VeThor token (VTHO) has witnessed an impressive rise with a significant upward move. It achieved a significant gain of over 70% in just seven days. This increase is not only attracting attention in the crypto community. It also sheds light on the important functions VeThor plays within the broader VeChain ecosystem. holding.
the #VeThor token has risen by more than 70% in the last 7 days. #VTHO takes on many important roles in the #VeChain ecosystem:
NEWS CONTINUES BELOW1⃣ Gas Fee: VTHO is used to pay transaction fees on the VeChain network. Essentially, it acts as gas, similar to Ethereum, to cover the costs of… pic.twitter.com/MiibZBXVO7
— Collin Brown (@CollinBrownXRP) December 11, 2023
NEWS CONTINUES BELOW
The underlying gas fee mechanism serves as the designated transaction fee currency on the VeChain network. VeThor works similarly to Ethereum’s gas. This critical role involves covering the expenses associated with executing smart contracts and processing transactions on the VeChain platform.
It also offers share awards for VET holders. VeThor also serves as a reward mechanism for VeChain Token (VET) holders who engage in staking activities. Stakers receive VeThor as an incentive as they hold and actively secure the VeChain network, fostering a mutually beneficial relationship between VET and VTHO.
Koinfinans.com Additionally, as we reported, VeThor extends its utility beyond basic transactions by actively participating in decentralized applications (DApps) in the VeChain ecosystem. Users, VeChain They can leverage VTHO to access various services and functions offered by DApps on its platform.
Finally, developers and businesses operating in the VeChain ecosystem rely on VeThor for the smooth operation and maintenance of their applications and solutions. This underlines VeThor’s integral role in ensuring the development and sustainability of the entire VeChain ecosystem.
With VeThor’s recent rise to market attention and its versatile functionality within the VeChain network, investors and enthusiasts are expressing optimism about its future trajectory. The significant rally combined with the token’s diverse applications highlights its adaptability and importance in various aspects of the VeChain blockchain.