VeChain (VET) Rallies 7% on Hard Fork Date Announcement: PoA2.0 Upgrade Fuels Optimism
VeChain (VET), a leading enterprise-grade public blockchain focused on supply chain management IoT solutions, has staged an impressive price recovery in recent days. Thanks to its latest rally, VET is outperforming the broader cryptocurrency market. This positive performance comes after the VeChain Foundation announced that its Proof of Authority (PoA) PoA2.0 upgrade is imminent, triggering renewed investor interest.
Several exchanges have announced that they will be supporting the VeChain [VET] network upgrade and hard fork. This is due to take place today, on 16. After many years of hard work, VeChainThor's most significant mainnet hard fork is ready for deployment following the successful vote on VIP-220, or 'Finality with one Bit' (FOB). After many years of hard work, VeChainThor 's most significant mainnet hard fork is ready for deployment following the successful vote on VIP-220, or 'Finality with one Bit' (FOB).
The VeChain Renaissance represents a wholesale reimagining of our protocol, delivering more attractive tokenomics, a superior VTHO consumption/distribution model, and building towards a more robust and efficient blockchain ecosystem. The anticipation surrounding the hard fork, incorporating VIP-220, or 'Finality with one Bit' (FOB), has significantly contributed to the positive price action.
VeChain stoked renewed expectations of a comeback after posting 8% gains over the past day, recording an intraday high of $0.0498 on February 26. Profit-taking took the price slightly down, but the underlying bullish sentiment remains strong. VeChain has announced a new staking program set to commence on July 1st. VeChain will participate in the “Untangling Web3” event in London on March 21st. VeChain is set to unveil further details about its long-term vision soon.
The successful implementation of the hard fork is crucial for VeChain's future, as it enhances security and scalability, paving the way for wider adoption by enterprises. Stay tuned for further updates on the VeChainThor network upgrade.