VET surges by 65% in week amid new feature launch

The native token of the decentralized platform VeChain (VET) continues to show explosive growth.

According to data from CoinMarketCap, VET has increased by 11% over the past 24 hours, reaching $0.04843 when writing.

Throughout the month, the VET rate shows positive dynamics. Over the past week alone, the token has risen in price by 65% and 61% in a month. At the same time, the current value is still 82% lower than the absolute maximum reached by the asset in April 2021.

VeChain’s capitalization, meanwhile, reached $3.5 billion. Trading volume over the past 24 hours increased by 332%, reaching $967 million. Most of the activity occurred on the largest crypto exchange, Binance.

VeChain is an open-source decentralized finance (defi) platform launched in 2018 using the Proof-Of-Authority (POA) consensus algorithm. The network operates in the Blockchain-as-a-Service (baas) format – blockchain as a service.

On Feb. 14, VeChain announced the introduction of account abstraction, a technology that allows you to customize interactions with the Ethereum (ETH) blockchain according to your needs. In addition to improved interoperability, the abstraction will open access to programmable smart contract wallets.