- VeThor has grabbed another headline after Bybit listed the token with a 110 million VTHO prize pool.
- The price has, however, failed to react positively as it declined by 10% in the last 24 hours to extend its total Returns on Investment (ROI) to negative 96%.
Bybit has officially announced the listing of VTHO with a whopping prize pool of 110,000,000 VTHO. According to the news shared by analyst CryptoBusy on X, the exchange started receiving deposits on April 16, exactly at 10AM UTC. However, trading started at the same time today, April 17, with withdrawal scheduled for April 18, 10AM UTC.
Details of the Announcement
Reviewing the Bybit announcement, we found that the asset would be available on the VeChain network. Also, there would be Grid Bot support throughout. Meanwhile, it is important to note that the 110 million VTHO tokens would be available for new users who register and make deposits from April 17 to May 1.
According to Bybit, users would also stand a chance to earn from the prize pool when they accumulate a deposit volume of at least 50,000 VTHO. The first 500 new users who complete these steps will each receive 20,000 VTHO.
Despite this development, the price of VTHO has failed to surge as the asset declined by 10% in the last 24 hours, trading at $0.002 at press time. According to our market data, the asset’s total Return on Investment (ROI) has currently fallen by 96%, as the price has significantly declined below its all-time high price of $0.04.
The primary token of VeChain, VET, reacted positively to the Bybit listing, rising by 2% and 5% on its daily and weekly price charts, respectively. According to our recent analysis, the asset could hit $2.5 in the long term from the current price of $0.022.
Prior to the Bybit listing, VTHO earned a listing on South Korea’s largest crypto exchange, Upbit, driving a sharp upsurge in price. At that time, VTHO’s market cap surged from $191.7 million to $800 million, marking a 300% surge. Currently, the market cap has declined to a little over $200 million.
The VTHO Token and Changes Expected in the VeChain Renaissance
VTHO is the secondary token in the VeChain ecosystem used to pay for transactions and smart contract execution on the VeChainThor network. As previously discussed in our blog post, it is generated as a form of gas by merely holding VET in the wallet.
In a recent update, we discussed the impact of the much-anticipated VeChain upgrade (Renaissance) on the VTHO. According to that report, the upgrade would reduce VTHO inflation by 72.2%. VTHO’s generation was also said to be based on the issuance curve directly correlated with the number of staked VET on Delegator and Validator Nodes. In a nutshell, the VeChain Renaissance would increase the adoption of the VeChainThor and subject the network to increased compatibility.
VeChain Renaissance has a major objective: Increasing the economic security and adoption of the VeChainThor ecosystem through an upgraded rewards model, as well as technology enhancements that increase its compatibility and ease of onboarding via EVM upgrades and JSON RPC.
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