The crypto sphere is home to a myriad of protocols, which have been raging against one another to transpire as a supreme against the rival. While the focus of the majority of the protocols revolves around DeFi, NFTs, metaverse, and gaming. Platforms such as VeChain have been making moves contrasting from the herd.
VeChain, which is known for its use cases in the supply chain industry, is now venturing into the genre of stable coins. The initiative has helped the firm garner interests of the masses in the fraternity. That led to a server crash resulting from an influx of traffic attempting to sign up on the site. On the other hand, the tech continues to amuse geeks, as users employ it to create NFT phygitals.
Will VeChain’s VeUSD Be A Catalyst For The Bull Run?
The year 2022 has begun on a healthy note for VeChain, the foundation had earlier hinted at its native Stable coin VeUSD. Which is now demystified, the stable coin is expected to be a tool that would unchain the DeFi potential of VeChain. VeUSD will adhere to the core principles of the ecosystem which are scalability, sustainability, and versatility.
The Research and Development team has also been working on an upgrade to the VeChain Thor blockchain called: “SURFACE” (PoA 2.0). Which would escort a secure use case adaptivity, and a fork-free approach of chain extension. VeUSD is expected to help VeChain Thor in multiple ways.
The overwhelming count of users attempting to sign up for VeUSD on a site has led to the site going down. The foundation has lined up some exciting events during the VeUSD launch. Users for which need to sign up and get the KYC done for account creation and be able to mint/burn VeUSD.
On the other hand, VeChain has been excelling in the physical and digital worlds with its IoT tech and its robust fundamentals. Users have also been employing the tech to create NFT phygitals. In addition, the protocol had earlier demonstrated over 1100 transactions in a single block processing products for a retail store giant. Which could persuade organizations to explore vivid possibilities.
Summing up, VeChain making rounds on public platforms has been enticing users and hodlers of VET. The stable coin is set to turntables for the master of supply-chain tech. As previously reported by CoinPedia, VeChain is associated with major giants such as The BMW Group, Deloitte, Walmart China, amongst others. The tech could welcome a couple of more brands by the end of 2022.