A lot of different cryptocurrencies are trying to gain more traction in 2020. Traders and speculators have high hopes for a new altcoin season, although there is still a very long way to go in this regard. VeChain is constantly moving forward, which may lead to some interesting trends down the line.
Adding A lot of Code
One of the core metrics of any cryptocurrency projects is determining how much development is effectively going on behind the scenes. For VeChain, it appears as if things are progressing nicely in the past few weeks. Although only 8 commits have been recorded in the past four weeks, the code changes are quite significant.
CoinGecko statistics confirm that nearly 7,000 changes have been made to add code in one way or another. On the opposite side, just 5 bits of code were removed altogether. This makes one wonder what the VET team is doing, and what potential changes may loom on the horizon. Further strengthening the product is crucial, especially with so many other competing projects taking a similar approach.
Ongoing Partnerships are key
For a project that is family gaining traction due to its blockchain technology, VeChain is forging a lot of partnerships. The most recent one comes in the form of further expanding the ongoing collaboration with DNV. Its latest service is used to safeguard customer health during the ongoing COVID-19 pandemic.
Solutions like these can bring a major marketing boost to VeChain and everything else the ecosystem provides today. This also goes to show how versatile blockchain technology can be, when used for real-world use cases.
Fee Delegation Success
Another interesting feature of the VeChainThor blockchain is known as “fee delegation”. It allows users to have transaction fees paid by someone else , although it is not required to use either. Surprisingly, a growing portion of the network appears to make use of this feature right now.
-7 Day Average Clauses On #VeChainThor Blockchain: 119.397-
Average 'fee delegation' the last 7 days = 88.75%.
Fee delegation is a feature that allows transaction costs to be paid by someone other than the user or the party creating the transaction(s)*#VeChain $VET #VET $VTHO pic.twitter.com/Qep2pXd95t
— [𝐍𝐨𝐭-𝐬𝐨-𝐚𝐯𝐞𝐫𝐚𝐠𝐞] 𝐉𝐨𝐞 Ⓥ (@MoonShotCaller) July 14, 2020
Over the past seven days, 88.75% of the transaction fees on VeChainThor have been delegated. Noting such strong growth for a feature not found anywhere else shows that there is clearly a market for this particular option. It is one of the things that makes VeChainThor a very unique blockchain within the cryptocurrency space.
Keeping the Social Buzz Going
Any cryptocurrency needs to remain relevant, primarily due to significant social activity. In the case of VeChain, things are heading in the right direction. Not only is VeChain’s AltRank moving up again, so is its news volume and number of shared links.
On the downside, the social volume, social engagement, bullish sentiment, social contributors, and social dominance are all on the decline. Improving upon these particular statistics is not overly complex, as the ongoing developments behind the scenes should take care of that on their own.
Healthy Liquid Marketcap
Very interesting statistics are found on platforms such as Messari. The liquid market cap of any cryptocurrency, for example, can often tell a unique tale, VeChain ranks in 14th position ranked by liquid market cap, ahead of Monero, but behind Tezos, Binance Coin, and Tron. This is a more than respectable ranking, and it wouldn’t take much effort to gain two or three rankings pretty quickly.
Things look slightly better when sorting the projects by real volume over the past 14 hours. In this regard, VeChain ranks 11th, ahead of Kyber Network, Stellar, USD Coin, and Qtum. With $64.617 million in real volume, there is ample demand to trade VET across reputable exchanges.
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