tokens are based on VeChainThor. It says that these metrics are experiencing a steady rise in transaction volume currently.
Justin Bennett, the founder of DailyPriceAction.com, was one of a few analysts to draw attention to the trend via Twitter. The chart posted on Twitter shows that the transaction volume of project tokens including Eight Hours (EHrT), Safe Haven (SHA), Plair (PLA), and OceanEX (OCE) are all on the rise. Bennett noted that the combined transaction volume of all project tokens on VeChain Thor has experienced a huge increase in transaction volume. The figure stands at 1000% since April 2020.
Transaction Volume of VeChain-Based Tokens Grew by 1000% In the Last Four Months
Project tokens on VeChain Thor are going higher. The transaction volume for these tokens has gone up by 1,000% since April combined. Bennett pointed out that one VeChainThor based token indicated an interesting meteoric increase. The red pattern in the chart is for Eight Hours (EHrT), which had less than 8,000 clauses in July (a transaction can include many clauses, which are many transactions bundled together in one) and has so far recorded 18,500 clauses in August.
Bennett also pointed out that the transactions based on project tokens only make up a small percentage of the overall volume on VeChain Thor. Take an example, in July, VeChain Thor had a total of 175,585 VET, 20,724 project tokens, and 58,020 VTHO.
There is An Increase in the Relevance of Project Tokens in August
In August there has been an increase in the importance of project tokens. Hence, (at press time) there were about 116,523 clauses for VET, 31,663 clauses for project tokens, and 34,910 clauses for VTHO recorded. Regarding this data, Bennett also noted the significant growth attained since April. He agrees that the metric shows a promising future.
When this content was written, transactions recorded by project tokens are only make up a small percentage of the total volume on VeChainThor. But the magnificent growth rate since April is a sign of the direction where things are heading. Additionally, VeChain stats also reveal that data represents the largest share of funds transfers on VeChain Thor. In August, over 3.576 million clauses for data were closed in total.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.